Vehicle Armour Materials market is projected to grow at a CAGR of 6.7% by 2034: Visiongain

Market Overview - The global vehicle armour materials market was valued at US$6.20 billion in 2023 and is projected to grow at a CAGR of 6.7% during the forecast period 2024-2034 [1] Key Drivers - The focus on weight reduction and mobility is a significant driver for the vehicle armour materials market, with military and law enforcement agencies seeking lightweight armour solutions that enhance fuel efficiency and mobility [2] - Advanced materials such as high-strength alloys, composites, and ceramics are being utilized to achieve weight reduction while maintaining high levels of protection [3] - The application of vehicle armour materials is expanding into civilian markets, with increasing demand in sectors like banking and VIP transportation [8] - Defence modernisation programs initiated by various countries are driving demand for advanced vehicle armour materials, focusing on upgrading military capabilities [9][10] - The expanding global military presence and operations are contributing to market growth, necessitating robust armoured vehicles for personnel safety in hostile environments [10][11] Innovations and Developments - Modern armoured vehicles require protection against a wide range of threats, leading to the development of hybrid armour systems and active protection systems [12][13] - Major players in the market are adopting strategies such as mergers and acquisitions, R&D investments, and new product launches to enhance their competitive position [14] Recent Developments - On March 11, 2024, Alumina Limited and Alcoa signed an agreement for an all-stock transaction [15] - On January 22, 2024, DuPont signed an exclusive agreement to supply body armour made with Kevlar® EXOTM aramid fibre to North American law enforcement departments [15]