Armour Steel Plate Market

Armour Steel Plate Market Size Survey Report – In a Glance

As per the survey report on global Armour steel plate market, the market is projected to foresee a CAGR of CAGR value 4.3% between 2024-2033, and further generate a market size of USD 9.1 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 6.2 billion revenue.

• The global Armour steel plate market is projected to grow on account of the increasing geopolitical conflicts in various regions.
• In Japan, the Armour steel plate market growth can be attributed to the heightened military spending.
• KDMI analyst’s growth analysis foresees heavy weight of the plates to challenge the market growth.
• North America, having the highest market share in the Armour steel plate market, is projected to dominate the global market.

Armour Steel Plate Market Analysis

An armour steel plate is a tough steel-layered sheet engineered to withstand attacks and explosions, offering resistance and blocking penetration. It is typically made of strong alloys such as manganese steel or boron and is mainly used in defense machinery, bulletproof vests, and security facilities. Steel is preferably used to make armour plates due to its exceptional strength in extreme temperatures and oxidation resistance upon cooling. However, IEA’s new World Energy Outlook 2024 recently highlighted the requirement for larger investments and stronger policies to speed up and extend the transition to safer and greener technologies.Therefore, due to the increasing geopolitical conflicts in various regions, the need for protection and safety is also scaling up in various fields, pushing the armour steel market forward. Steel Dynamics, United States Steel Corporation, ArcelorMittal, are some of the significant parties in the global market for Armour steel plate.

Analyst’s Observation on Japan Armour Steel Plate Market Survey

To counter the mounting military risks, Japan is exerting great efforts to speed up its defense development and strengthen its defense capabilities. The armour steel plates are integrated into security systems to shield against gunfire, blasts, and shocks. Moreover, the armour steel plate market growth within the country is due to its heightened military spending. Recently, the nation decided to raise military expenditures to 2% of GDP by 2027 and the proposed budget is ¥8.73 trillion which reflects the country’s commitment to achieve its defense goals.Therefore, by scaling up the demand for modernized protective materials in defense, the hike in defense spending is fueling the market in the region.

JFE Steel Corporation, Nippon Steel Corporation, Hyundai Steel Company are some of the significant parties in the market for Armour steel plate in Japan.

Armour Steel Plate Market Growth Drivers and Challenges

Growth Drivers

Burgeoning automotive sector:

The armour steel plate market is flourishing owing to the burgeoning automotive industry, specifically in the domain of armoured vehicles. The call for safety and safeguarding has stimulated the production of armoured trucks, cars, and other vehicles on a large scale. Many people and organizations are putting money into advanced vehicles having armoured capabilities. Furthermore, the increasing number of crime cases and terrorist activities are also creating the demand for secure transportation options. A comprehensive study by the Global Terrorism Index (GTI) found that between 163 countries, the reach of terrorism covers 99.7 percent of the world’s population. Hence, with the advancing automotive industry providing cutting-edge armoured vehicle choices, the armour steel plate market is likely to witness continuous growth.

Technological advancements in production sector:

Technological advancements have drastically changed the production process which is contributing to the progression of armour steel plate industry on an increased scale. Research and Development (R&D) acts as a fundamental base for innovation. R&D plays a vital role in creating new innovations in the military field to defend and protect against threats, guaranteeing stronger security for the nation. Moreover, despite the geopolitical conflicts, economic stress, and pandemic, global R&D has almost tripled, rising from approximately USD 1 trillion in 2000 to over USD 2.75 trillion in 2023. However, modern inventions in production procedures such as cutting, shaping, and welding have led to armour plates with exceptional qualities. As a result, the market is going through a progressive transformation across the world.

Restraints

Heavy weight of the plates:

Although armour steel plates provide enhanced protection, it poses some challenges as well. Its weight can affect the movement and agility of vehicles and personnel. Also, due to heavy load, transportation cost increases and energy consumption surges, hindering its widespread adoption in industries like automotive and defense, thereby, restricting the market.

Strict regulatory guidelines:

Specifically in the defense sector, the production and consumption of armour steel plates must adhere to some strict regulatory standards, ensuring better product durability and safety. This gives rise to continuous demand for premium plates, driving market expansion. Additionally, following regulations also builds trust and attracts investments in defense and industrial fields.

Armour Steel Plate Market Segmentation

Our experts at KD Market Insights have segmented the global Armour steel plate market research report as:

Armour Steel Plate Market Regional Synopsis

North America is the main commerce hub of the armour steel plate market and is majorly driven by significant military spending and technological advancements. In the region, the United States is the largest producer of armour steel plates and is one of the key contributors to the defense market. The country is further propelled by factors such as intensified threat of terrorism, federal defense allocation, and strengthening national defense. Also, it hosts multiple military development programs to generate multiple opportunities. Other developed countries in the region like Canada are further contributing to the market expansion due to elevated defense spending and its well-developed defense infrastructure.

Asia Pacific (APAC) is foreseen to be the region with the fastest growth rate in the armour steel plate market. The region is experiencing the fastest CAGR because of several factors such as growing security concerns, increasing geopolitical tensions, and rising military expenditures. China’s military expenditures have increased rapidly in recent years. Moreover, China’s 2024 defense budget hit RMB1.665 trillion (USD236 billion) which was an increase of 7% in nominal terms.Other than China, the region’s established slow-growing economies such as Japan, South Korea, and Australia are also propelling the market. The profound expertise in designing armour steel plate support further bolsters Asia Pacific’s position in the global market. However, the region also oversees imports with clear guidelines for handling armour steel plates, securing product quality and environmental sustainability in applications.

The armour steel plate market has great prospects in other regions as well.  In Europe, the robust defense industry and the existence of some of the leading key players are expected to uphold the market growth. The region’s emphasis on strengthening border security and counter-terrorism measures is further fueling the market growth. In the Middle East and Africa, the armour steel plate market is expanding quickly due to an enhanced focus on defense capabilities, regional disputes and geopolitical tensions. However, in Latin America, the armour steel plate market is propelled by increased crime rates, drug trafficking, and security threats within the region. Besides that, regional governments are also upgrading security measures with high-tech equipment and protective vehicles, leading to a rise in armour steel plate demand.

As per our analysts at KD Market Insights, the following five players lead the North America Armour steel plate market growth:

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

Armour Steel Plate Market Competitive Landscape

Some of the key players who top the global Armour steel plate market share:

• 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 Oyj
• Hyundai Steel Company
• Evraz Group
• Gerdau S.A.
• JSW Steel Ltd.
• HBIS Group
• Liberty Steel Group
• AK Steel Holding Corporation
• Nucor Corporation

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Armour Steel Plate Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Product type
      2. By Application
      3. By Thickness
      4. By Hardness
      5. By End-use industry
      6. By Region
5. Market Segmentation by Product type
   1. 1. Ballistic Steel
      2. Structural Steel
      3. High Hardness Steel
      4. Others
6. Market Segmentation by Application
   1. 1. Military
      2. Aerospace
      3. Automotive
      4. Construction
      5. Mining
      6. Oil & Gas
      7. Others
7. Market Segmentation by Thickness
   1. 1. Less than 10mm
      2. 10mm - 50mm
      3. 50mm - 100mm
      4. More than 100mm
      5. Others
8. Market Segmentation by Hardness
   1. 1. Soft Steel Plate
      2. Medium Hardness Steel Plate
      3. High Hardness Steel Plate
      4. Others
9. Market Segmentation by End-use industry
   1. 1. Defense and Military
      2. Automotive Manufacturing
      3. Construction and Infrastructure
      4. Mining and Heavy Equipment
      5. Oil and Gas Industry
      6. Others
10. Regional Analysis
    1. North America
       1. United States
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       2. Canada
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       3. Mexico
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
    2. Europe
       1. United Kingdom
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       2. Germany
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       3. France
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       4. Italy
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       5. Spain
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       6. Rest of Europe
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
    3. Asia Pacific
       1. China
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       2. Japan
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       3. India
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       4. Australia
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
          4. South Korea
          5. Market Size and Forecast
          6. Key Trends and Developments
          7. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       5. Rest of Asia Pacific
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
    4. Latin America
       1. Brazil
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       2. Argentina
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       3. Colombia
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       4. Rest of Latin America
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
    5. Middle East & Africa
       1. South Africa
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       2. Saudi Arabia
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       3. UAE
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
       4. Rest of Middle East & Africa
          1. Market Size and Forecast
          2. Key Trends and Developments
          3. Market Analysis by Product type, Application, Thickness, Hardness, and End-use industry
11. Competitive Landscape
    1. Market Share Analysis
    2. Company Profiles
       1. Nippon Steel Corporation
       2. POSCO
       3. Baosteel Group
       4. JFE Steel Corporation
       5. Tata Steel Limited
       6. United States Steel Corporation
       7. Hyundai Steel Company
       8. JSW Steel Ltd.
       9. Liberty Steel Group
       10. AK Steel Holding Corporation
       11. Nucor Corporation
       12. Others
12. Strategic Recommendations
13. Appendix
    1. List of Tables
    2. List of Figures
14. References