Global Body Armor Market Analysis Report 2023: Size, Share, Trends, Forecasts, and Growth Opportunities 2022-2028 [Yahoo! Finance]
ITOCHU CORP UNSP/ADR (ITOCY)
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Source: Yahoo! Finance
The body armor market is estimated at US$ 2.67 billion in 2022 and is likely to grow at a CAGR of 3.7% during the forecast period to reach US$ 3.4 billion in 2028. There has been a shift from the conventional metallic heavy body armor to extremely lightweight and comfortable body armor over the years, which is developed using Ultra High Molecular Weight Polyethylene (UHMWPE) materials. With defense expenditure and law enforcement budgets rising in both developed and developing countries, a sizeable amount is inevitably allocated to procuring these advanced body armor, which aids in fending off threats to the physical safety of the personnel. The market is fairly consolidated with the presence of some global and regional players. As most of the companies are US based, their primary focus is to tap the domestic market and gradually increase their regional penetration. These companies predominantly compete based on their product quality, weight, comfort level, price, and the level o
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