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(USGovernment-News.Com, September 29, 2018 ) The report "Ammunition Market by Caliber (Small, Medium, Large, Artillery, Mortar), Application (Defense, Civil & Commercial), Type (Cartridge-Based, Non-Cartridge Based), Cartridge Type (Rimfire, Centerfire) - Global Forecast to 2021", The global ammunition market is projected to grow from USD 18.08 Billion in 2016 to USD 21.98 Billion by 2021, at a CAGR of 3.98% from 2016 to 2021. The base year considered for the study is 2015, and the forecast period is from 2016 to 2021.
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Factors such geopolitical tensions, territorial conflicts, and political unrest in various countries across the globe are expected to drive the growth of the global ammunition market during the forecast period.
The defense application segment is projected to lead the global ammunition market during the forecast period, 2016 to 2021. Increased presence of defense forces across the globe, along with growing number of conflicts in several parts of the world including North Africa, the Middle East, and Latin America, is the factors expected to drive the growth of the defense application segment of the global ammunition market during the forecast period.
The small caliber segment of the global ammunition market is projected to grow at the highest CAGR during the forecast period, owing to increased usage of small caliber ammunition by civilians and homeland security personnel due to their less lethality. Moreover, open online marketplaces for small arms and ammunition also act as major factors contributing towards the growth of the small caliber ammunition segment of the global ammunition market during the forecast period.
The Middle East ammunition market is projected to grow at the highest CAGR during the forecast period, 2016 to 2021. There has been a significant increase in military expenditures in the Middle East region in the recent years. As a result, industries related to military products have been witnessing significant growth in the region. Over the past decades, production of arms has also increased in the Middle East region, thereby becoming a major business for the key countries of the region.
Key players in the global ammunition market include Orbital ATK Inc. (U.S.), Olin Corporation (U.S.), General Dynamics Corporation (U.S.), BAE Systems (U.K.), Remington Arms Company, LLC (U.S.), and Nammo AS (Norway), among others.
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