Advanced Materials Industry Global Ammunition Market Share 2024 | Page 2

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However, demand in developed nations is declining owing to insufficient defense budgets. The U.S. along with
many European nations have taken steps to de-militarize themselves, in the aftermath of prolonged wars in
Afghanistan and Iraq. This along with the global economic turmoil could inhibit market growth throug hout the
forecast period.
The global ammunition market can be segmented on the basis of products, applications, and regions. As per
products, the ammunition market is divided into bullets, mortar, rocket and others. The segment for bullets
reigned in 2015, holding over 54% of the total market share. This segment mainly includes small caliber bullets
that are used in civil applications. Revolvers, pistols, rifles, and shotguns are the most common types of arms
used for civil purposes. Emerging economies exhibit high demand for personal security from private end-users.
Rockets and mortars are consumed by the defense and military.
Applications are either civil or defense. Civil applications include self-defense, law enforcement, and sports &
hunting. They accounted for about 75% of the market revenue in 2015. Civil uses are deemed to grow at the
fastest pace. This may be attributed to the escalating demand for small caliber products for sporting, hunting,
and self-defense.
Main geographical segments include North America, Asia Pacific, Europe, Latin America and MEA (the Middle
East & Africa). Asia Pacific was the largest regional market in 2015. It is likely to grow at a CAGR of 4.6%
throughout the forecast period. Terrorist hot-spots such as India call for initiatives to strengthen the defense
system. This will fuel the demand for ammunitions.
North America, particularly the U.S., should grow rapidly till 2024. This is primarily due to burgeoning demand
in self-defense and shooting game applications. The U.S. is a large production hub and also a huge consumer of
arms and ammunition. It accounts for 36% of the total global spending on weapons and ammunition. Civil
unrest and conflicts in Libya and Syria are said to favor growth of the African market in the forthco ming period.
The worldwide ammunition market is greatly fragmented. A large number of participants are present in Europe
and North America. Some of the prominent ones are Ruag Ammotech, Magtech Ammunition Co., BAE systems,
Olin Corporation and Remington Arms Company Inc. The market is characterized by widespread mergers and
acquisitions with an aim to stay competitive and ensure profitability. Consolidation also solidifies the market
position of vendors.
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