アーマースチールプレート市場調査レポート-最新動向、成長機会、市場規模およびシェア世界予測分析-2024年～2033年

Armor Steel Plate Market Size Research Report - Overview

According to a research report on the global Armor Steel Plates market , the market is expected to grow at a CAGR of 4.3 % from 2024 to 2033, and is projected to generate a market size of USD 9.1 billion by the end of 2033. In 2024, the market size was USD 6.2 billion .

• The global armor steel plate market is projected to grow due to increasing geopolitical conflicts in various regions.
• In Japan, the growth of the armor steel plate market can be attributed to increasing military spending.
• KDMI analyst growth analysis predicts that heavier boards will challenge market growth.
• North America, with the highest market share in the armor steel plate market, is expected to dominate the global market.

Armor Steel Plate Market Analysis

Armor steel plates are tough steel plates designed to withstand attacks and explosions, providing resistance and preventing penetration. They are usually made of tough alloys such as manganese steel and boron and are primarily used in defense machinery, bulletproof vests, security facilities, etc. Steel is preferred for manufacturing armor plates due to its exceptional strength under extreme temperatures and resistance to oxidation when cooled. However, the IEA's new World Energy Outlook 2024 has recently highlighted the need for larger investments and stronger policies to accelerate and expand the transition to safer and greener technologies [D-KM1]. Thus, with increasing geopolitical conflicts in various regions, the need for protection and safety also expands in various sectors, propelling the armor steel market. Steel Dynamics, United States Steel Corporation, and ArcelorMittal are some of the key players in the global armor steel plate market.

Analysts' views on Japan's armor steel market research

To counter growing military risks, Japan is making great efforts to accelerate defense development and strengthen its defense capabilities. Armor steel plates are incorporated into security systems to protect against gunfire, blast, and impact. Moreover, the growth of the domestic armor steel plate market is due to the increase in military expenditure. Recently, the country decided to increase military expenditure to 2% of GDP by 2027, with a proposed budget of JPY 8.73 trillion, reflecting the country's commitment towards achieving its defense goals. Thus, increasing defense expenditure is stimulating the market in this region by expanding the demand for modernized protective materials in defense.

JFE Steel Corporation, Nippon Steel Corporation, and Hyundai Steel Co., Ltd. are some of the key players in the Armor Steel Plate market in Japan.

Armor Steel Market: Growth Drivers and Challenges

Growth Drivers

Rapid growth in the automotive industry:

The armored steel plate market is booming thanks to the fast-growing automotive industry, especially in the field of armored cars. The demand for safety and protection is stimulating the large-scale production of armored trucks, cars, and other vehicles. Many people and organizations are investing in advanced vehicles with armored features. Moreover, the rise in crime incidents and terrorist activities is also creating a demand for safe transportation. According to a comprehensive study by the Global Terrorism Index (GTI), among 163 countries, the reach of terrorism reaches 99.7 percent of the world's population. Therefore, with the automotive industry providing state-of-the-art armored cars, the armored steel plate market will see continuous growth.

Technological advances in the production sector

Technological advancements have dramatically changed the production process, which has contributed to the expansion of the armor steel plate industry. Research and development (R&D) serves as the fundamental foundation for technological innovation. R&D plays a vital role in creating new innovations in the military sector to defend and protect against threats and ensure stronger security of the nation. Moreover, despite geopolitical conflicts, economic stresses, and pandemics, global R&D expenditures have almost tripled, from approximately US$ 1 trillion in 2000 to over US$ 2.75 trillion in 2023. However, modern inventions in manufacturing procedures such as cutting, forming, and welding have resulted in armor plates with exceptional quality. As a result, the market is undergoing progressive changes globally.

Restrictions

Plate weight:

While armor steel plates offer enhanced protection, they also present several challenges: their weight can affect vehicle and personnel movement and agility, and their heavy loads increase transportation costs and skyrocket energy consumption, limiting their widespread adoption in industries such as automotive and defense.

Strict regulatory guidelines:

Especially in the defense sector, the production and consumption of armor steel plates must adhere to several strict regulatory standards to ensure better product durability and safety. This creates a continuous demand for premium steel plates, which in turn drives market expansion. Moreover, compliance with regulations builds confidence and attracts investment in the defense and industrial sectors.

Armor Steel Plate Market Segmentation

Experts at KD Market Insights have segmented the Global Armor Steel Plate Market research report into:

Armor Steel Plate Market Regional Overview

North America is a major commercial hub for the armor steel plate market, driven primarily by high military expenditure and technological advancements. In this region, the United States is the largest producer of armor steel plate and one of the major contributors to the defense market. The country is further driven by factors such as rising terrorist threats, federal defense allocations, and strengthened national defense. It also hosts multiple military development programs, generating multiple opportunities. Other developed countries in the region such as Canada are further contributing to the market expansion with their increasing defense expenditure and developed defense infrastructure.

Asia Pacific (APAC) is projected to be the fastest growing region for the armor steel plate market. The fastest CAGR in the region is due to several factors including growing security concerns, rising geopolitical tensions, and increasing military spending. China's military spending has been growing rapidly in recent years. Moreover, China's defense budget for 2024 grew by 7% in nominal terms to RMB 1,665 billion (USD 236 billion). Apart from China, established lower-growth economies in the region such as Japan, South Korea, and Australia are also boosting the market. Deep expertise in designing armor steel plate supports further strengthens Asia Pacific's position in the global market. However, the region also oversees imports with clear guidelines for handling armor steel plates, ensuring product quality and environmental sustainability in applications.

The armor steel plate market also has great potential in other regions. In Europe, a robust defense industry and the presence of major key players are expected to support the market growth. Increased emphasis on border security and anti-terrorism measures in the region are further boosting the market growth. In the Middle East and Africa, the armor steel plate market is booming due to increased defense capabilities, regional conflicts, and geopolitical tensions. However, in Latin America, increasing crime rates, drug trafficking, and security threats in the region are driving the armor steel plate market. Regional governments are also stepping up safety measures with high-tech equipment and protected vehicles, leading to an increase in the demand for armor steel plates.

According to analysts at KD Market Insights, the following five companies are leading the growth of the North American armor steel market:

• United States Steel Corporation
• Hyundai Steel Company
• Nucor Corporation
• POSCO
• Liberty Steel Group
• Others

Competitive Situation in the Armor Steel Plate Market

Some of the major players holding leading share in the global Armor Steel Plates market are:

• ArcelorMittal
• Thyssenkrupp AG
• SSAB AB
• NLMK Group
• Nippon Steel Corporation
• POSCO
• Baosteel Group
• JFE Steel Corporation
• Tata Steel Limited
• United States Steel Corporation
• Voestalpine AG
• Outokumpu Company
• Hyundai Steel Company
• Evraz Group
• Gerdau SA
• JSW Steel Ltd.
• HBIS Group
• Liberty Steel Group
• AK Steel Holding Corporation
• Nucor Corporation