The global market size for body armor market is estimated to be USD 2,955.4 million in 2017 and is estimated to grow at a CAGR of more than 5% during the forecast period.
The upsurge in defense spending to offer improved and innovative safety measures using ground-breaking technology is expected to drive the body armor market during the forecast period. Moreover, factor such as heavy weight of uniforms, weapons, and other equipment makes it difficult for forces to maneuver easily. These factors are certainly creating high demand for a light weight armor which is expected to increase the demand in coming years. However, growing necessity of protecting workforce from undefined wars, and thriving investments in advanced military body armor development are the prime factors expected to generate opportunities for companies to access a range of untapped facts, creating new revenue-generating opportunities, which will add to the market growth and thus, the global market for body armor in anticipated to account for USD 4,828.1 million by 2026.
North America Body Armor Market, By Material, 2017 - 2026 (USD Million)
The body armor market is primarily segmented on the basis of material, application, and geographic region. Market by material includes metals & alloys, composite, fibers, fiberglass and others and by applications includes defense & security, civil and law enforcement officers. The market for body armor is finding huge traction across all defense sector including land, marine and naval. However, some of these defense sector is still untapped with new advanced technologies and therefore companies are making huge investment in R&D of thinner and less bulky body armor as per solider requirement.
Steel material comprises of the major market share of the Body Armor. Whereas the composite material is expected to grow at a very high pace during the forecast period. Various advantages including higher performance, better ballistic resistance, lighter than steel plates are bringing composite material into focus. Further, fiber, steel, glass and other innovative material type are also capture decent market share in Body Armor and foresee healthy growth in near future.
The consistent procurement of advanced equipment by defense organizations in the U.S., France, Germany and Russia makes North America and Europe major market for the body armor market. Besides this, high spending in law enforcement department is also supporting the growth of body armor market in these regions.
Some of the leading industry players in the Body Armor Market include BAE Systems, Inc., Honeywell International Inc., U.S. Armor Corporation, DuPont Deenside Ltd., Blank Enterprises, Inc., Sarkar Defense Solutions, MKU Pvt. Ltd., Safariland, LLC, Uvex group, Avon Protection Systems, Inc., and Ceredyne (3M) among others.