The ammunition market in Asia Pacific is expected to grow from US$ 11,459.82 million in 2022 to US$ 21,807.50 million by 2028. It is estimated to grow at a CAGR of 11.3% from 2022 to 2028.

Rising Demand for Guided Ammunitions from Emerging Countries

The introduction of guided munitions has been boosting the adoption of guided ammunitions worldwide. As several countries have been pushing their capabilities to increase their firepower and strengthen their armed forces, the demand for advanced weaponry systems has been on the rise, which is likely to generate huge opportunities for the ammunition market. For instance, in 2019, a country in Asia Pacific awarded a US$ 30 million contract to Elbit Systems for the procurement of STYLET-guided mortar ammunitions. Similarly, in 2022, Bharat Dynamics Limited (BDL) announced that it had won a contract worth US$ 394 million to supply Konkurs-M anti-tank guided missiles to the Indian Army. Moreover, in 2022, the US Navy awarded a US$ 217 million contract to Raytheon Technologies for the procurement of Tomahawk guided cruise missiles. This is likely to generate new market opportunities for market vendors during the forecast period.

Market Overview

Based on country, the Asia Pacific ammunition market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is anticipated to be the second largest market for military ammunition and possesses the highest number of arms-producing nations. The region has witnessed considerable growth in arms manufacturing regarding the value of price, types of weapon systems, and particularly national ambitions for such ammo manufacturing. As a result, there has been a substantial investment in national defense technological and industrial bases. Military spending in the Asia Pacific is driven by major procurement programs for ammo formulated by governments of various countries such as India, China, Australia, and South Korea. These countries are focusing on the indigenous development of firearms, which is further expected to increase of more expenditure on military ammunition over the forecast period.

The military and other law enforcement organizations in APAC have been encouraged to acquire weapons to maintain public safety due to increased civilian unrest in the region. An increase in terrorist attacks in the region has surged the procurement of weapons by the regional law enforcement agencies to prevent such security lapses and the resultant loss of both lives and property. The demand for new weapons is driving the need for ammunition as weapons are configured to work with specifically sized calibers. Additionally, the ongoing modernization of the armed forces in the region is anticipated to boost the demand for ammunition.

Asia Pacific Ammunition Market Revenue and Forecast to 2028 (US$ Million)

Asia Pacific Ammunition Market Segmentation

The Asia Pacific ammunition market is segmented into product, application, guidance, lethality, caliber, and country.

The Asia Pacific ammunition market, by product type, is segmented into bullets, aerial bombs, grenades, artillery shells, mortars, and others. In 2021, the aerial bombs segment dominated market.

The ammunition market by application is segmented into defense and commercial. In 2021, the defense segment dominated the Asia Pacific ammunition market.

The Asia Pacific ammunition market, by guidance, is segmented into guided and non-guided. In 2021, the guided segment held a larger market share in 2021.

The Asia Pacific ammunition market by lethality is segmented into non-lethal and lethal. In 2021, the lethal segment held a larger market share in 2021.

The Asia Pacific ammunition market, by caliber, is segmented into small caliber ammunitions, medium caliber ammunitions, and large caliber ammunitions. In 2021, the large caliber ammunitions segment held the largest market share in 2021.

Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the market in 2021.

BAE Systems, Elbit Systems Ltd, NAMMO AS, Northrop Grumman Corporation, Raytheon Technologies Corporation, Rheinmetall AG, RUAG Group, Thales Group, and Vista Outdoor Operations LLC are the leading companies operating in the ammunition market in the region.

TABLE OF CONTENTS

1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC Ammunition Market Landscape
4.1 Market Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat to New Entrants
4.2.4 Threat to Substitutes
4.2.5 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. APAC Ammunition Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Rise in Military Spending Promotes Procurement of Ammunitions
5.1.2 Introduction of Lightweight Ammunitions
5.2 Key Market Restraints
5.2.1 Shortage of Ammunition After FY 2020
5.3 Key Market Opportunities
5.3.1 Rising Demand for Guided Ammunitions from Emerging Countries
5.4 Future Trends
5.4.1 Technological Advancements Across Firearms Industry
5.5 Impact Analysis of Drivers and Restraints
6. Ammunition Market – APAC Analysis
6.1 APAC Ammunition Market APAC Overview
6.2 APAC Ammunition Market Forecast and Analysis
7. APAC Ammunition Market Analysis – by Product
7.1 Overview
7.2 APAC Ammunition Market Breakdown, by Product, 2021 and 2028
7.3 Bullets
7.3.1 Overview
7.3.2 Bullets: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
7.4 Aerial Bomb
7.4.1 Overview
7.4.2 Aerial Bomb: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
7.5 Grenades
7.5.1 Overview
7.5.2 Grenades: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
7.6 Artillery Shells
7.6.1 Overview
7.6.2 Artillery Shells: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
7.7 Mortars
7.7.1 Overview
7.7.2 Mortars: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
7.8 Others
7.8.1 Overview
7.8.2 Others: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
8. APAC Ammunition Market Analysis – by Application
8.1 Overview
8.2 APAC Ammunition Market Breakdown, by Application, 2021 and 2028
8.3 Defense
8.3.1 Overview
8.3.2 Defense: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Commercial
8.4.1 Overview
8.4.2 Commercial: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
9. APAC Ammunition Market Analysis – by Guidance
9.1 Overview
9.2 APAC Ammunition Market Breakdown, by Guidance, 2021 and 2028
9.3 Guided
9.3.1 Overview
9.3.2 Guided: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
9.4 Non-Guided
9.4.1 Overview
9.4.2 Non-Guided: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
10. APAC Ammunition Market Analysis – by Lethality
10.1 Overview
10.2 APAC Ammunition Market Breakdown, by Lethality, 2021 and 2028
10.3 Non-Lethal
10.3.1 Overview
10.3.2 Non-Lethal: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
10.4 Lethal
10.4.1 Overview
10.4.2 Lethal: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
11. APAC Ammunition Market Analysis – by Caliber
11.1 Overview
11.2 APAC Ammunition Market Breakdown, by Caliber, 2021 and 2028
11.3 Small Caliber Ammunition
11.3.1 Overview
11.3.2 Small Caliber Ammunition: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
11.4 Medium Caliber Ammunition
11.4.1 Overview
11.4.2 Medium Caliber Ammunition: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
11.5 Large Caliber Ammunition
11.5.1 Overview
11.5.2 Large Caliber Ammunition: Ammunition Market– Revenue and Forecast to 2028 (US$ Million)
12. APAC Ammunition Market – Country Analysis
12.1 Overview
12.1.1 APAC: Ammunition Market, by Key Country
12.1.1.1 Australia: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
12.1.1.1.1 Australia: Ammunition Market, by Product
12.1.1.1.2 Australia: Ammunition Market, by Application
12.1.1.1.3 Australia: Ammunition Market, by Guidance
12.1.1.1.4 Australia: Ammunition Market, by Lethality
12.1.1.1.5 Australia: Ammunition Market, by Caliber
12.1.1.1.5.1 Australia: Ammunition Market, by Small Caliber Ammunition
12.1.1.1.5.2 Australia: Ammunition Market, by Medium Caliber Ammunition
12.1.1.1.5.3 Australia: Ammunition Market, by Large Caliber Ammunition
12.1.1.2 China: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
12.1.1.2.1 China: Ammunition Market, by Product
12.1.1.2.2 China: Ammunition Market, by Application
12.1.1.2.3 China: Ammunition Market, by Guidance
12.1.1.2.4 China: Ammunition Market, by Lethality
12.1.1.2.5 China: Ammunition Market, by Caliber
12.1.1.2.5.1 China: Ammunition Market, by Small Caliber Ammunition
12.1.1.2.5.2 China: Ammunition Market, by Medium Caliber Ammunition
12.1.1.2.5.3 China: Ammunition Market, by Large Caliber Ammunition
12.1.1.3 India: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
12.1.1.3.1 India: Ammunition Market, by Product
12.1.1.3.2 India: Ammunition Market, by Application
12.1.1.3.3 India: Ammunition Market, by Guidance
12.1.1.3.4 India: Ammunition Market, by Lethality
12.1.1.3.5 India: Ammunition Market, by Caliber
12.1.1.3.5.1 India: Ammunition Market, by Small Caliber Ammunition
12.1.1.3.5.2 India: Ammunition Market, by Medium Caliber Ammunition
12.1.1.3.5.3 India: Ammunition Market, by Large Caliber Ammunition
12.1.1.4 Japan: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
12.1.1.4.1 Japan: Ammunition Market, by Product
12.1.1.4.2 Japan: Ammunition Market, by Application
12.1.1.4.3 Japan: Ammunition Market, by Guidance
12.1.1.4.4 Japan: Ammunition Market, by Lethality
12.1.1.4.5 Japan: Ammunition Market, by Caliber
12.1.1.4.5.1 Japan: Ammunition Market, by Small Caliber Ammunition
12.1.1.4.5.2 Japan: Ammunition Market, by Medium Caliber Ammunition
12.1.1.4.5.3 Japan: Ammunition Market, by Large Caliber Ammunition
12.1.1.5 South Korea: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
12.1.1.5.1 South Korea: Ammunition Market, by Product
12.1.1.5.2 South Korea: Ammunition Market, by Application
12.1.1.5.3 South Korea: Ammunition Market, by Guidance
12.1.1.5.4 South Korea: Ammunition Market, by Lethality
12.1.1.5.5 South Korea: Ammunition Market, by Caliber
12.1.1.5.5.1 South Korea: Ammunition Market, by Small Caliber Ammunition
12.1.1.5.5.2 South Korea: Ammunition Market, by Medium Caliber Ammunition
12.1.1.5.5.3 South Korea: Ammunition Market, by Large Caliber Ammunition
12.1.1.6 Rest of APAC: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
12.1.1.6.1 Rest of APAC: Ammunition Market, by Product
12.1.1.6.2 Rest of APAC: Ammunition Market, by Application
12.1.1.6.3 Rest of APAC: Ammunition Market, by Guidance
12.1.1.6.4 Rest of APAC: Ammunition Market, by Lethality
12.1.1.6.5 Rest of APAC: Ammunition Market, by Caliber
12.1.1.6.5.1 Rest of APAC: Ammunition Market, by Small Caliber Ammunition
12.1.1.6.5.2 Rest of APAC: Ammunition Market, by Medium Caliber Ammunition
12.1.1.6.5.3 Rest of APAC: Ammunition Market, by Large Caliber Ammunition
13. Industry Landscape
13.1 Overview
13.2 Market Initiative
13.3 New Product Development
14. Company Profiles
14.1 Northrop Grumman Corporation
14.1.1 Key Facts
14.1.2 Business Description
14.1.3 Products and Services
14.1.4 Financial Overview
14.1.5 SWOT Analysis
14.1.6 Key Developments
14.2 BAE Systems
14.2.1 Key Facts
14.2.2 Business Description
14.2.3 Products and Services
14.2.4 Financial Overview
14.2.5 SWOT Analysis
14.2.6 Key Developments
14.3 Elbit Systems Ltd.
14.3.1 Key Facts
14.3.2 Business Description
14.3.3 Products and Services
14.3.4 Financial Overview
14.3.5 SWOT Analysis
14.3.6 Key Developments
14.4 Raytheon Technologies Corporation
14.4.1 Key Facts
14.4.2 Business Description
14.4.3 Products and Services
14.4.4 Financial Overview
14.4.5 SWOT Analysis
14.4.6 Key Developments
14.5 Vista Outdoor Operations LLC
14.5.1 Key Facts
14.5.2 Business Description
14.5.3 Products and Services
14.5.4 Financial Overview
14.5.5 SWOT Analysis
14.5.6 Key Developments
14.6 NAMMO AS
14.6.1 Key Facts
14.6.2 Business Description
14.6.3 Products and Services
14.6.4 Financial Overview
14.6.5 SWOT Analysis
14.6.6 Key Developments
14.7 Rheinmetall AG
14.7.1 Key Facts
14.7.2 Business Description
14.7.3 Products and Services
14.7.4 Financial Overview
14.7.5 SWOT Analysis
14.7.6 Key Developments
14.8 RUAG Group
14.8.1 Key Facts
14.8.2 Business Description
14.8.3 Products and Services
14.8.4 Financial Overview
14.8.5 SWOT Analysis
14.8.6 Key Developments
14.9 Thales Group
14.9.1 Key Facts
14.9.2 Business Description
14.9.3 Products and Services
14.9.4 Financial Overview
14.9.5 SWOT Analysis
14.9.6 Key Developments
15. Appendix
15.1 About The Insight Partners
15.2 Word Index

LIST OF TABLES

Table 1. APAC Ammunition Market, Revenue and Forecast, 2020–2028 (US$ Million)
Table 2. Australia: Ammunition Market, by Product– Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: Ammunition Market, by Application – Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: Ammunition Market, by Guidance–Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: Ammunition Market, by Lethality–Revenue and Forecast to 2028 (US$ Million)
Table 6. Australia: Ammunition Market, by Caliber–Revenue and Forecast to 2028 (US$ Million)
Table 7. Australia: Ammunition Market, by Small Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 8. Australia: Ammunition Market, by Medium Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 9. Australia: Ammunition Market, by Large Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 10. China: Ammunition Market, by Product– Revenue and Forecast to 2028 (US$ Million)
Table 11. China: Ammunition Market, by Application– Revenue and Forecast to 2028 (US$ Million)
Table 12. China: Ammunition Market, by Guidance–Revenue and Forecast to 2028 (US$ Million)
Table 13. China: Ammunition Market, by Lethality–Revenue and Forecast to 2028 (US$ Million)
Table 14. China: Ammunition Market, by Caliber–Revenue and Forecast to 2028 (US$ Million)
Table 15. China: Ammunition Market, by Small Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 16. China: Ammunition Market, by Medium Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 17. China: Ammunition Market, by Large Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 18. India: Ammunition Market, by Product– Revenue and Forecast to 2028 (US$ Million)
Table 19. India: Ammunition Market, by Application– Revenue and Forecast to 2028 (US$ Million)
Table 20. India: Ammunition Market, by Guidance–Revenue and Forecast to 2028 (US$ Million)
Table 21. India: Ammunition Market, by Lethality–Revenue and Forecast to 2028 (US$ Million)
Table 22. India: Ammunition Market, by Caliber–Revenue and Forecast to 2028 (US$ Million)
Table 23. India: Ammunition Market, by Small Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 24. India: Ammunition Market, by Medium Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 25. India: Ammunition Market, by Large Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 26. Japan: Ammunition Market, by Product– Revenue and Forecast to 2028 (US$ Million)
Table 27. Japan: Ammunition Market, by Application– Revenue and Forecast to 2028 (US$ Million)
Table 28. Japan: Ammunition Market, by Guidance–Revenue and Forecast to 2028 (US$ Million)
Table 29. Japan: Ammunition Market, by Lethality–Revenue and Forecast to 2028 (US$ Million)
Table 30. Japan: Ammunition Market, by Caliber–Revenue and Forecast to 2028 (US$ Million)
Table 31. Japan: Ammunition Market, by Small Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 32. Japan: Ammunition Market, by Medium Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 33. Japan: Ammunition Market, by Large Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 34. South Korea: Ammunition Market, by Product– Revenue and Forecast to 2028 (US$ Million)
Table 35. South Korea: Ammunition Market, by Application– Revenue and Forecast to 2028 (US$ Million)
Table 36. South Korea: Ammunition Market, by Guidance–Revenue and Forecast to 2028 (US$ Million)
Table 37. South Korea: Ammunition Market, by Lethality–Revenue and Forecast to 2028 (US$ Million)
Table 38. South Korea: Ammunition Market, by Caliber–Revenue and Forecast to 2028 (US$ Million)
Table 39. South Korea: Ammunition Market, by Small Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 40. South Korea: Ammunition Market, by Medium Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 41. South Korea: Ammunition Market, by Large Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 42. Rest of APAC: Ammunition Market, by Product – Revenue and Forecast to 2028 (US$ Million)
Table 43. Rest of APAC: Ammunition Market, by Application– Revenue and Forecast to 2028 (US$ Million)
Table 44. Rest of APAC: Ammunition Market, by Guidance–Revenue and Forecast to 2028 (US$ Million)
Table 45. Rest of APAC: Ammunition Market, by Lethality–Revenue and Forecast to 2028 (US$ Million)
Table 46. Rest of APAC: Ammunition Market, by Caliber–Revenue and Forecast to 2028 (US$ Million)
Table 47. Rest of APAC: Ammunition Market, by Small Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 48. Rest of APAC: Ammunition Market, by Medium Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 49. Rest of APAC: Ammunition Market, by Large Caliber Ammunition–Revenue and Forecast to 2028 (US$ Million)
Table 50. List of Abbreviation

LIST OF FIGURES

Figure 1. APAC Ammunition Market Segmentation
Figure 2. APAC Ammunition Market Segmentation – By Country
Figure 3. APAC Ammunition Market Overview
Figure 4. APAC Ammunition Market, By Product
Figure 5. APAC Ammunition Market, By Application
Figure 6. APAC Ammunition Market, By Country
Figure 7. Porter’s Five Forces Analysis
Figure 8. APAC Ammunition Market- Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. APAC Ammunition Market: Impact Analysis of Drivers and Restraints
Figure 11. APAC Ammunition Market, Forecast and Analysis (US$ Million)
Figure 12. APAC Ammunition Market Revenue Share, by Product (2021 and 2028)
Figure 13. APAC Bullets: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Aerial Bomb: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Grenades: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Artillery Shells: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Mortars: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Others: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC Ammunition Market Revenue Share, by Application (2021 and 2028)
Figure 20. APAC Defense: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. APAC Commercial: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. APAC Ammunition Market Revenue Share, by Guidance (2021 and 2028)
Figure 23. APAC Guided: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. APAC Non-Guided: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. APAC Ammunition Market Revenue Share, by Lethality (2021 and 2028)
Figure 26. APAC Non-Lethal: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. APAC Lethal: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. APAC Ammunition Market Revenue Share, by Caliber (2021 and 2028)
Figure 29. APAC Small Caliber Ammunition: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. APAC Medium Caliber Ammunition: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. APAC Large Caliber Ammunition: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. APAC: Ammunition market, by Key Country – Revenue (2021) (US$ Million)
Figure 33. APAC: Ammunition Market Revenue Share, by Key Country (2021 and 2028)
Figure 34. Australia: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. China: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. India: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Japan: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. South Korea: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)
Figure 39. Rest of APAC: Ammunition Market – Revenue and Forecast to 2028 (US$ Million)

● Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Asia Pacific ammunition market
● Highlights key business priorities in order to assist companies to realign their business strategies
● The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific ammunition market, thereby allowing players across the value chain to develop effective long-term strategies
● Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
● Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the ammunition market, as well as those hindering it
● Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

The List of Companies – Asia Pacific Ammunition Market

● BAE Systems
● Elbit Systems Ltd
● NAMMO AS
● Northrop Grumman Corporation
● Raytheon Technologies Corporation
● Rheinmetall AG
● RUAG Group
● Thales Group
● Vista Outdoor Operations LLC

At 11.3% CAGR, the Asia Pacific Ammunition Market is speculated to be worth US$ 21,807.50 Million by 2028, says The Insight Partners

According to The Insight Partners’ 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.