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January 2024
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The global Body Armor Plates Market is estimated to be valued at US$ 2.03 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Body armor plates are an integral component of body armor that provide ballistic protection for the torso. Body armor plates are made from materials that can effectively stop bullet penetration by dissipating its force. Advances in material science have enabled the development of lighter and more durable plates that provide multi-hit capabilities without compromising on protection. These developments have increased soldier survivability and safety of law enforcement personnel in combat and high-risk situations. Market Overview: Body armor plates provide protection against small arms fire and shrapnel. Modern armor plates are made from materials such as ceramic, steel and composites. Ceramic armor plates offer lighter weight and multi-hit protection compared to steel. Composite armor plates provide optimum combination of strength, weight and durability. Technological advancements are focused on developing advanced materials that can stop emerging threats while minimizing weight carried by soldiers and law enforcement officers. Market key trends: The body armor plates market is witnessing high growth driven by increasing advancement in materials and technologies. One key trend gaining traction is the development of self-healing armor. Researchers are developing self-healing body armor plates made from stimuli-responsive hydrogel polymers that can automatically close up bullet holes within seconds of impact, restoring the plate's integrity and protective function. The self-healing mechanism mimics the human body's natural wound healing process. This innovation has potential to significantly improve safety of soldiers and law enforcement personnel. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderate as high capital investment required in R&D, production facility and distribution network. However, growing demand for body armor plates provide opportunities for new players. Bargaining power of buyers: The bargaining power of buyers is moderate to high due to availability of substitutes and presence of many regional and global players offering diversified product portfolio. However, compliance with standards and certifications increases switching costs. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of raw material substitutes and dominance of few raw material suppliers. However, specialized materials and components utilize enhances suppliers' bargaining power. Threat of new substitutes: The threat of new substitutes is moderate as players focus on continuous product innovation and specialty materials and components make substitutions difficult. Competitive rivalry: Intense due to global and regional presence of major players. SWOT Analysis Strengths: Growing defense expenditure, stringent government regulations regarding safety of law enforcement agencies, continuous product innovation. Weaknesses: High R&D and product certification cost, overdependence on few raw material suppliers. Opportunities: Emerging markets growth, expansion in civilian usage like security agencies, escalating geopolitical tensions. Threats: Substitution threat from new materials, pricing pressure from local players, regulations regarding procurement. Key Takeaways The Global Body Armor Plates Market Demand is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing defense modernization programs and geopolitical tensions worldwide. The growth is supported by rising procurement of personal protective equipment by law enforcement agencies and military personnel in countries such as the US, China, India, and European nations. Regional analysis North America dominates the body armor plates market currently due to heavy investments in defense sector by US and Canadian governments. Asia Pacific is expected to be the fastest growing market led by increasing awareness regarding personnel safety and rising incidences of terrorism in India and China. Key players operating in the body armor plates market are Aegis Engineering Ltd, Armored Republic, LLC, BAE Systems, Ballistic Body Armour Pty, Ceradyne Inc. (Subsidiary of 3M), Craig International Ballistics Pty Ltd., Hellweg International, Kejo Limited Company, Pacific Safety Products, and Point Blank Enterprises, Inc. Major players are focusing on developing advanced materials through extensive R&D and entering into strategic collaborations to enhance their product portfolio and market share. Get more insights on this topic: https://www.dailyprbulletin.com/body-armor-plates-market-market-size-and-share-analysis/
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