Boost in Body Armor Market due to Threat of Terrorism Across the Globe
The major purpose of body armor is to provide a protective clothing in order to absorb, deflect, bludgeon and penetrate attacks. Body armors have applications in various fields such as defense, law enforcement protection and civilians. The global body armor market has been exhibiting a healthy growth in recent times. The market stood at US$3.3 bn in 2014 and is likely to expand at a CAGR of 4.0% between 2015 and 2021 and reach a value of US$4.3 bn by the end of 2021.The increase in terrorist attacks across the world has fueled the demand for body armor extensively and is expected to remain the key factor contributing to the rise of this market in the coming future. The rising number of soldier modernization programs has also aided the growth of this market to a great extent.
Body Armor Worldwide Market Description:
Type IV Body Armor Market to Retain Dominance in Near Future
The body armor market is mainly evaluated on the basis of three parameters: types, application, and material used. Based on types, the worldwide body armor market is classified into the type I, type II, type II-A, type III, type III-A, and type IV segments. The market for type IV body armor stood at the top position in 2014 and is expected to retain its position, on account of its extensive usage in the defense sector.
On the basis of applications, the law enforcement protection, defense, and civilians are the three core segments of the global body armor market. In 2014, the defense sector accounted for more than more than 55% of the overall demand for body armor across the world, acquiring the leading position. The market segment is likely to maintain its leadership in the near future owing to the high rate of uptake, driven by technological developments in body armors.
By materials, the global body armor market is segmented into the markets for body armor made from steel, aramid, composite ceramic, UHMWPE, and other materials. The composite ceramic body armor market generated the highest revenue in 2014, contributing to over 30% of the overall market. Other market segments also registered a rise in the market value.
North America to Maintain Lead in Global Body Armor Market
The worldwide market for body armor is also analyzed on the basis of its regional distribution. North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa are the major regional markets for body armors. Among these, the North America body armor market occupied the top position in 2014, accounting for a majority share of the global market. The market in Europe acquired the second place with a little over 27% in the same year.
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The soldier modernization programs based on survivability including the enhancement of body armor and a personal protection system conducted in North America also aided the massive growth of this regional market. Additionally, the development of the buffalo A2 bar armor program including armor vehicles and kits is likely to boost this market in the coming years.
Honeywell International Inc., Survitec Group Ltd., KDH Defense Systems Inc., Australian Defence Apparel Pty Ltd., DuPont, BAE Systems Inc., U.S. Armor Corp., Sarkar Defense Solution, ArmorSource LLC, MKU Pvt. Ltd, Point Blank Enterprises Inc., and Safariland LLC are the key manufacturers of body armors across the world.