- Various countries across the world have implemented defense modernization programs aimed at the upgrade and replacement of their existing military machinery, systems, and equipment. The key purpose of these programs is to improve the versatility, agility, and capability of the armed forces. Modernization helps a country in strengthening its military forces by equipping them with advanced arms and improving the country’s defense system for combating emergency situations such as a terrorist attack or war. For instance, in April 2018, the U.S. Army placed an order for 5.56-mm, 7.62-mm, and 12.7-mm caliber rounds with Orbital ATK. The order was valued at more than US$ 115 Mn.
- Over the last few years, small-caliber ammunition has been adopted in a wide variety of military, defense, and law enforcement applications across the world. Thus, defense modernization programs are likely to boost the demand for small-caliber ammunition. This, in turn, is expected to fuel the global small-caliber ammunition market during the forecast period.
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Military to Account for a Leading Share of Global Small-caliber Ammunition Market
- The report offers detailed segmentation of the global small-caliber ammunition market: in terms of type (full metal jacket ammunition, tracer ammunition, incendiary ammunition, armor piercing ammunition, and others), caliber (below 7 mm, 7–9 mm, 9–12 mm, and 12–14 mm), and end-use industry (commercial, military, and law enforcement). The global market has also been segmented based on region (North America, Europe, Asia Pacific, South America, and Middle East & Africa).
- Among the calibers, the 7–9 mm segment accounted for a leading share of the global small-caliber ammunition market in 2018. The segment is anticipated to maintain its dominance during the forecast period as well.
- Military is a highly attractive segment of the global small-caliber ammunition market. It is the largest segment in terms of market size. It is anticipated to expand at the most rapid rate during the forecast period. Additionally, rise in the procurement of small-caliber ammunition by armed forces, border security forces, and local enforcement agencies to combat terrorism, territorial conflicts, and geopolitical tensions is anticipated to drive the military segment in the small-caliber ammunition market in the next few years.
Asia Pacific a Highly Lucrative Market for Small-caliber Ammunition
- North America is expected to hold the maximum share of the global small-caliber ammunition market during the forecast period, owing to the early adoption of small-caliber ammunition in the region. Asia Pacific and Europe hold a considerable market share each. On the other hand, these regions are projected to provide highly lucrative opportunities to the small-caliber ammunition market during the forecast period.
- China dominated the small-caliber ammunition market in Asia Pacific in 2018. The market in the country is expected to expand at a prominent CAGR from 2019 to 2027. The overall outlook for the small-caliber ammunition market in Asia Pacific appears positive.
- Different government organizations across Asia Pacific are increasing their military spending in order to improve the security of their respective countries. This, in turn, is expected to boost the small-caliber ammunition market in the region in the next few years.
- Current political tensions between different countries in Asia Pacific, such as China, India, South Korea, North Korea, and Pakistan, and shortage of small-caliber ammunition, are some of the major drivers likely to propel the small-caliber ammunition market during the forecast period.
High Investments & Development of New Products by Key Players to Boost Market
The report provides the profiles of leading players operating in the global small-caliber ammunition market. These are Companhia Brasileira de Cartuchos, Fiocchi Munizioni, General Dynamics Corporation, Hornady Manufacturing Company, Inc., Nammo AS, Nexter Systems, Northrop Grumman Corporation, Rheinmetall AG, Prvi Partizan A.D., RUAG Group, and BAE Systems.