Market Overview:
Body armor plates are used as personal armor for military and law enforcement personnel. They provide ballistic protection from threats such as fragments from exploding ordnance or pistol/rifle rounds. Body armor plates are made using various materials such as ceramics, metals, synthetics, and composites. Ceramic plates provide the highest level of protection against all threats but are heavier and more brittle compared to other materials. Synthetic and metallic plates offer lighter weight and flexibility at a reduced cost.
Market Dynamics:
The growing security threats and increasing incidences of violence globally are driving the demand for body armor plates from military and law enforcement agencies. According to the United Nations Office on Drugs and Crime, there were 464,000 intentional homicide cases globally in 2017. This is expected to fuel the need for personal protective equipment like body armor plates. Additionally, the rising popularity of shooting and protection sports among civilians is also augmenting the market growth. Various regional militaries are upgrading their body armor solutions which is further expected to support the market expansion over the forecast period.
Segment Analysis
Body Armor Plates market can be segmented into soft armor and hard armor. Hard armor sub segment currently dominates the market owing to its ballistic protection capabilities. Hard armor plates that are comprised of materials such as ceramics, metals and composites provide multi-hitballistic protection against high velocity bullets and fragments. This has increased their adoption among military and law enforcement bodies.
Pest Analysis
Political: Body Armor Plates market is directly influenced by defense budgets allocated by governments and regulations related to import and export of body armor.
Economic: Rising geopolitical tensions and increasing defense expenditure of developing countries is fueling market growth. However, economic slowdowns may negatively impact the market.
Social: Increasing terrorist attacks and organized criminal activities have heightened security concerns which is driving demand for body armor plates from military and law enforcement bodies.
Technological: Major players are focusing on developing lightweight, multi-threat capable body armor through advances in materials science and plate designs to provide higher ballistic protection.
Key Takeaways
The Global Body Armor Plates Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing defense budgets and modernization programs of armed forces globally. The North American region currently dominates the market owing to large defense expenditure and presence of key players. The Asia Pacific region is expected to be the fastest growing market for body armor plates due to rising incidences of violence, increasing defense modernization programs, and proliferating threats of terrorism in the region. Key players operating in the Body Armor Plates market are Aegis Engineering Ltd, Armored Republic, LLC, BAE Systems, Ballistic Body Armour Pty, Ceradyne Inc. (Subsidiary of 3M), Craig International Ballistics Pty Ltd., Hellweg International, Kejo Limited Company, Pacific Safety Products, and Point Blank Enterprises, Inc.
Regional analysis
The North American region held the largest share of Body Armor Plates market in 2023. The robust defense sector and increased spending on soldier modernization programs by U.S. and Canada are major factors responsible for market dominance. Asia Pacific region is poised to grow at fastest pace during the forecast period. Countries such as China, Japan and India are modernizing their armed forces which is expected to boost demand for body armor plates over next few years.
Key players
Key players operating in the Body Armor Plates market are Aegis Engineering Ltd, Armored Republic, LLC, BAE Systems, Ballistic Body Armour Pty, Ceradyne Inc. (Subsidiary of 3M), Craig International Ballistics Pty Ltd., Hellweg International, Kejo Limited Company, Pacific Safety Products, and Point Blank Enterprises, Inc. These key players are focusing on development of advanced lightweight armor through innovative materials and designs to provide consistent and higher protection against various ballistic threats.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
