Published Date : 10 Apr 2023
By 2032, the global body armor plates market is expected to reach $3.68 billion and is representing a 5.04 percent CAGR from 2023 to 2032.
The body armor plates market growth is driven by the increasing focus on border security by governing agencies of various countries, the increasing number of terrorists, anti-national and violent activities, an increase in the number of soldiers, and increasing advancements in technology to develop more sustainable and protective equipment.
Body armor plates are a kind of safety plates used by individuals, such as soldiers, law enforcement officers, and police personnel when they are at risk of being attacked with bullets or any other weapons. Every year, end number of police officers and soldiers are attacked. Body armor plates help in saving several lives. Body armor plates also protect police personnel and soldiers during war between nations and other types of attacks.
Manufacturing technology advancements such as 3D printing and laser cutting have lowered the cost and time necessary to make body armor plates. Increasing demand for body armor plates can also be attributed to the rise in crimes, house invasions, burglaries, and other similar types of crimes.
Body armor plates are generally made from ceramics and bullet-resistant materials. Body armor plates are used in bulletproof vests to get protection against bullets or any other weapons. Rising terrorism and territorial disputes across the globe have significantly increased the demand for body armor plates. The rapidly growing need for shields of protection among civilians is projected to boost the body armor plates market expansion in the coming years.
Additionally, the market has grown as a result of the increasing demand for armor plates due to the growing number of territorial conflicts between nations across the globe. Furthermore, the growing emphasis on manufacturing lightweight body armor plates to make ballistic vests wearable for extended periods of time is boosting market expansion with the launch of new and innovative products.
Body Armor Plates Market Report Scope:
|Market Size in 2022||USD 2.25 Billion|
|Projected Forecast Value in 2032||USD 3.68 Billion|
|Growth Rate||5.04% from 2023 to 2032|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
North America accounted for the larger revenue share of more than 32% in 2022, due to the increase in the defense budget, the large potential to purchase advanced body armor for military personnel, and ongoing government military projects. The significant increase in the defense sector in the United States is considered to be a crucial component of the country's contribution. For instance, On March 9, 2023, the Biden-Harris Administration submitted to Congress a projected Fiscal Year (FY) 2024 Budget proposal for the Department of Defense (DoD) of USD 842 billion, a USD 26 billion increase above FY 2023 levels and USD100 billion higher than FY 2022 levels.
On the other hand, the Asia Pacific market is growing at a rapid CAGR during the forecast period due to increasing demand for body armor plates among soldiers and a rise in defense expenses. For instance, The allocations for the Ministry of Defense (MoD) in the Union Budget 2023-24, presented to Parliament by the Finance Minister of India on 1 February 2023, amounted to Rs 5,93,537.64 crores, a 13% increase over BE 2022-23. (Rs 5,25,166.15 crores). The increase of border conflicts in the Asia Pacific region's emerging nations, such as China, India, Philippines, and others is projected to drive the demand for body armor plates market.
Increasing defense expenditures
The rise in defense expenditures by several countries is expected to spur the demand for body armor plates during the forecast period. Increasing defense expenditures by various governments helps to develop durable, lightweight, flexible, and comfortable to wear products for better protection of military and security personnel as it reduces their risk of death or injury while performing their responsibilities.
Body armor plates are required by military personnel for a variety of uses, including from peacekeeping missions to combat operations. Prominent market players have expanded and increased their product portfolio to cater to defense demand.
High capital investment in the manufacturing of body armor plates
The high cost required in the manufacturing of body armor plates is projected to hamper the growth of the global body armor plates market. In addition, the costly manufacturing processes of ballistic protection products make it difficult for underdeveloped countries to invest in these kinds of products is likely to limit the expansion of the global body armor plates market during the forecast period.
The rapidly growing number of terrorist and violent activities
The rapidly growing number of terrorist and violent activities across the globe is projected to boost the global body armor plates market during the forecast period. Increasing geopolitical conflict, escalating acts of violence and terrorism, and growing armed forces safety concerns are anticipated to offer significant opportunities for the market expansion.
The defense agencies in various developed and developing countries, such as the United States, the United Kingdom, France, India, China, Canada, and others are focusing on enhancing personal protection for armed forces and providing higher quality body armor plates in order to protect military and security individuals from ballistic threats while performing their duties.
Stringent conformation standards
The major issues with stringent conformation standards set by standards regulatory bodies in several countries act as a key challenge for the growth of the global body armor plates market during the forecast period.
Major Key Players:
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