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Albany, NY, April 18, 2019 (GLOBE NEWSWIRE) -- The global ammunition market is characterized by a fairly moderate consolidated vendor landscape, as reported by Transparency Market Research (TMR). Larger, established players are seen focusing solely on acquisition of smaller vendors in the market.
Vendors operating in the global ammunition market are leveraging a key strategy in order to gain momentum in the market. This involves gaining orders on a contractual basis from authoritative organizations. This is expected to win rich growth opportunities for vendors in the ammunition market. A key trend leveraged by vendors in this market is the increased spending by governments of defense and security. For instance, the U.S. Naval Surface Warfare Center awarded a US$41 million contract to Federal Ammunition for supply of MK 318 Mod 0 carbine cartridges for small rifles.
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Leading players in the global ammunition market include Hornady Manufacturing Company, Inc., Fiocchi Munizioni, Companhia Brasileira de Cartuchos, General Dynamics Corporation, and BAE Systems.
TMR predicts that the global ammunition market, estimated to be worth US$11.5 Bn in 2015 is anticipated to reach US$24.8 Bn by the end of 2024. The market is likely to exhibit a 9.1% CAGR over the forecast period of 2016 to 2024.
A surge in terrorist activities are likely to be responsible for bolstering the application segment of military in the market. This segment held a leading share of the overall market revenue in 2017. Geography-wise, North America held a key share of the global ammunition market in 2017. The presence of leading vendors in region accounts for the dominance of this region.
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Unfavorable Political Climate to Drive Ammunition Market
Several terrorist attacks have taken place worldwide over the last couple of years, leading to increased concerns about security among the people. The Asia-Pacific, African, and Latin American countries have seen violent acts on numerous occasions. The terrorist threat has rapidly spread to various other North American and European regions. In Europe, the Islamic Terrorist Group that has replaced Al-Qaeda as the world's most wanted terrorist organization, has continued threats. Growing ammunition demand is expected to fuel the global ammunition market on direct account of the surge in international conflicts and the increasing incidences of asymmetric warfare.
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Military Modernization to Emerge as Key Market Trend
Bullets, rockets, and mortars primarily form basic ammunition. These ammos comprise of different components, technologies, and production patterns. Nowadays, modern bullets comprise various technological features, which is an upcoming trend fuelling the global ammunition market. Some of these characteristics are associated with physical parameters such as shape, material, and bullet size. Nowadays, technological advances in personal body love and vehicle protection have exceeded standard weapons. With the exception of large-scale weapons, armor against bullets fired with standard weapons is widely accepted as extremely effective. Ongoing research and development activities in the emerging economies to build a large military capacity are expected to bolster the global ammunition market to a large extent.
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Market Growth Limited by Premises and Peace Treaties
The demand for ammunition may be restricted by reduced defense spending by developed countries. While developing economies boost military spending, developed economies such as the United States and Germany are lowering their military spending, which is likely to impact the ammunition market. Since 2010, the US has been one of the world's biggest exporters of weapons and ammunition. The Organization for the North Atlantic Treaty (NATO) has cut its military and arms and munitions expenditure. Moreover, most of their allies have reduced their soldiers. In 2013 the military strength of Germany decreased by 1,80,000 while the UK. It cut its military down to 1,74,000 soldiers. These factors may hamper the global ammunition market to some extent.
This review is based on TMR’s report titled, “Ammunition Market (Type - Full Metal Jacket (FMJ) Ammunition, Tracer Ammunition, Incendiary Ammunition, Armor Piercing Ammunition, Other Ammunition; Ammunition - Small Ammunition, Medium Ammunition, Mortar Ammunition, Artillery Ammunition, Shotgun Shells; Application - Commercial, Military, Law Enforcement) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
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The global Ammunition Market is segmented as follows:
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