Ballistic & Armour Steel Market Revenue was valued at USD 7.2 Billion in 2024 and is estimated to reach USD 10.5 Billion by 2033, growing at a CAGR of 4.5% from 2026 to 2033.
The global Ballistic & Armour Steel Market was valued at approximately USD 8.2 billion in 2022 and is projected to grow at a CAGR of 6.3% from 2023 to 2030. This growth can be attributed to the increasing demand for security and protection solutions in defense, military, and law enforcement sectors. The market is also driven by the rising threat of terrorist attacks, border security needs, and defense modernization programs worldwide. Armour steel is widely used in military vehicles, aerospace, personal protective equipment, and in construction of armored vehicles due to its superior strength and impact resistance. The market size for Ballistic & Armour Steel is expected to reach USD 14.2 billion by 2030, with a steady demand across key regions. Regionally, North America held the largest share of the Ballistic & Armour Steel Market in 2022, with an estimated market value of USD 3.2 billion, largely driven by the increasing defense budgets in the United States and Canada. Europe followed closely with a market size of around USD 2.4 billion, driven by defense upgrades and growing military collaborations among European Union countries. The Asia Pacific region is expected to experience the highest CAGR of 7.2% during the forecast period, supported by substantial investments in military technology and the expansion of defense industries in countries like India, China, and Japan. The market in Latin America and the Middle East is also anticipated to see significant growth due to rising geopolitical tensions and demand for security measures.
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ArcelorMittal
SSAB AB
Thyssenkrupp
Astralloy (Nucor)
Evraz
Bisalloy Steel Group
Shah Alloys
CMC Impact Metals
SIJ Acroni
HSJ SA
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Ballistic & Armour Steel Market
Ballistic Steel
Armour Steel
Composite Steel
High Strength Low Alloy (HSLA) Steel
Defense & Military
Aerospace
Automotive
Construction
Marine
Mining
Plates
Sheets
Bars
Tubes
Custom Fabricated Products
Body Armor
Vehicle Armour
Ballistic Shields
Military Installations
Ammunition Storage Facilities
Thin (up to 5mm)
Medium (5mm to 20mm)
Thick (above 20mm)
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Ballistic & Armour Steel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Ballistic & Armour Steel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Ballistic & Armour Steel Market, By Type
6. Global Ballistic & Armour Steel Market, By Application
7. Global Ballistic & Armour Steel Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Ballistic & Armour Steel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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