by Market Overview:
Body armor plates provide protection from bullet threats and stab resistant insert. Body armor plates absorb the impact of most rifle bullets and protect vital organs.
Market key trends:
There is an increasing demand for body armor plates from law enforcement agencies and military personnel owing to rising threats from warfare, organized crime and terrorism across the globe. Body armor plates helps in saving lives of armed forces and security personnel by stopping bullets and preventing lethal injuries. Manufacturers are developing lightweight and comfortable body armor plates using new materials without compromising on ballistic protection. This is expected to support the market growth over the forecast period.
SWOT Analysis
Strength: Body armor plates provide protection against bullets, fragments from explosives and knives or other sharp objects. They help save lives of security personnel and armed forces.
Weakness: Body armor plates are heavy and restrictive, making physical activities difficult. They are also quite expensive.
Opportunity: Growing incidences of terrorist attacks and rising geopolitical tensions have increased demand for body armor from military and law enforcement agencies. Many countries are also updating their protective gear.
Threats: Development of more advanced weapons that can pierce body armor poses a threat. Economic slowdowns may also reduce military modernization and budget for new body armor systems.
Key Takeaways
The Global Body Armor Plates Market Demand is expected to witness high growth, exhibiting a CAGR of 5.2% over the forecast period, due to increasing investments in defense sector by various countries. As per estimates, the market was valued at US$ 2.03 Bn in 2023.
Regional analysis
North America dominated the global body armor plates market in 2023 and is expected to continue its dominance during the forecast period. This can be attributed to ongoing investments in defense sector by US and Canada. Asia Pacific is expected to record fastest growth during 2023-2030 period due increasing defense spending by India, China and other emerging economies.
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 companies are focusing on developing advanced lightweight body armor through continuous research and development.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
