The global Body Armor Plates market size is expected to be worth around US$ 2.10 billion by 2028, according to a new report by Vision Research Reports.
The global Body Armor Plates market size was valued at US$ 1.10 billion in 2020 and is anticipated to grow at a CAGR of 5.7% during forecast period 2021 to 2028.
The rising demand for armor suits from defense and law enforcement agencies worldwide increases the body armor plate market's growth. Also, emerging economies, such as India and China, are increasingly focusing on replacing legacy military equipment and increasing their defense budget. For instance, in May 2020, China hiked its defense budget to USD 179.0 billion compared to USD 177.6 billion in 2019.
However, it has been the lowest hike in recent years due to the significant economic disruption caused by the novel coronavirus outbreak. Further, cross-border conflicts and rivalries are key forces for a surge in demand for plates and shields. For instance, in February 2020, the People’s Liberation Army (PLA), an Armed force of China, the PLA has held open tenders to procure 467,000 units of protection shields for enhanced bulletproof vests and 930,000 units of protection shields for universal bulletproof vests. The PLA has decided to procure protection armors in the wake of cross border conflicts with neighboring countries.
Further, the rising crime and riot instances in the civil part of society worldwide increase the need for personal security and safety among residents. Thus, the demand for protection plates increases, especially among people residing in crime-prone areas, jewelry store owners, embassy personnel overseas, and executive protection personnel. Moreover, in the past few years, several schools across the U.S. have been impacted by shootings. The incidents have led to the deaths of many faculty members and students. With rising concerns for students' and faculty members' safety, various proposals have been made to use body armor for both the students and faculty members. For instance, bulletproof backpacks have been tested in the global market for use by students.
Level IV body armor plate led the market for body armor plates and accounted for the largest revenue share of over 25.05% in 2020. This segment is anticipated to grow at a noticeable rate over the forecast period. This growth is attributable to the fact that the introduction of the final version of NIJ (National Institute of Justice) Standard 0101.07 is anticipated to improve the test methods and the performance requirements for the ballistic resistance levels. Besides, the new NIJ standard is expected to bring new threat levels for rifle protection levels. The increased vulnerability to the rifle protection levels is expected to contribute to the growth of the level IV armor plate.
The Level ll segment is anticipated to grow at a noticeable rate over the forecast period. This high growth is attributable to the fact that it offers one of the highest levels of protection. Level II body armor plates are developed to stop a 0.357 Magnum Jacketed Soft Point (JSP) at 1,430 ft/s and a 0.9mm FMJ at approximately 1,245 ft/s. They are conventionally light, soft, and comfortable to conceal. The segment is anticipated to register the highest CAGR of 6.10% during the forecast period.
The defense application segment led the market for body armor plates and accounted for the largest revenue share of over 50.0% in 2020. This high share is attributable to the ever-increasing need for defense suits supported with enhanced ballistic and stabs resistance for soldiers. The defense agencies in developed countries, such as the U.S., France, and Canada, emphasize enhancing personal protection for armed forces, thus, focusing on upgrading the traditional body armor capabilities and protective headgears. The segment’s ongoing trend positively impacts the body armor plates market and is expected to dominate the market in terms of revenue in the forecast years.
The law enforcement protection application is expected to grow at a noticeable rate over the forecast period since NIJ has been pivotal in developing modern body armors for police officers. Besides, the rising crime and riot instances in a different part of civil society globally are fostering the body armor plates demand in various law enforcement agencies. For instance, the St. Clair police department has declared body armor mandatory for most police officers during the area patrolling. The segment is anticipated to register the highest CAGR of 5.6% during the forecast period.
The composite ceramic material segment led the market for body armor plates and accounted for the largest revenue share of over 30.0% in 2020. This high share is attributable to the prominence of alumina ceramic among armor manufacturers as it offers better thermal stability. Hence, plates made from alumina ceramic are mainly provided to personnel deployed in areas where resistance to high temperatures is essential. In some cases, is also used to create ceramic plates. However, ceramic plates so designed tend to be more expensive as compared to alumina ceramic.
The steel segment is expected to witness a CAGR of 7.10% over the forecast period. The growth can be attributed to one of the most commonly used materials for protection shields and plates. Apart from being cost-effective, steel can offer protection against several types of rounds and projectiles. Moreover, a steel plate can also be concealed under the user's garment, thereby making it ideal for a Very Important Person (VIP).
North America dominated the market for body armor plates and accounted for the largest revenue share of 30.04% in 2020. The government military programs, such as the Extremity Protection program and Soldier Protection System-Torso for providing full body armor to the armed forces, are anticipated to incite growth in the regional market. Besides, the region consists of leading countries that dominate the global market in terms of military spending. For Instance, in 2019, the U.S has spent USD 732.0 billion on its military. Such a high budget for military applications and services has further fueled the development and adoption of armor plates in the North American market.
In Asia Pacific, the market for body armor plates is expected to witness the highest CAGR of 6.10% over the forecast period. The large-scale modernization activities of traditional systems and the rise in warfare and border disputes in the Asia Pacific region's emerging economies, such as China, India, and South Korea, drive the demand for protection equipment plates in this region. Also, the need for providing personal protection to the ground troops in the region, along with steady investments by the government for acquiring competitive arms and personal protection equipment, is expected to energize the regional market growth prospects.
Aegis Engineering Ltd
Armored Republic, LLC
Ballistic Body Armour Pty.
Ceradyne Inc. (Subsidiary of 3M)
Craig International Ballistics Pty Ltd
Kejo Limited Company
Pacific Safety Products
Point Blank Enterprises, Inc
Law Enforcement Protection
Middle East and Africa (MEA)
The Body Armor Plates market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Body Armor Plates market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Body Armor Plates market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Body Armor Plates market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Body Armor Plates market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Body Armor Plates capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Body Armor Plates by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Body Armor Plates market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Body Armor Plates market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Body Armor Plates market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Body Armor Plates industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Body Armor Plates market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Body Armor Plates market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Body Armor Plates market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Body Armor Plates market. These factors have benefited the growth of the global market for Body Armor Plates. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Body Armor Plates. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Body Armor Plates are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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