Ammunition Market Research Report Information by Application Outlook (Defense, Civil & Commercial), Based on Caliber (Small, Medium, Large, Other), Product Outlook (Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars), Component Outlook (Fuse & Pri

Ammunition Market Research Report Information by Application Outlook (Defense, Civil & Commercial), Based on Caliber (Small, Medium, Large, Other), Product Outlook (Bullets, Aerial Bombs, Grenades, Artillery Shells, Mortars), Component Outlook (Fuse & Primer, Propellants, Base, Projectile & Warhead, Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World) – Global Forecast till 2030

The ammunition market was estimated at USD 25,126.4 million in 2022. The Ammunition market industry is expected to develop at a compound annual growth rate (CAGR) of 4.3% over the forecast period. The ammunition market is steadily expanding because of the increasing number of armed conflicts and border disputes around the world. Furthermore, the modernization of military and law enforcement organizations is expected to fuel the region's market during the forecast year.

The prevalence of political upheaval, geopolitical tensions, and internal and external conflicts is expected to fuel Ammunition Market revenue growth. South Korea, Russia, Japan, and other countries are seeing an increase in demand for large-caliber ammunition as their armed forces expand, personnel are reinforced, and tensions in the Middle East and Asia escalate. The ammunition market's revenue growth is being accelerated by technological improvements and increased R&D expenditure. Local conflicts and political tensions in several countries are driving up demand for small and medium-caliber guns in the business. For example, on June 1, 2022, during the Russia-Ukraine conflict, Ukraine declared that it would increase its military expenditures by around USD 8.3 million, a nearly 20% increase over prior years' spending on defensive weapon replacement. National regulations require the defense sector and militaries to regularly use guns and weaponry. Others demand a license to use a firearm for commercial purposes, causing ordinary people to obtain firearms through illegal means and driving manufacturers to make more complex ammunition for the market. Procuring these items on the dark web poses a challenge for national governments and law enforcement agencies tasked with combating the illegal arms trade. Increasing geopolitical tensions, political unrest, and cross-border conflicts, particularly in the Middle East and Asia, will result in military fortification.

Market Segment insights

The Ammunition Market has been classified according to application, caliber, product, component, and geography.

The Market has been divided into two segments based on application: defense and civil/commercial.

The Ammunition Market is divided into four segments based on caliber: small, medium, large, and others.

The market is divided into five product categories: bullets, aerial bombs, grenades, artillery rounds, and mortars.

The market is divided into five components: fuse and primer, propellants, base, projectile and warhead, and others.

Regional insights

The market is divided into four regions: North America, Europe, Asia-Pacific, and the rest of the world. The ammunition market is expected to increase at a CAGR of 4.3% from 2023 to 2032. North America dominated the Ammunition Market in 2022, with a 37.2% share, followed by Asia-Pacific and Europe with shares of 30.2% and 18.0%, respectively, while developing countries such as India and China are expected to rise significantly throughout the forecast period.

North America's ammunition market has the largest market share. Military spending is rapidly increasing, with a rise in the procurement of modern sea, land, and air vehicles, as well as the development of technical innovation systems, propelling the market.

The ammunition market in Europe is expanding significantly due to a variety of factors. The recent increase in the European Defence Agency's (EDA) budget for 2023, authorized by EU defense ministers, demonstrates the region's commitment to enhancing national military operations. This budget boost, combined with an emphasis on modernization, has resulted in expenditures in munitions manufacturing and the development of domain expertise in air, ground, cyber, and maritime operations.

Major Players

The major companies in the market are Olin Corporation (United States), GENERAL DYNAMICS CORPORATION (United States), BAE SYSTEMS (United Kingdom), NORTHROP GRUMMAN (United States), Visa Outdoor Operations LLC (United States), Rheinmetall AG (Germany), Nammo AS (Norway), Nexter group KNDS (France), CBC Global Ammunition (Brazil), and Poongsan Corporation (Republic of Korea).