Global Ammunition Market Report, published by Variant Market Research, forecast that the global market is expected to reach $24.8 Billion by 2024 from $15.6 Billion in 2016, growing at a CAGR of 6.0% from 2016 to 2024. By geography, Asia Pacific and North America are expected to grow at a CAGR of 6.8% and 6.1%, respectively, during the forecast period.
The major factors supporting the growth of the market are increase in threats from terrorist, cross-border disputes, and rise in spending by government on military ammunition. Furthermore, rising demand for ammunition used for training the various armed forces and increasing popularity of shooting as a sports activity also fuel the growth of the market. However, decrease spending on defense budget by few developed countries and lead-based ammunition used for hunting & shooting would pose risk to the environment and toxic to wildlife could pose challenge for the market. Furthermore, non-lethal weapons, green bullets, and ammunition would provide the growth opportunity for the market in the coming years.
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The global Ammunition market is bifurcated into type, caliber, application and geography. By type, it is further sub-segmented into tracer, incendiary, full metal jacketed, armour piercing and others. The Caliber segment comprises small caliber, mortar ammunition, artillery ammunition, medium caliber, and shotgun shells. Furthermore, application is categorized into law enforcement, military, and commercial.
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In 2016, by type, full metal jacketed holds the major share followed by tracer. By caliber segment, artillery ammunition and small caliber accounted for the largest market share, in the year 2016. Military application held around half of the global ammunition market share, driven by terrorist attacks, ceasefire violations, cross border disputes and among others.
Asia Pacific is the fastest growing region in the global Ammunition market, and is anticipated to continue this trend driven by rising defense budget, increasing presence of terrorism and increased participation in sports activities. In the year 2016, Europe accounts the largest share of the market followed by North America.
The major key players of the market are BAE Systems, Olin Corporation, General Dynamics Corporation, Federal Premium Ammunition, Nammo AS, Maxam, Remington Arms Company, Inc., Orbital ATK Inc., Fiocchi Munizioni S.p.A., RUAG Holding A.G, Remington Arms Company, and Hornady Manufacturing Company, Inc.,
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