Ammunition Market by Product (Aerial Bombs, Bullets, Artillery Shells, Grenades, Mortars and Others), Caliber (SmallCaliber, MediumCaliber, LargeCaliber and Others), Lethality, Application, Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, Jan. 27, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ammunition market is expected to grow from USD 21.14 billion in 2020 and to reach USD 28.49 billion by 2028, growing at a CAGR of 3.8% during the forecast period 2021-2028.
The increasing incidence of international conflicts among several regions has led the nations to strengthen their military base. Further, the private industries are increasingly participating in the procurement of ammunition for purposes such as self-defense and sporting. Apart from this, the regional police forces are also militarized in order to tackle internal matters.
The materials which are scattered, fired or detonated from the weapon are termed as ammunition. Ammunitions are the component of the weapons which are used for creating a specific effect upon the target. The majority of mechanical weapons require different types of ammunition in order to operate. There are ammunitions that are designed to work in specific weapons or have a unique effect on the target. Many ammunitions are colored in specific manners for identification. The design of ammunitions has developed over the years as various weapons have evolved. Earlier, simpler ammunitions were used; however, with the development of advanced weapons, the use of specialized ammunition has increased.
The trend of military modernization has increased, especially in developing regions such as India, China, Japan, Turkey, South Korea, etc. The increase in defense expenditure in these countries has led to the procurement of advance and specialized weapons. Favorable initiatives by the government and increasing R&D activities are providing a lucrative opportunity to the market in these developing economies. The homeland security agencies are increasingly adopting small caliber ammunitions due to the less lethality. However, the market is facing difficulties in different regional legal, political and economic frameworks. This impacts the sales of the key vendors, as they are required to comply with regulations and laws.
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Key players operating in the ammunition market are General Dynamics Corporation, ST Engineering, CBC Global Ammunition, Nexter KNDS group, Nammo AS, Olin Corporation, Northrop Grumman Corporation, Ruag Ammotec, Thales Group, Elbit Systems, BAE Systems, Rheinmetall AG, among others. The major players in the ammunition market focus on expansionary strategies such as mergers & acquisitions, recent developments, joint ventures, collaborations, product innovations and partnerships. These strategies would extract higher market shares for the players and strengthen their position in the global market. General Dynamics and BAE Systems are some of the biggest manufacturers and suppliers of ammunition worldwide.
The bullets segment dominated the market and held the largest market share of 23.40% in the year 2020
Based on the product type segment, the global ammunition market includes aerial bombs, bullets, artillery shells, grenades, mortars and others. The bullets segment dominated the market and held the largest market share of 23.40% in the year 2020. Bullets are used by both military personnel and homeland security agencies. These are used in the majority of the weapons and holds higher market shares. Apart from this, aerial bombs are expected to grow at a comparatively higher CAGR than the other segments. The increasing geopolitical tension among the nation has led to the up-gradation of air force weapons.
The small caliber segment dominated the market and held the largest market share of 46.03% in the year 2020
Based on the caliber segment, the global ammunition market includes small caliber, medium caliber, large caliber and others. The small caliber segment further includes 5.56mm, 7.62mm, 12.7mm, 9mm and others. The medium-caliber consists of includes 20mm, 23mm, 25mm, 30mm and others. Further, the large-caliber segment includes 60mm, 80mm, 120mm and others. The small caliber segment dominated the market and held the largest market share of 46.03% in the year 2020. Small caliber ammunition is used in the majority of the applications such as hunting, sports, homeland security, etc. However, medium caliber ammunition will register a high growth rate during the forecast period. This can be attributed to higher penetration ability and increased procurement by the military for various applications.
The less-lethal segment dominated the market and held the largest market share of 63.49% in the year 2020
Based on the lethality segment, the global ammunition market includes less-lethal and lethal. The less-lethal segment dominated the market and held the largest market share of 63.49% in the year 2020. Less-lethal ammunitions have a wider scope of applications as it used in both commercial and defense applications. However, these ammunitions are found to cause serious injuries at times than expected, which is restricting market growth further.
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Defense application dominated the market and held the largest market share of 82.31% in the year 2020
The global ammunition market includes defense and commercial & civil applications. The defense segment further includes military and homeland forces. The commercial and civil segment further includes self-defense, hunting, sports and others. The defense application dominated the market and held the largest market share of 82.31% in the year 2020. The ammunitions are highly used in defense applications owing to the greater precision and expansion capability. Many of the developing economies are contributing significantly to the market demand as their defense expenditure is rising. The cases of terrorist attacks and disturbances in the homeland have increased, which is why many countries are spending heavily on the modernization of their military base.
Regional Segment Analysis of the Ammunition Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global ammunition market is classified into North America, Europe, South America, Asia Pacific, and the Middle East and Africa. North America accounted for a significant market share of 36.03% in the year 2020. The region has allotted vast amounts of investments for the advancement of their military equipment in order to remain influential in the armed conflicts. Majority of manufacturers are present in the region due to the extensive research and development bases. However, Asia-Pacific is projected to register the highest growth rate during the forecast period. The developing countries like India, Japan and China are increasingly investing in advance and specialized ammunition due to the growing tensions on borders. Also, the privatization of manufacturing factories is leading to the growth of the market.
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About the report:
The global ammunition market is analyzed based on value (USD Billion), volume (units), export (units), and import (units). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the market's key insight. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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