June 16, 2024

Body Armor Plates Market will grow at highest pace owing to increasing security threats and defense budgets

The body armor plates market involves the manufacturing and sales of protective ballistic plates that are inserted into body armors or bulletproof vests to provide protection against gunfire and sharp projectiles. Body armor plates are lightweight and are made from various materials such as ceramics, metals, and composites. Ceramic plates provide maximum protection and are often employed by military forces, while metal and composite plates offer lighter options and are used by law enforcement agencies and commercial protective services. The rising incidences of terrorist activities, mass shootings, and civilian violence have fueled the demand for body armor plates from military, law enforcement, and commercial security organizations globally.

The Global Body Armor Plates Market is estimated to be valued at US$ 2.34 Bn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the body armor plates market are WillScot, Mobile Mini Inc., Tempohousing, Algeco, Aussie Portable Buildings, Giant Storage, Rental HQ, Sprung Instant Structures Ltd., Satellite Shelters Inc., Portable Space Ltd., ADF Group Inc., Red Sea Housing Services Co. Ltd., Takacsr.cz s.r.o., Modular Genius, EZ Cabins, Mobile Offices, Forta PRO, Elite Modular Mobil, Alaska Structures, PODS Enterprises LLC. The significant increase in defense budgets of major economies has encouraged key players to ramp up their production capacities and product portfolios.

The rising conflicts, violence, and cross-border terrorist activities have led to a growing demand for body armor from military and law enforcement agencies globally. Various governments are taking initiatives and formulating new policies to equip their forces with advanced protection equipment like body armor plates.

Technological advancements are aiding the development of lighter, stronger, and multi-hit resistant Body Armor Plates Market Size . Players are investing in the research of advanced materials like ultra-high-molecular-weight polyethylene to manufacture next-generation body armor offering enhanced ballistic protection. The integration of new materials, construction methods, and manufacturing technologies is expected to make body armor plates more effective and comfortable.

Market Trends

Multi-threat Plate – There is an increasing demand for multi-threat or multi-hit body armor plates that can withstand penetration from different ammunition types such as rounds from handguns and assault rifles. Manufacturers are developing multi-threat plates using combining different materials like polyethylene, ceramics and metals.

Adoption of New Materials – R&D in new lightweight and high strength materials such as ultra high molecular weight polyethylene (UHMWPE), novel ceramics and advanced fibers is gaining momentum. These new age materials can replace conventional steel or ceramic plates offering better ballistic protection.

Market Opportunities
Commercial Security Sector – With rising civilian crimes, terrorist attacks and mass shootings incidents, there lies a huge market potential for body armor in commercial security organizations, Mall security, corporate security and private security forces.

Law Enforcement Upgrades – Many law enforcement agencies in developing nations are still using outdated protection equipment. This provides an opportunity for body armor plate manufacturers to upgrade armor platforms in these law enforcement departments and police forces.

Impact of COVID-19 on Body Armor Plates Market
The COVID-19 pandemic has had a major impact on the body armor plates market. During the initial stages of the pandemic in 2020, when lockdowns were imposed worldwide, the demand for body armor plates declined significantly as law enforcement agencies focused their resources on pandemic response. Production and supply chains were also disrupted due to factory closures.

However, as the pandemic progressed through 2021 and 2022, the demand recovered as law enforcement agencies resumed regular operations and stockpiling of protective equipment. Body armor plate manufacturers ramped up production to meet the backlog in demand. Some key trends that have emerged in the post-COVID scenario include more emphasis on lightweight and comfortable armor plates by manufacturers. There is also a growing demand for multi-threat plates that offer protection against rifle threats as well as stab and spike threats.

Going forward, the market is expected to grow at a steady pace during the forecast period. While immediate risks from COVID have reduced, law enforcement agencies are likely to continue stockpiling armor plates as a precautionary measure. Manufacturers are also focusing on new materials and designs to further enhance protection as well as comfort for wearers. Innovation and technological advancements will remain key drivers of growth in the body armor plates market in the post-pandemic era.

In terms of geographical concentration, North America currently accounts for the largest share of the global body armor plates market in terms of value. This is attributed to high spending on law enforcement and military modernization programs by countries such as the US and Canada. Asia Pacific is projected to be the fastest growing regional market during the forecast period due to rising defense budgets and homeland security concerns in major countries such as China and India.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it