BODY ARMOR PLATES MARKET ANALYSIS

The global body armor plates market size was valued at US$ 1.93 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The rising need for military personnel to be equipped with advanced protective shields as an antidote against terrorism and militant violence worldwide is driving growth of the body armor plates market. In addition, various governments have increased their budgets to raise their country's military safety and combat potential threats which is again expected to foster market growth. This massive investment by the defense industry has also bolstered demand for ballistic protection gear. Moreover, the development of new and advanced armor plates made with cutting-edge materials is another factor that has further boosted the overall market growth.

Global Body Armor Plates Market: Regional Insights

Based on geography, the global body armor plates market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

In terms of region, the North America market is expected to dominate the global body armor plates market, owing to its high defense spending and emphasis on soldier modernization programs.

Europe is the second leading region as they are focusing on enhancing the safety of their military and law enforcement personnel.

Moreover, market in Asia Pacific is expected to grow at the fastest pace, due to increasing security concerns and ongoing military modernization efforts in the country.

Figure 1. Global Body Armor Plates Market, By Region, 2023

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Global Body Armor Plates Market Drivers:

Growing demand for improving soldier safety to foster market growth

Developing countries such as India and China, are focusing on replacing legacy military equipment and increasing their defense budget, this is expected to propel the market growth. For instance, in May 2020, China hiked its defense budget to US$ 179 billion compared to that of US$ 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.

Continuous innovation in the market to propel market growth

Key players are introducing new product with enhanced safety is expected to drive market growth. For instance, in August 2021, KIHOMAC Armor Systems has announced the launch of their new Ceridium Body Armor Plates. KIHOMAC’s Level IV Ceridium Body Armor Plate is certified by the National Institute of Justice (NIJ) and represents the highest level of quality available on the market.  Lightweight and multi-hit capable, the new ceramic composite plate has a multi-curve, SAPI-cut design, and an innovative thermoplastic polyurethane spall cover.

Global Body Armor Plates Market Opportunities:

Growing awareness regarding the importance of body armor is expected to provide significant market growth opportunities. Body armor plates are an important component of personal protection equipment (PPE) for security and law enforcement personnel. They offer protection against bullets, grenades, and other explosive devices. Growing acts of violence and terrorism around the globe and concerns regarding the safety amongst armed forces are projected to boost demand for body armor plates. Furthermore, growing focus on border security by governing agencies of several countries is likely to fuel the market expansion over the forecast period.

Rise in security concerns among civil part of the population is expected to offer additional market growth opportunities. The growing security concerns in the civil part of the population is fueling the demand for body armor plates. This is mainly because of the increasing incidents of shootings in schools, which have killed many faculty members and students. Additionally, jewelry store owners and people residing in crime-prone areas are also using these plates to protect themselves from threats.

Global Body Armor Plates Market Trends:

Level III body armor plates are gaining popularity

Level III body armor plates are excellent choice of product for most civilian law enforcement and prepared citizens as they provide reliable protection from pistol threats. They're also a reasonable choice for military personnel as they can easily protect against a range of rifle threats and are designed to be worn over uniform. Therefore, growing popularity of level III body armor plates is uplifting market growth.

Growing demand advanced military equipment

Body armor plates helps in procuring advanced military equipment to safeguard soldiers against attacks by militants and terrorists. In addition, many governments are emphasizing on self-reliance and indigenization of their military industry. This trend is expected to continue in near future as well.

Global Body Armor Plates Market Restraints:

Strict government regulations to hamper market growth

The body armor plate market is highly governed by various regulations and acts. It is tested by three regulatory bodies, comprising United States Department of Defense (DoD), the National Institute of Justice (NIJ), and Underwriters Laboratories (UL India). Moreover, specific laws governing the possession of body armor plates, such as the Body Armor Possession Act 2015 and Body Armor Control Act, restrict their large-scale adoption in emerging countries such as India.

High cost of the materials to hinder market growth            

A major challenge for body armor plates market players is the high cost of the materials used to produce them. The incorporation of advanced technologies and the use of lightweight materials increase the price of these products, which can be a barrier for customers in price-sensitive markets. This factor is expected to hinder the market growth.

Figure 2. Global Body Armor Plates Market, By Level, 2023

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Global Body Armor Plates Market Segmentation:

The global body armor plates market report is segmented into level, application, material, and region

Based on level, the market is segmented into Level IIA, Level II, Level IIIA, Level III, and Level IV. Out of which, Level IV is expected to dominate the global market over the forecast period and this is attributed to the fact that it provide highest level of protection. It can safeguard against .30 caliber bullets and single-hit protection from the threats countered by Level I, Level II, Level IIA, and Level III body armors

Level III segment is also expected to witness significant growth in the near future owing to the growing demand from civilian law enforcement

Based on application, the market is segmented into Defense, Law enforcement protection, and Civilians. Out of which, Defense is expected to dominate the global market over the forecast period and this is attributed to the rapid expansion of armed forces in the emerging economies has led to the need for more advanced protective equipment.

Law enforcement protection segment is also expected to witness significant growth in the near future and this is owing to the rise in terrorism.

Based on material, the market is segmented into Steel, UHMWPE, Aramid, Composite Ceramic, and Others. Out of which, UHMWPE is expected to dominate the global market over the forecast period and this is attributed to the fact that it is resistant to a variety of types of weapons and can withstand multiple impacts.

Composite Ceramic segment is also expected to witness significant growth in the near future. Composite ceramic plates are gaining popularity as they offer higher protection against certain types of attacks.

Global Body Armor Plates Market: Key Developments

In August 2019, 3M announced its decision to divest its combat helmets and body armor unit and sell it to British manufacturer Avon Rubber. This initiative was aimed to expand the company’s business revenue.

In March 2018, Cerdyne Inc. received an additional US$ 34 million from the U.S. Army to continue the supply of its ballistic helmets, also known as Integrated Head Protection Systems. This investment increased the company’s Integrated Head Protection Systems contract value to around US$ 52 million.

In September 2020, BAE System announced the launch of its Armored Multi-Purpose Vehicle. The launched vehicle is designed to fulfill the requirements of Armored Brigade Combat Teams and set the groundwork for the battlefield.

In September 2020, Holding Technodinamika, a subsidiary of Rostec, announced that it would soon begin the serial production of armor plates made of corundum ceramics that demonstrated high protective properties than armored steel during tests.

In March 2020, Ordnance Factory Board (India) designed bullet proof jacket in compliance with different national and international ballistic standards. These jackets are customizable with plate pockets in the carrier for soft/ hard armor panel protection.

Global Body Armor Plates Market: Key Companies Insights

The global body armor plates market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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.

*Definition: Body armor plates are manufactured from a wide range of materials. Steel is a popular material, as it is economical and can provide adequate protection against the most common threats.