In terms of value, the armor materials market size is projected to reach USD 15.2 billion by 2024 from USD 10.7 billion in 2019, at a CAGR of 7.2%. The growth of the market can be attributed to the increasing incidences of armed conflicts, rising tension between neighboring countries, and growing instances of terrorism across the globe. The Middle East and Asia Pacific regions have been identified to be the high-potential markets for armor materials, owing to the increasing asymmetric warfare activities in these regions in recent years. The market in other regions, including North America and Europe, is also witnessing significant growth due to ongoing programs for the modernization and upgradation of existing armored platforms to enhance the combat capabilities of defense forces.
DuPont de Nemours, Inc (US), Koninklijke DSM N.V. (Netherlands), Honeywell International Inc. (US), 3M Company (US), Saab AB (Sweden), and Koninklijke Ten Cate BV (Netherlands) are the major players in this market.
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Dupont is one of the leading service and products providers of armor materials. The company is focusing on new product launches and technological innovations for increasing their business and revenue generation. For instance, in June 2018, Dupont launched Tensylon HA120, a new material for helmets that provides maximum ballistic protection at a 40% lighter weight than traditional helmets. In March 2017, it launched further enhancement to its established Kevlar XP and XD technologies for soft armor.
SAAB AB (Sweden) provides materials and services for vehicle armors, aerospace armors, body armors, and civil armors. The company is gaining share in the armors materials market through contracts and agreements. It aims to expand its business in APAC and the Middle East regions by targeting the key markets where the demand for armor materials is high. For instance, in February 2019, SAAb and the Tawazun Economic Council (TEC) signed an agreement for advancing Saab’s operations in the United Arab Emirates (UAE) for supporting and enabling the defense and security sector.
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Koninklijke DSM N.V. manufactures and markets UHMWPE under its brand, Dyneema. The company offers different grades of UHMWPE, such as Dyneema UD Technology Platform, Dyneema Fiber, Dyneema Tape, Dyneema Fabric, and Dyneema Hybrid Composite, to meet the needs of different industries, such as aerospace and defense. In May 2018, the company installed additional new UD technology at its plant in Heerlen, the Netherlands, and its plant in Greenville, NC, US, and made improvements to the existing production lines to expand Dyneema UD (Uni-Directional laminate) and Dyneema fiber capacity, incorporating the latest technologies.