Defense sectors around the world are focusing on strengthening their militaries, and governments are increasing budget allocations for defense spending and other security issues. According to the forecast of the marketing company Fact.MR, the armor plate market will grow by 4% annually from 2021 to 2031.
R&D and defense spending boosted sales in 2020, and the market experienced a period of growth, expanding 2.8% year-over-year despite the cornavirus pandemic, reaching an estimate of $ 1.3 billion in 2021 .
The consumption of armor plates for armored personnel carriers and collector vehicles is growing at a high rate. Manufacturers are focusing on developing stiff, high-strength steel sheets that offer improved resistance to high-velocity metal projectiles. As a result, these steel plates are considered very suitable for a variety of applications, especially in the defense sector.
Armor steel plate is a solid commercial ballistic steel that goes through a quenching and tempering process. This characteristic of armored steel plates provides flexibility for a variety of military and commercial /non-military applications.
Several of the leading companies are focusing on expanding their global presence through strategic partnerships. For example, in June 2020, Bisalloy Steels announced a memorandum of understanding with Axiom Precision Manufacturing and K-TIG to jointly develop sovereign welding capabilities for the Australian defense sector.
“The growing interest in personal armored vehicles for safety and protection creates opportunities for the sale of armored steel plates. With leading companies focusing on developing technologies that provide greater strength and resilience, market demand is expected to grow in the coming years, "Fact.MR analysts write.
According to them, Europe is the most profitable market, accounting for more than 40% of the world consumption of armored steel. Armored steel sales in the US represent 95% of the North American market and are expected to remain the dominant region during the forecast period. Russia already accounts for more than 24% of global armor plate sales due to increased investment in military power.