Global Ammunition Market – Military segment to be the major revenue generating segment by 2026 due to growing security concerns
According to a new market report on the ammunition market, published by Transparency Market Research, the global ammunition market is expected to reach US$ 16,468.2 Mn by 2026, expanding at a CAGR of 3.5% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at a CAGR of 5.0% through 2026.
The demand for ammunition is directly dependent on the rise in security concerns, growing weapon sales, and increasing modernization programs. The increased defense expenditure is likely to boost the demand for ammunition which is needed for various weapons and other military systems, thereby driving the growth of the ammunition market.
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The global ammunition market is broadly segmented by type, caliber, and application. By type, the full metal jacket (FMJ) ammunition segment is consistently expected to garner the highest market share between 2018 and 2026. The growing demand for full metal jacket (FMJ) ammunition for military applications is the major reason for its dominance throughout the forecast period. Full metal jacket provides various advantages such as high accuracy, high-volume shooting, and reduced depositing of metal due to jacket over the core. It is also cheaper and more resistant to damage, thereby escalating its demand in various industries. Additionally, tracer ammunition segment is expected to expand at a significant CAGR of 3.6% because of increasing military applications as they are visible to the naked eye during daylight, and are very bright during night time firing.
By caliber, small caliber ammunition represented the highest share in 2017 and is further expected to lead the global ammunition market during the forecast period due to the growing demand for combat and premium projectiles. Small caliber ammunition segment is expected to comprise 35.3% of the overall ammunition market in 2026. By application, the military segment represented highest market share in 2017. Increasing military activities and changing role of modern military troops is increasing the demand for various ammunitions for specific applications. Furthermore, increased defense expenditure in order to reinforce the military strength, modernize the armed forces, and firmly safeguard national sovereignty, security, and development interests is further responsible for its significant share amongst all applications.
North America dominated the ammunition market in 2017 with the U.S. contributing majority share of revenue. The dominance of the market in the region is attributed to presence of large number of market players. The market in Europe is anticipated to grow considerably throughout the forecast period due to the growing demand for ammunition from Russia. Russia is rapidly investing in the ammunition market because of significant terrorist activities. The market in Asia Pacific is projected to expand at the highest CAGR during the forecast period due to the increasing military spending and growing demand for ammunition from countries such as China, India, and Pakistan. China accumulated the highest market share in 2017 due to increasing investments in development and procurement of arms. The ammunition market in China is expected to expand at the highest share of 5.4% during the forecast period. Apart from China, countries such as India, South Korea, and Japan are also expected to contribute significantly to the Asia Pacific ammunition market.
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The research study includes profiles of leading companies operating in the global ammunition market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Key players in the ammunition market are Companhia Brasileira de Cartuchos, BAE Systems, Fiocchi Munizioni, General Dynamics Corporation, Hornady Manufacturing Company, Inc., Nammo A.S., Nexter Group, Orbital ATK, Inc., Prvi Partizan A.D., Rheinmetall AG, and RUAG Group, among others. Companies are focusing on expanding their business through strategic acquisitions and partnerships with another players.