As per a revised report published by Fact.MR – a market research and competitive intelligence provider, the global armour steel plate market is estimated to be valued at US$ 1.3 Bn in 2021 and is anticipated to expand at a steady CAGR of close to 4% over the forecast period of 2021 to 2031.
The market witnessed a positive compound annual growth rate of 2.6% over the historical period of 2016-2020. Fact.MR anticipates significant potential in the market owing to factors such as increased defence spending and activities by countries all across the globe.
There are a number of players that offer armour steel plates for multiple applications on the basis of different protection types. Manufacturers have been investing immensely in improving the strength of steel plates so as to offer enhanced material with higher withstand able capacity.
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Key Takeaways from Market Study
- Airborne ballistics is expected to remain the most attractive and likely to witness an absolute dollar opportunity of US$ 448 Mn during 2021 – 2031.
- Based on application, bulletproof vehicles are anticipated to be the most lucrative with a BPS of 183.
- Demand from cash-in-transit trucks is expected to grow 1.4X during the projection period.
- Together, North America and Europe represented over 65% of overall market share in 2020.
- The market in East Asia is expected to gain 25 BPS and emerge as a market valued at US$ 277 Mn by 2031.
“Increasing budget allocation for defence by governments all across the globe will drive the market over the years, and demand is set to be high for bulletproof vehicles,” says a Fact.MR analyst.
Market Segments Covered in Armour Steel Plate Industry Analysis
By Protection Type
- Airborne Ballistic Armour Steel Plates
- Blast & Explosion Armour Steel Plates
- Armour Steel Plates for Battle Tanks
- Armour Steel Plates for Bulletproof Vehicles
- Armour Steel Plates for Bulletproof Jackets
- Armour Steel Plates for Cash-in-transit Trucks
- Armour Steel Plates for Security Booths
- Armour Steel Plates for Sentry Boxes
- Armour Steel Plates for Submarines
Majority of companies discussed in the report have focused on expansion, investments, acquisitions, delivery, and portfolio expansion.
Some of the key developments are:
- In December 2019, ArcelorMittal successfully completed the acquisition of Essar Steel India Limited (ESIL). The acquisition was the company’s important strategic step to penetrate its roots in the Indian market. As per the company’s report, it has been looking for an opportunity to expand its steel production in the country for over a decade. Essar’s well-located operations, coupled with long-term growth potential in India, will lead to huge profits for ArcelorMittal.
- In September 2020, Bisalloy Steel signed an exclusive distribution agreement with CRAS Solutions for distribution of all of Bisalloy Products in the Turkey market. CRAS Solutions is a wholly independent, privately held company focused on distribution of specialized products and this agreement between both the firms will focus on building Bisalloy’s Armour and Protection steel brand in the Turkey market.
- In June 2020, Bisalloy Steels announced the signing of a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to jointly develop a sovereign capability in welding for the Australian defense industry.
Similarly, recent developments related to companies offering armour steel plates have been tracked by the team at Fact.MR, which are available in the full report.