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Latin America body armor market is projected to grow at a CAGR of around 2.5% through the forecast timeline to garner a considerable share in the overall industry revenue by 2027. Rising crime rate is foreseen to bolster regional market development in the future.
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The body armor market is estimated to showcase significant growth by 2027 owing to prevalent product demand in key regions across the globe. Additionally, rising geopolitical tensions around the world are likely to further support market growth through the forecast timeline.
Body armor is a crucial safety equipment typically used by law enforcement officers and defense officials for personal protection. It is primarily intended to protect the wearer against ballistics; however, it has also been proven to add extra protection in case of car accidents and other assaults on law enforcement officers, which has been favorable for product outlook.
Furthermore, emerging need for technological integration has promoted research activities to enhance existing body armors, which has positively influenced the product landscape. To cite an instance, in July 2020, an Applied Sciences study examined the effects of warp yarns ratio on 3D warp interlock fabrics' ballistic performance. The study found notable improvement in ballistic performance of the 3D variant with optimum yarns ratio compared to conventional 2D plain weave fabrics.
The body armor market has been bifurcated based on product, body type, end-use, and region. In terms of product, the market has further been segregated into tactical armor, concealable armor, and stab armor. The stab armor product segment is expected to lose market share over the forecast timeframe due to enhancements in features of tactical armor.
With respect to body type, the market has been categorized into male armor, unisex armor, and female armor (formed and shaped). Under female armor body type, the formed segment is anticipated to showcase substantial growth through 2027, expanding at a steady CAGR over the study timeframe. Surging demand for comfortable formed body armor for females in the defense and law enforcement sectors is set to propel the growth of the segment in the coming years.
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From the end-use perspective, the body armor market has been divided into law enforcement officers, defense, and civilians. The defense end-use segment is calculated to reach a sizable revenue by the end of 2027. Growing military expenditure and advancements in ballistic vests are likely to fuel segmental expansion through the review period.
Recently, manufacturers have been adopting strategic initiatives to gain a competitive edge in the market, thereby enhancing market dynamics. For instance, in September 2021, the Defense Logistics Agency (DLA), the American combat support agency, announced its plans to extend its body armor contract with Avon Protection Systems, a U.K.-based ballistic protection expert. The DLA Enhanced Small Arms Protective Inserts contract entailed the supply of body armor plates from Ceradyne, Avon's body protection business.
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