Body Armor Market Growth & Trends
The global body armor market size is expected to reach USD 4.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 6.6% from 2022 to 2030. Increasing demand for enhancing soldier safety and ensuring survivability across various end users is expected to drive the growth of the industry.
Technological advancements are reshaping the market for body armor consistently. In recent years, the need for novel approaches has steadily increased. For instance, in May 2022, Ordnance Clothing Factory announced working with DRDO on the development of lightweight bulletproof vests. Technological advancements and the rising availability of lightweight body armor are anticipated to fuel industry expansion.
The demand for body armor and personal protection equipment is expected to increase as initiatives toward modernization and technological innovations prompt military forces and security agencies to opt for the latest equipment. External security threats, internal security threats, and territorial disputes are also expected to drive product demand over the forecast period.
The increase in military spending by established and emerging countries throughout the world is expected to be the key factor driving the development of the industry. For instance, as reported in March 2021, Sao Paulo military police initiated a tender for around 15,000 ballistic vests, which was based on the latest NIJ 0101.06 standard. Furthermore, increased terrorism in various nations such as the Asia Pacific and South America prompts governments to focus on increasing reinforcement of personal safety.
Rising domestic concerns like political violence and economic sabotage, as well as exterior perils like terrorist attacks and illegal trafficking, are expected to increase the demand for the global body armor market.Consequently, rising geopolitical tension and a surge in military conflicts between powerful nations worldwide are likely to increase the demand for this product to protect military troops.
Vendors active in the market are aggressively focusing on expanding their customer base and gaining a competitive edge over their competitors. For instance, in Jan 2020, 3M announced the completion of the sale of the company’s advanced-ballistic protection business for USD 91 Mn to Avon Rubber p.l.c., before closing and other adjustments.
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Body Armor Market Report Highlights
Protection level IIIA protection accounted for 31.9% of the global revenue share in 2021. Level IIIA vests are relatively light, flexible, and easily discrete under clothes, but can defeat a wider range of ammunition than most of the other protection levels
The defense segment accounted for 58.9% of the global revenue share in 2021. This can be attributed to the progression of battlefield threats such as bone-breaking batons or shrapnel in improvised explosive devices and higher expenditure by governments on the safety of the defense personnel
The covert style of body armor is expected to register a CAGR of 6.9% over the forecast period. Demand from civilians and covert operation officers for covert body armor products is rising, driving the growth
Asia Pacific is estimated to witness a CAGR of 7.0% over the forecast period owing to the growing instances of warfare and border disputes coupled with an increase in the insurgency in the region
Manufacturers are focusing aggressively on expanding their customer base so they pursue various strategic initiatives, including mergers & acquisitions, collaborations, and new product/ technology development. For instance, in December 2021, Alexium International Group Limited announced the launch of Eclipsys-based body armor products targeting enhanced cooling
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