The South America Ceramic Armor market was valued at US$ 74.86 million in 2019 and is projected to reach US$ 117.84 million by 2027; it is expected to grow at a CAGR of 6.0% during 2018–2027.
Ceramic armor has been the best material of choice for the production of safety armors. The continuous technological and armor developments are propelling the economic growth of countries such as Brazil and Argentina. The changing economic condition in South America; growing armor automotive, aerospace, and other industries; and increasing support from the government for the rising demand for a more flexible and lightweight armor provide a huge potential for the ceramic armor market players in South and Central America. Moreover, the constant research and development by the key players to develop innovative products are anticipated to offer lucrative opportunities for the market players over the forecast period.
Based on material type, the South America ceramic armor market is segmented into alumina, boron carbide, silicon carbide, ceramic matrix composite, and others. In 2019, the alumina segment dominated the market. Based on application, the South America ceramic armor market is segmented into body armor, aircraft armor, marine armor, vehicle armor, and others. In 2019, the body armor segment accounted for the largest share in the South America ceramic armor market.
By country, the South America Ceramic Armor market is segmented into the Brazil, Argentina and Rest of South America. The continuous technological and armor developments have positively impacted on the economic growth of countries such as Brazil and Argentina. The changing economic condition in South America coupled with the growth of armor automotive, aerospace and other industries along with increasing support from the government for increasing demand for a more flexible and light weighted armor provide a huge developing potential for the ceramic armor market players in South and Central America.
3M; BAE Systems Plc.; Morgan Advanced Materials Plc.; Point Blank Enterprises, Inc; Safariland, LLC.; and Seyntex N.V. are among the major players present in the South America Ceramic Armor market.
Overall size of the South America Ceramic Armor market has been derived in accordance to primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Ceramic Armor market.
Impact of COVID-19 Pandemic on South America Ceramic Armor Market
Brazil has reported the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador. The government of South America is taking an array of actions to protect their citizens and contain the spread of the virus. South America is experiencing lower export revenues, both from the drop in commodity prices and reduction in export volumes, especially to China, Europe, and the US, which are important trade partners. Containment measures in several countries of South America would restrict economic activity in the manufacturing and service sectors for at least the next quarter, with a rebound once the epidemic is contained.