Armour Steel Plate Market is Projected to Grow at a 3.8% CAGR, Reach US$ 2.1 Billion by 2034 | Fact.MR Report

R&D Efforts in Full Swing to Produce Sustainable Armour Steel Plates in Line with Government Guidelines and Requirements:

/EIN News/ -- Rockville, MD , Sept. 09, 2024 (GLOBE NEWSWIRE) -- Technological progressions in production methods have paved the way for the creation of cutting-edge armour steel plate solutions that cater to a wide range of consumer requirements across different industries. Growing awareness of the advantages of armour steel plates is also stimulating market growth. As per this revised study by Fact.MR, the global Armour Steel Plate Market is set to reach US$ 1.45 billion in 2024 and is forecasted to expand at a CAGR of 3.8% through 2034.

Governmental initiatives endorsing sustainability are further supporting this growth. Industries such as construction, automotive, and electronics are generating considerable demand for armour steel plates. Investments in research and development are fostering ongoing enhancements in armour steel plate solutions, thus boosting their performance and efficiency.

As businesses endeavour to fulfil changing consumer expectations and regulatory norms, the armour steel plate market is projected for continuous growth during the forecasted period. This scenario presents profitable prospects for market players to leverage emerging trends and cater to the increasing demand for inventive armour steel plate solutions.

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Key Takeaways from Market Study:

• The global armour steel plate market is forecasted to expand at a CAGR of 3.8% through 2034.
• Global sales of armour steel plates are estimated at US$ 1.45 billion in 2024.
• The market is projected to reach US$ 2.1 billion by 2034-end.
• The North American market is forecasted to expand at a CAGR of 1.6% through 2034.
• The blast & explosion segment is estimated to account for 69.3% market share in 2024.
• East Asia is projected to account for 24.6% share of the global market by2034.
• Use of armour steel plates in cash-in-transit trucks is projected to rise at a CAGR of 3.7% through 2034.
• China accounts for 56.9% of the market share in East Asia in 2024.
• The United States accounts for 71.7% of the market share in North America in 2024.
  

“Demand for armour steel plates is driven by their superior strength and resistance. These plates meet the stringent safety needs in diverse sectors including military and civilian applications amid increasing geopolitical tensions,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Armour Steel Plate Market:

Key armour steel plate manufacturers are Algoma, Astralloy, Masteel, BAE Systems, and Hellweg International. Market participants are cleverly planning their moves. They are teaming up with many renowned companies to make their position stronger in the market.

Country-wise Insights:

In North America, the United States holds a 71.7% market share for armor steel plate. The desire to strengthen national security, the possibility of an increase in terrorist attacks, and federal financing for defense are some of the variables that impact the US market. During the anticipated period, manufacturers of armour steel plates are expected to have several chances due to the defense enhancement initiatives implemented by the United States.

• For instance, significant producers of armor plate, including Cliffs Natural Resources, Nucor, and ArcelorMittal, have petitioned the US government to restrict the use of imported armor steel. The US Department of Defense has responded by enacting a regulation requiring the US military to only utilize steel armour plates made in the country.
  

Armour Steel Plate Industry News:

In 2023, the United Kingdom Ministry of Defense granted a contract valued at US$ 48 million to BAE Systems for the development of the Striker II Digital Helmet-Mounted Display, designed for Typhoon fighter pilots. This advanced helmet represents a significant upgrade, transitioning to a fully digital interface from the previously used Striker model.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the armour steel plate market for 2018 to 2023 and forecast market statistics for 2024 to 2034.

The study divulges essential insights into the market based on protection type (airborne ballistic systems, blast & explosion) and application (battle tanks, bulletproof vehicles, bulletproof jackets, cash-in-transit trucks, security booths, sentry boxes, submarines), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

Key Segments of Armour Steel Plate Market Research:

By Protection Type :

• Airborne Ballistic Systems
• Blast & Explosion

By Application :

• Battle Tanks
• Bulletproof Vehicles
• Bulletproof Jackets
• Cash-in-Transit Trucks
• Security Booths
• Sentry Boxes
• Submarines
  

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