The body armor market to grow at a noteworthy CAGR of around 5.6% during the period from 2018 to 2026. Some of the major factors behind these projections include the increased focus on the protection of armed forces. Body Armor are used by the soldiers, police men and guards in order to protect themselves against attacks from gunfire or bullets.
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The major factor driving the body armor market is the unpredictable war situation throughout the globe. The increased terrorist activities in countries such as India, U.S., UK, France and China also boosts the market for body armors. In addition, the technological advancement in order to offer new body armor products also supports the growth of body armors worldwide. However, the market growth for body armor is likely to be hampered due the reduced spending by countries such as U.S. and UK on military sector due to the after effects of recession. Moreover, the major challenge faced by the manufactures is the constant need to deliver lightweight body armors which has resulted in the degradation of quality of body armors. However, the manufacturers of body armor have huge growth opportunities during the forecast period owing to the technological advancement towards the manufacturing of body armors through nanomaterials.
Body armor market has been segmented based on level, application, material, product type, and product by style. Based on level the market has been segmented into level I, level II, level IIA, level III A, level III, and level IV. On the basis application, the market for body armor has been divided as defense, law enforcement protection, and civilians. Steel, UHMWPE, Aramid, composite ceramic including alumina, silicon carbide, ceramic-metal composite, and boron carbide are the material segmentation for body armor market. Based on product type, the market has been segmented as soft, hard, and accessories. On the basis of product by style, the body armor market has been bifurcated as covert, and overt.
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Asia Pacific to be the most attractive market for body armor during the forecast period
The report focuses on the regional markets including North America, Europe, Asia-Pacific, and Rest of the World. Among these markets, North America was the largest market for body armor in 2013 mainly due to the increased focus on the safety of military sector by the government in the region.
Asia Pacific is anticipated to be the most attractive market for body armor market during the forecast period owing to the increasing number of terrorist attacks in the countries such as India, China, Pakistan and Singapore. The growth of body armors is also supported by the increased spending of government in India and China towards their military sector in order to ensure the safety of their soldiers.
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Soft body armor to register highest CAGR during the forecast period
On the basis of product type, the global body armor market is segmented into soft body armor, hard body armors and accessories. Soft body armors are anticipated to register the highest growth rate during the forecast period as they are light weight compared to hard body armors. In addition soft body armors offers flexibility, thereby helping the soldiers or guards to have a smooth movement on war field.
Some of the key players profiled in the report include Point Blank Enterprises, Inc.; Aegis Engineering Ltd.; Ballistic Body Armor Pty; AR500 Armor; BAE Systems; Craig International Ballistics Pty Ltd.; Kejo Limited Company; Ceradyne, Inc.; Hellweg International; Pacific Safety Products; and Safariland, LLC. Most of the key players have adopted the strategy such as new product launch, and expansion in order to have a strong foothold in the market.
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