At 11.3% CAGR, the Asia Pacific Ammunition Market is projected to be worth US$ 21,807.50 Million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific ammunition market was valued at US$ 11,459.82 million in 2022 and is expected to reach US$ 21,807.50 million by 2028, registering an annual growth rate of 11.3% from 2022 to 2028. Rising demand for guided ammunitions from emerging countries and technological advancements across firearms industry are the critical factors attributed to the market expansion.

Technological advancements in the firearm industry are generating huge demand for new and advanced ammunition across the world. It has been witnessed that the introduction of new guns and launchers has been rising over the past few years, which is increasing the demand for new and innovative firearm components. For instance, the introduction of longer 52 caliber barrels has led to an increased range of 155mm guns, which has been adopted by several armed forces such as army, navy, and air forces. These barrels are also likely to replace the traditional 39 caliber systems and cater to the low range challenges of such barrels.

Further, several projects launched by armed forces to introduce new guns and firearms are also likely to propel the introduction of new firearm parts that are expected to catalyze the ammunition market growth. Moreover, the use of composite materials in the missiles and guided munitions across different armed forces are expected to boost the market in the coming years.

On the contrary, shortage of ammunitions after FY 2022 hurdles the growth of Asia Pacific ammunition market.

The Asia Pacific ammunition market, by product type, is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. In 2022, the aerial bombs segment dominated market with a share of 26.9%, amassing US$ 3,080.17 million. It is projected to garner US$ 6,496.31 million by 2028 to expand at 13.2% CAGR during 2022–2028.

• Based on application, the ammunition market sphere is bifurcated into defense and commercial. The former held 88.9% market share in 2022, amassing US$ 10,139.36 million. It is projected to garner US$ 19,552.23 million by 2028 to expand at 11.6% CAGR during 2022–2028.
• Based on guidance, the ammunition market sphere is bifurcated into guided and non-guided. The guided segment held 59.4% market share in 2022, amassing US$ 6,822.90 million. It is projected to garner US$ 13,340.22 million by 2028 to expand at 11.8% CAGR during 2022–2028.
• Based on lethality, the ammunition market sphere is bifurcated into non-lethal and lethal. The former held 86.9% market share in 2022, amassing US$ 9,961.64 million. It is projected to garner US$ 19,278.45 million by 2028 to expand at 11.6% CAGR during 2022–2028.

By caliber, the Asia Pacific ammunition market is fragmented into small caliber ammunitions, medium caliber ammunitions, and large caliber ammunitions. With 47.3% share of the domain, the large caliber segment dominated the market in 2022. It accrued US$ 5,422.65 million in 2022 and is estimated to generate US$ 10,772.39 million by 2028 to grow at a CAGR of 11.9% over the forecast period.

Our regional analysis states that China captured 36.5% market share in 2022. It was assessed at US$ 4,178.97 million in 2022 and is likely to hit US$ 7,898.68 million by 2028, exhibiting a CAGR of 11.2% during the forecast period.

Key players dominating the Asia Pacific ammunition market are BAE Systems, Elbit Systems Ltd, NAMMO AS, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, RUAG Group, Thales Group, and Vista Outdoor Operations LLC among others.

Below are mentioned a few key market developments by majir players:

• In 2022, Rheinmetall announced contracts from unnamed NATO customers to supply 35mm ammunition. The deliveries will take place in 2023 and 2024 and the contract is worth a total of $21.3 million.
• In 2022, General Dynamics Ordnance and Tactical Systems awarded a US$ 50.8 million contract for 120mm. The new Production multi-purpose tank training rounds and 120mm new production kinetic energy rounds.

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