Ammunition Market Growth, Future Prospects And Competitive Analysis (2022--2028)

The Ammunition Market is expected to grow from US$ 43.04 billion in 2022 to US$ 69.75 billion by 2028; it is estimated to grow at a CAGR of 8.4% from 2022 to 2028.

In 2022, Europe is projected to hold the second-largest share in the ammunition market. The region's ammunition market players are focusing on developing advanced ammunition types, including precision-guided missiles and mortars. European countries are procuring artillery and mortar systems to protect their borders from illegal trespassing and various forms of trafficking. The presence of top ammunition market players like Nammo AS, Nexter Group, Rheinmetall AG, Rostec State Corporation, and Thales Group is meeting the demand across the European region. This presence of leading ammunition market players is contributing to the growth of companies that produce aerial bombs, grenades, artillery shells, mortars, and other such equipment. Furthermore, the manufacturers' increasing interest in producing artillery systems, mortar systems, guns, smart weapons, and other equipment is driving the growth of the ammunition market in Europe.

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Dominated by major players such as Northrop Grumman Corporation, BAE Systems, Elbit Systems Ltd, Raytheon Technologies Corporation, Vista Outdoor Operations LLC, AMTEC Corporation, NAMMO AS, Rheinmetall AG, RUAG Group, and Thales Group. In addition, Nexter Group KNDS, General Dynamics, Spectra Technologies LLC, CBC Global Ammunition, FIOCHHI MUNIZIONI SPA, Denel SOC Ltd., Sako Limited, Berger Bullets, NonLethal Technologies Inc., Cutting Edge Bullets, Sierra Bullets, Belom, and Combined Systems Inc. are also analyzed to gain a comprehensive view of the market.

Russia's ammunition industry is globally significant, known for its affordability and ease of maintenance compared to other alternatives. In fact, Russia is the world's second-largest ammunition exporter, with 19% of global exports during 2017-2021. However, Russia's ammunition manufacturing heavily relies on international suppliers of raw materials and components, leaving it vulnerable to supply chain disruptions. As a result, Russia is expected to lose its market position to countries like China, India, Turkey, and some European countries. The recent conflict between Russia and Ukraine has prompted other countries to turn to regional or domestic manufacturers instead. As a result, China and India, in addition to the US, are expected to benefit from Russia's decline in ammunition manufacturing and exports. Given that Russia's major ammunition customers include Vietnam, Myanmar, Indonesia, and Malaysia, their governments may have to turn to China or India for their ammunition needs if production volumes from Russian manufacturers continue to decline.

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The key stakeholders in the ammunition market ecosystem are raw material/component suppliers, ammunition manufacturers, and end-users. The crucial raw materials used in the production of ammunition include chemical energy substances such as nitrocellulose and black gunpowder components, metals, shells, and other equipment. The timely and efficient supply of these components is essential for the smooth functioning of ammunition manufacturing plants, and any operational impact on these component providers can directly affect the size of the ammunition market. For instance, in 2020, raw material suppliers faced several challenges, including a shortage of raw materials, powder, shells, metals, etc., which ultimately hindered ammunition manufacturing.

The ammunition market comprises numerous small players who collectively hold a significant share of the market. Many of these players are also involved in R&D activities aimed at developing new technologies to meet the growing needs of customers. These organizations have increased their investments in the development of advanced and innovative ammunition over the years, with the support of regulatory bodies.

The ammunition market size is segmented on the basis of product, application, guidance, lethality, and caliber. Based on product, the ammunition market is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. Based on application, the market is bifurcated into defense and commercial. Based on application, the ammunition market is bifurcated into defense and commercial. Based on guidance, the market is bifurcated into guided and non-guided. Based on lethality, the ammunition market is bifurcated into non-lethal and lethal. Based on caliber, the ammunition market is segregated into small caliber ammunition, medium caliber ammunition, and large caliber ammunition. The market for small-caliber ammunition is further segmented into 5.56mm, 7.62mm, 9mm, 12.7mm, 14.5mm, 45ACP, 338LM, 22LR, .223 Rem, and .308 winchester. The medium-caliber ammunition market is further segmented into 20mm, 30mm, 40mm, and others. The market for the large-caliber ammunition is further segmented into 60mm, 105mm, 120mm, 150mm, and others.

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Increased defense spending due to cross-border conflicts in Europe is driving the growth of the ammunition market in the region. Germany and Belgium have already announced their intention to double their defense spending in 2023 for national security operations, while the ongoing war between Russia and Ukraine is raising concerns in other European countries.

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