The global ammunition market size was worth around USD 28.10 billion in 2023 and is predicted to grow to around USD 40.13 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.16% between 2024 and 2032.
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Ammunition is a substance that is discharged, launched, dispersed, or detonated from any weapon. It encompasses both expendable weapons (e.g., missiles, explosives, land mines, and grenades) and components of other weapons, such as warheads and bullets, that generate the desired effect on a target. Certain types of ammunition are necessary for the operation of nearly all mechanical weapons.
The ammunition market is anticipated to experience growth during the forecast period as a result of the increasing prevalence of cross-border conflicts and asymmetrical warfare around the globe. Nevertheless, the ammunition market is expected to experience a decline in growth in the years ahead due to the rapid expansion of illicit or disapproved ammunition manufacturing and the implementation of international measures, such as the Arms Trade Treaty (ATT), to regulate and supervise the cross-border trade in ammunition.
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The Global Ammunition Market is segmented based on product, application and region
Global Ammunition Market: Product Segment Analysis
● Aerial Bombs
● Artillery Shells
● Bullets
● Grenades
● Mortars
● Others
Global Ammunition Market: Application Segment Analysis
● Defense
● Civil & Commercial
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The Global Ammunition market profiles key players such as:
● General Dynamics Corporation (US)
● Northrop Grumman (Orbital ATK Inc.) (US)
● BAE Systems (UK)
● RUAG (RUAG Ammotec) (Switzerland)
● Olin Corporation (US)
● Nammo AS (Norway)
● Vista Outdoor Inc. (US)
● Rheinmetall AG (Germany)
● Nexter (France)
Regional Analysis of the Ammunition Market
The global ammunition market is divided into five primary geographic regions: Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. The ammunition market in the Asia Pacific region is anticipated to experience a rapid expansion in the near future. The development is ascribed to the increasing expenditure of developing economies in the region on defense operations and the increasing number of terrorist activities in the region. China and India have increased their defense budgets to acquire advanced ammunition for their armed forces, thereby stimulating the expansion of the Asia Pacific ammunition market.
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