Growing terrorist threats, increased gun use for safety reasons, and expansion in military modernization programs drive the global small caliber ammunition market. Based on casing type, the brass segment is expected to dominate the market during the forecast period.
PORTLAND, Ore., March 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Small Caliber Ammunition Market by Size (5.56mm, 7.62mm, 9 mm, .50 Caliber, Shotshells), by Applications (Military, Civilian, Law Enforcement Agencies), by Casing Type (Brass, Steel): Global Opportunity Analysis and Industry Forecast, 2021-2031"According to the report, the global small caliber ammunition industry was valued at $10.8 billion in 2021 and is estimated to generate $14.2 billion by 2031, witnessing a CAGR of 2.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Growing terrorist threats, increased gun use for safety reasons, and expansion in military modernization programs drive the small caliber ammunition market. However, regulatory restrictions in small caliber ammunition industry are likely to hinder the market growth during the forecast period. On the other hand, the development of small caliber ammunition and the rising demand for lightweight ammunition will present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The COVID-19 pandemic had a significant impact on the global small caliber ammunition market. This is owing to disruptions in the supply chain, production, and distribution of small caliber ammunition, resulting in a reduced demand for small caliber ammunition products.
- The closure of shooting ranges and hunting grounds, and restrictions on international trade also led to the reduced demand for small caliber ammunition products during the pandemic.
- The military and law enforcement sectors continued to drive the demand for small caliber ammunition during the pandemic. On the other hand, the demand from the civilians came down because of the closure of shooting ranges and hunting grounds.
The 7.62mm segment to dominate the market during the forecast period
Based on size, the 7.62mm segment contributed to the largest share of nearly one-third of the global small caliber ammunition market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the high use of rifles by military and armed forces. The 9 mm segment, however, is projected to witness the fastest CAGR of 3.9% from 2022 to 2031. This is owing to the rising registration of new armed weapons which is expected to raise the demand for 9mm ammunitions during the forecast period.
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The civilian segment to grab the lion's share during the forecast period
Based on application, the civilian segment grabbed the highest share of nearly three-fourths of the small caliber ammunition market in 2021 and is expected to dominate the market in 2031. This is owing to the high consumption of small caliber ammunitions by individuals. The law enforcement agencies segment, however, would witness the fastest CAGR of 4.0% from 2022 to 2031. This is due to the establishment of new agencies by governments.
The brass segment to maintain its leadership during the forecast period
Based on casing type, the brass segment grabbed the highest share of nearly four-fifths of the overall small caliber ammunition market in 2021 and is expected to dominate the market during the forecast period. The same segment is projected to witness the fastest CAGR of 2.9% from 2022 to 2031. This is because many ammunitions are covered with a brass casing as it has many advantages.
North America to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly half of the global small caliber ammunition market and is likely to maintain its dominance during the forecast timeframe. This is owing to the high spending on military and armed forces in the region. However, the market in Europe is likely to show the fastest CAGR of 4.4% during the forecast period. This is owing to the rise in spending on new armed weapons in the region.
Leading Market Players
- Vista Outdoor Inc.
- CBC Global Ammunition
- FN Herstal
- Northrop Grumman Corporation
- BAE Systems Plc
- Poongsan Corporation
- General Dynamics Corporation
- Nammo AS
- Olin Corporation
- DSG Technology AS
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The report analyzes these key players of the global small caliber ammunition market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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