The body armor market size is expected to reach a valuation of US$ 3.2 Bn by the end of 2029. As per research published by Future Market Insights (FMI), the market is set to record a steady CAGR of 5.2% during the forecast period (2019-2029). As per the research, rapid escalation on the border line, assuring soldier survivability, as well as cross-border terrorist insurgencies are the major aspects that fuel the need for body armor products.
Key Takeaways of the Body Armor Market Study
- The body armor market value reached US$ 1.9 Bn in 2019. By the course of the study’s forecast period, the market is expected to reflect a firm pace of development.
- In terms of region, North America continues to maintain its lead in the global body armor market.
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- East Asia emerges as one of the key markets, as a result of growing centers on defense as well as assuring the protection of soldiers in the region.
- The level II category body armors are projected to grow at maximum CAGR because of an upsurge in requirement in the law enforcement application category.
- The composite ceramics category leads the market in 2019 in revenue terms.
- Key participants are projected to center on novel product innovation, for instance, building up hi-tech and lightweight bodysuits for delivering increased flexibility, comfort, and performance.
Soft Body Armor to Uplift the Market Revenue
Soft body armor is majorly preferred body
armor among policemen and private security guards where comfortable movement
and flexibility are of supreme importance. Progression in technology and rising
security concerns of policemen, & guards have directed the market towards
lightweight body armor which is discovered as soft body armor. Modernization
initiatives and technological innovations propel military forces and security
agencies to choose for the most modern equipment. Also, the lightweight and
flexibility attribute of soft body armor pushes the market additional for
Composite Ceramics Remains the Material of Choice
The composite ceramic material is looked at
to account for the foremost market share during 2019 due to its higher
consumption in body armor. The composite ceramic material performs sound in
ballistic attack resistance. Additionally, it is lightweight that gives the
user flexible movement and therefore known for high functioning material type.
On account of growing competition, market players are centering on growing their product portfolio with innovation. Additionally, mergers & acquisition stays a popular strategy amid market participants. Companies mean to grow their regional footprint via strategic collaborations. Currently, industry participants are centering on building up high performance, lightweight body armor. Technological progressions, for instance, liquid armor technology, utilizing para-aramid material, CORDURA® technology enhance the body armor makers to innovate the latest products.
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The body armor market is primarily led by North America owing to higher employment of body armor in the security and defense sector. These are not only utilized in the defense sector, but also for security personnel, and policemen. Additionally, strong presence of producers and technological innovation has boosted the North American market to a novel height. Europe accounts for the second-highest share of the global market value.
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