Ammunition Market Size, Share & Growth Report 2032

Ammunition Market: Industry Perspective

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.

Ammunition is a material that is fired, dropped, dispersed, or detonated from any weapon. It represents both expendable weapons (for example, missiles, bombs, land mines and grenades) and parts of other weapons such as warheads and bullets that create the effect on a target. Almost all mechanical weapons require certain forms of ammunition to operate.

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Ammunition Market: Growth Factors

Rising demand for ammunition owing to rising incidences of asymmetrical warfare and increasing instances of cross-border conflicts worldwide are expected to drive the growth of the ammunition market over the forecast period. However, the rapid increase of illicit or disapproved manufacturing of ammunition and the initiation of international measures such as the Arms Trade Treaty (ATT) to control and monitor the cross-border trade in ammunition is anticipated to hamper the growth of the ammunition market in the coming years.

Ammunition Market: Segment Analysis

Based on application, the ammunition market is categorized into civil & commercial and defense. The defense application is projected to lead the market from 2024 to 2032. The civil & commercial sector is anticipated to grow at the fastest rate due to rising demand for ammunition in hunting and sports activities in North America and European countries.

In terms of caliber, the ammunition market is fragmented into small, medium, and large. The small segment is predicted to grow at the highest CAGR over the coming years. Rising demand for small arms from law enforcement and armed forces of various countries is likely to drive the demand for a small segment of the ammunition market.

Ammunition Market: Report Scope

Ammunition Market: Regional Analysis

The global ammunition market covers five major geographic regions, namely, Asia Pacific, North America, Middle East & Africa, Europe, and Latin America. The Asia Pacific ammunition market is expected to grow faster shortly. The growth is attributed to the increasing expenditure of developing economies of the region on defense operations and a growing number of terrorist activities in the region. China and India have raised their defense budgets for gaining advanced ammunition for armed forces, thereby fueling the growth of the Asia Pacific ammunition market.

According to a study, Saudi Arabia was the largest importer of arms, accounting for a share of nearly 17% of the total global arms imports in the same year. India was the second largest importer holding almost 12% of the total arms import. The imports of ammunition in India are likely to increase at a large scale to deal with rising territorial disputes with countries such as China and Pakistan.

Ammunition Market: Competitive Analysis

The global ammunition market is dominated by players like:

• 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) among others.

The report segments the ammunition market as follows:

By Product Segment Analysis

• Aerial Bombs
• Artillery Shells
• Bullets
• Grenades
• Mortars
• Others

By Component Segment Analysis

• Base
• Fuze & Primer
• Propellant
• Projectile and Warhead
• Others

By Caliber Segment Analysis

• Small
• Medium
• Large

By Application Segment Analysis

• Defense
  • Military
  • Homeland Security
• Civil & Commercial
  • Sporting
  • Self-defense
  • Hunting
  • Others

By Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa