According to a recent report published by Allied Market Research, titled, “Small Caliber Ammunition Market by Size, Application, and Casing: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the global small caliber ammunition market was valued at $ 10,779.2 million in 2021, and is estimated to reach $14,190.6 million by 2031, registering a CAGR of 2.8% from 2022 to 2031.
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Drivers, Restraints, and Opportunities
Growing terrorist threats, increased gun use for safety reasons, and expansion in military modernization programs drive the small caliber ammunition market. However, regulatory restrictions in small caliber ammunition industry are likely to hinder the market growth during the forecast period. On the other hand, the development of small caliber ammunition and the rising demand for lightweight ammunition will present new growth opportunities for the global market in the coming years.
Covid-19 Scenario
- The COVID-19 pandemic had a significant impact on the global small caliber ammunition market. This is owing to disruptions in the supply chain, production, and distribution of small caliber ammunition, resulting in a reduced demand for small caliber ammunition products.
- The closure of shooting ranges and hunting grounds, and restrictions on international trade also led to the reduced demand for small caliber ammunition products during the pandemic.
- The military and law enforcement sectors continued to drive the demand for small caliber ammunition during the pandemic. On the other hand, the demand from the civilians came down because of the closure of shooting ranges and hunting grounds.
The civilian segment to grab the lion’s share during the forecast period
Based on application, the civilian segment grabbed the highest share of nearly three-fourths of the small caliber ammunition market in 2021 and is expected to dominate the market in 2031. This is owing to the high consumption of small caliber ammunitions by individuals. The law enforcement agencies segment, however, would witness the fastest CAGR of 4.0% from 2022 to 2031. This is due to the establishment of new agencies by governments.
The brass segment to maintain its leadership during the forecast period
Based on casing type, the brass segment grabbed the highest share of nearly four-fifths of the overall small caliber ammunition market in 2021 and is expected to dominate the market during the forecast period. The same segment is projected to witness the fastest CAGR of 2.9% from 2022 to 2031. This is because many ammunitions are covered with a brass casing as it has many advantages.
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North America to achieve the largest revenue by 2031
Based on region, the market in North America was the largest in 2021, accounting for nearly half of the global small caliber ammunition market and is likely to maintain its dominance during the forecast timeframe. This is owing to the high spending on military and armed forces in the region. However, the market in Europe is likely to show the fastest CAGR of 4.4% during the forecast period. This is owing to the rise in spending on new armed weapons in the region.
Leading Market Players
- Vista Outdoor Inc.
- CBC Global Ammunition
- FN Herstal
- Northrop Grumman Corporation
- BAE Systems Plc
- Poongsan Corporation
- General Dynamics Corporation
- Nammo AS
- Olin Corporation
- DSG Technology AS
KEY FINDINGS OF THE STUDY
- By size, the 7.62mm segment is expected to lead the market during the forecast period.
- By application, the law enforcement agency is anticipated to lead the market during the forecast period.
- By casing, the brass segment is expected to grow at a lucrative growth rate during the forecast period (2022-2031).
- Europe is anticipated to exhibit the highest CAGR during the forecast period.
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