NEW YORK – The global ammunition market was valued at $10.4 million in 2021 and is expected to exhibit a compound annual growth rate of 1.31% over the forecast period (2021-2028).
Ammunition is gunpowder used to project force against a specific target. It is used in a variety of applications, including firearms, propellants and explosives.
Large-, medium-, and small- caliber ammunition, as well as aircraft and artillery ammunition are some of the types that can be classed in the market. Missiles, small guns ammunition, torpedoes, warheads, and grenades are all examples of ammunition goods.
Key players include Poongsan Corp., Alliant Techsystems Inc., MaxamCorp Holding S.L., BAE Systems plc, and Nexter Group.
Market opportunity. Ammunition used to be incredibly heavy to carry for long periods of time, which limited soldiers’ fighting skills. It was necessary to reduce caliber size so more ammo could be carried. As a result, lighter and smaller rounds were developed, resulting in lower bullet performance. To address these shortcomings, new cartridges such as the 6.5-mm Grendel were designed.