Ceramic Armor Market Growing at 7.1% CAGR of during 2020-2027 By The Insight Partners
Growth of Aerospace & Defense Industries Boosts Ceramic Armor Market Growth – Global Analysis and Forecast by Material Type, and Application
Pune, India, Feb. 16, 2021 (GLOBE NEWSWIRE) — According to The insight Partners new research study on “ Ceramic Armor Market to 2027” the ceramic armor market was valued at US$ 1,911.26 million in 2019 and is projected to reach US$ 3,273.35 million by 2027; it is expected to grow at a CAGR of 7.1% during 2020–2027. The widespread applications of ceramic armors are driving the market growth, while the availability of substitutes is hampering the market growth.
In 2019, North America dominated the ceramic armor market and accounted for nearly 40% of the global ceramic armor market revenue. The growth of aerospace & defense industries and the presence of several prominent market players, including 3M and BAE Systems, are among the major factors catalyzing the regional market growth. Based on material type, the ceramic armor market is segmented into alumina, boron carbide, silicon carbide, ceramic matrix composite, and others; the alumina segment accounted for more than 35% of the market in 2019. Based on application, the ceramic armor market is segmented into body armor, aircraft armor, marine armor, vehicle armor, and others; the body armor segment is expected to garner the largest market share during the forecast period.
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(Ceramic Armor Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America)
Ceramic armors are used to protect vehicles, personnel, aircraft, and marine ships. They are lightweight and flexible, and these properties are propelling their demand in the aerospace & defense industries. Ceramic armors are increasingly being used in the manufacturing of helmets, goggles, gloves, and backpacks for military applications. In the aerospace industry, materials such as alumina, titanium, steel, boron carbide, silicon carbide, and ceramic matrix composite are used to manufacture aircraft armors, which protect land vehicles as well as to fixed- and rotary-wing aircraft. For instance, Saint-Gobain offers silicon carbide ceramic tile armor assemblies for military, law enforcement, and civilian applications. According to the data cited by the Aerospace Industries Association (AIA), the global aerospace & defense industry experienced year-on-year growth of 6.7% in 2019. Such notable growth in this industry in different countries in the world is triggering the demand for protective armors, including ceramic armor.
Ceramic Armor Market: Segmental Overview
In terms of material type, the silicon carbide segment is expected to register the highest CAGR in the ceramic armor market during the forecast period, and the projected growth is mainly attributed to the strength and hardness or these armors. Based on application, the vehicle armor segment is projected to register the highest CAGR of 7.3% in the market during 2020–2027.
Ceramic Armor Market: Competition Landscape & Key Developments
3M, BAE Systems Plc.; Coorstek, Inc.; CeramTec GmbH; Morgan Advanced Materials Plc.; Koninklijke Ten Cate BV; Point Blank Enterprises, Inc; Safariland, LLC; Seyntex N.V.; and Compagnie de Saint Gobain SA are key ceramic armor market players. Market leaders are adopting merger and acquisition, and research and development as key growth strategies.
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In August 2019, 3M announced its agreement with Avon Rubber P.L.C. As a part of this agreement, the latter would purchase 3M’s advanced ballistic-protection business for US$ 91 million, which is subject to closing and other adjustments. Further contingent consideration of up to US$ 25 million is payable, depending on the outcome of pending tenders.
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