170 Pages Market Research Survey by Fact MR, A Market Research and Competitive Intelligence Provider, Highlights Key Factors Enabling Armour Steel Plate Market Growth
NEW YORK, July 19, 2021 /PRNewswire/ -- A Fact.MR survey offers insights into chief growth drivers and restraints impacting armour steel plate market overall growth trajectory. The report also divulges compelling insights into demand outlook in terms of protection type and application. It also studies key strategies adopted by vendors to increase sales in armour steel plate market.
Fact.MR: The global armour steel plate treatment outlook remains positive as Fact MR projects the market to exhibit growth at 4% CAGR between 2021 and 2031.Increasing research and development activities and growing defense expenditure have propelled sales in 2020, and the market experienced year-on-year growth at 2.8% CAGR reaching valuation of US$ 1.3 Bn in 2021.
Defense sectors across globe are focusing on strengthening their armed forces and governments are increasing their budget allocation on defense expenses and other security cases. For instance, in 2020, demand for armor steel plate in Russia grew by 2.4%. The COVID-19 pandemic affected market in Russia and still it managed to attain 340 KT.
Consumption of armour steel plates for bullet-proof vehicle and cash-in-transit trucks is increasing at a high pace. Rising inclination towards effective and efficient product design is set to drive the market of armour steel plates.
Manufacturers are focusing on developing hard, high-strength steel plates to offer improved resistance against high-velocity metal projectiles. As a result, these steel plates are considered highly suitable for various applications, specifically in the defense sector.
An armour steel plate is a hard commercial ballistic steel that undergoes quenching and tempering process. This characteristic of armour steel plates offer flexibility for application in various military and commercial/non-military purposes.
Some of the leading companies are focusing on expanding their global presence via strategic collaborations. For instance, in June 2020, Bisalloy Steels announced signing of a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to collectively develop a sovereign capability in welding for the Australia defence sector.
"Rising inclination towards personal armored vehicles for safety and protection are creating opportunities for armour steel plates sales. With leading companies focusing on technologies developments to offer greater strength and resistance, the demand in the market is expected to surge in the coming years, "said a Fact.MR analyst
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Key Takeaways:
- Europe is most lucrative market accounting more than 40% of global armour steel plate consumption.
- The U.S is contributing 95% of North America market share and is expected to remain dominant regions through forecast period.
- Russia accounts over 24% of global armour steel plate sales owing to its increasing investment in military power.
- The market in South Korea is expected to expand at 4% CAGR in coming years.
- By protection type segment, airborne ballistics is estimated to gain 84 BPS and reach valuation of US$ 1.4 Bn by 2031.
- Revenue from bulletproof vehicles is anticipated to rise at 4.3% CAGR in forecast period.
Growth Drivers:
- Rising security concerns are increasing demand for armour steel plates.
- Demand for armour steel plates is increasing for use in submarines.
- Rising production of bulletproof jackets will fuel demand for armour steel plates.
Key restraints:
- Stringent government regulations on certifications and compliance requirements are hampering growth of armour steel plate sales.
- Availability of alternative cheap steel imports are impeding demand outlook.
- Trade imbalance on a global level may create a deficit as the market, adversely affecting substantial amount of excess steel production.
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Competitive Landscape
Key players are focusing on investments, acquisitions, and portfolio expansion. For instance,
- In December 2019, ArcelorMittal completed acquisition of Essar Steel India Limited (ESIL) to expand market in India.
- In September 2020, Bisalloy Steel signed distribution agreement with CRAS Solutions for distribution of Bisalloy Products in the Turkey market.
Key players operating in the global armour steel plate market include
- SIJ Acroni
- Algoma
- Arcelormittal
- Astralloy
- Bisalloy
- Champak Steel & Engg. Co.
- Chapel Steel
- CMC Impact Metals
- Essar Steel India Limited
- EVRAZ
- GRUPA COGNOR
- Lagaar Industries Ltd.
- Masteel
- Shahalloy
- SSAB
- Swebor
- ThyssenKrupp
More Insights on the Armour Steel Plate Market:
Fact MR provides an unbiased analysis of the armour steel plate market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global armour steel plate market, with a detailed segmentation on the basis of:
Protection Type
- Airborne Ballistic Armour Steel Plates
- Blast and Explosion Armour Steel Plates
Application
- 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
Key Questions Covered in the Armour Steel Plate Market Report
- The report offers insight into armour steel plate demand outlook for 2021-2031
- The market study also highlights projected sales growth for armour steel plate between 2021 and 2031
- Armour steel plate market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Armour steel plate market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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