Ammunition Market Synopsis

Ammunition Market Size Was Valued at USD 58.25 Billion in 2023 and is Projected to Reach USD 95.12 Billion by 2032, Growing at a CAGR of 5.60% From 2024-2032.

The ammunition market refers to the sector involved in the manufacturing, distribution, and sale of various types of ammunition, including bullets, cartridges, shells, and other projectile devices used in firearms and military equipment. This market encompasses a range of players, from large-scale manufacturers serving military and law enforcement agencies to smaller businesses catering to civilian firearm enthusiasts and hunters. Factors driving the ammunition market include military spending, geopolitical tensions, law enforcement requirements, and civilian demand for self-defense and sporting purposes. Additionally, technological advancements, regulatory frameworks, and environmental considerations play significant roles in shaping this dynamic industry.

• A wide range of factors affecting the industry's supply and demand are driving the ammunition market's present period of strong expansion and evolution. Leading the way in this increase is the global increase in defense spending by countries. As geopolitical tensions rise in different parts of the world, governments are placing more emphasis on bolstering their military capabilities, which includes acquiring and storing munitions. This has led to significant contracts and expenditures in the defense industry, especially in the acquisition and manufacturing of ammunition, which has fueled the expansion of the market as a whole.
• In addition, the expansion of security risks and the rise of unconventional difficulties like insurgency and terrorism have made it necessary to strengthen the military and law enforcement. Consequently, there is an increased need for ammunition in order to sufficiently outfit these organizations. Spending on ammunition for use in specialized operations and training exercises has also increased as a result of the growing emphasis on homeland security and counterterrorism measures.
• In addition to the governmental sector, there has been significant growth in the ammunition market for civilian use. Numerous variables, including as the growing appeal of recreational and sports shooting, are responsible for this growth. The demand for ammunition to fuel these leisure activities rises in tandem with the number of people participating in them. Furthermore, the widespread possession of firearms, especially in areas with lax gun laws, supports ongoing demand in the civilian market.In the middle of this upward trajectory, technological innovation is significantly influencing how the ammunition industry will develop in the future. The efficiency and accuracy of bullets are being improved by developments like the creation of smart ammunition, which combines guidance and tracking devices, especially for military use.
• In addition, worries about environmental sustainability and regulatory compliance are putting more and more pressure on the development of environmentally suitable substitutes for conventional ammunition.But there are difficulties in the ammunition business. Tight restrictions on the purchase, transfer, and ownership of ammunition present major challenges for industry participants, especially in areas where weapons laws are strictly enforced. Operational landscape complexity is increased by the need for careful navigation and investment in strong compliance processes to comply with these requirements. Furthermore, manufacturers' profit margins and operating expenses may be impacted by the price volatility of raw materials, particularly those metals like copper and lead that are utilized in the making of ammunition.
• In summary, the market for ammunition is expected to increase steadily due to a mix of military and civilian demand, which is supported by shifting security threats, geopolitical dynamics, and socioeconomic factors. To stay competitive in the face of changing market dynamics and regulatory environments, market actors will need to innovate, especially in the fields of technology and sustainability. Notwithstanding obstacles, the munitions industry offers chances for expansion and creativity; the secret to success is to adopt a strategic stance and adjust as the market demands.

Ammunition Market Trend Analysis

Advancements in Specialized Ammunition

• Increased awareness of the value of maximizing performance for particular activities among shooters and law enforcement is reflected in the increased demand for specialty ammunition. For long-range precision shooting, for example, ammunition with better ballistic qualities is needed to keep accuracy across long ranges. Because of this, producers are spending a lot of money on R&D to create projectiles with exact manufacturing tolerances, uniform ballistic coefficients, and aerodynamic designs. Thanks to these developments, shooters may now hit targets with more accuracy and dependability—even in harsh environmental circumstances.
• When it comes to self-defense, ammunition that increases stopping force while reducing collateral damage is of particular importance. As a result, terminal ballistics have advanced, and ammunition is now designed to expand dependably on contact, delivering precise penetration and energy transfer to neutralize threats. Furthermore, developments in materials science have made it possible to create bullets that are both lightweight and durable, improving shooters' mobility and lowering recoil under pressure.
• Law enforcement agencies require specialized ammunition for reasons other than performance measures, like decreased liability and environmental sustainability. In response, producers are reducing the danger of ricochets and environmental contamination during training and operating scenarios by adding frangible designs and lead-free materials into their product lines. Furthermore, improvements in manufacturing techniques are optimizing output and quality assurance, guaranteeing uniformity in performance and dependability among lots of customized ammunition designed to meet the particular requirements of law enforcement personnel.

Shaping the Global Ammunition Market

• The ammunition market is significantly impacted by geopolitical issues, which are also the primary forces behind changes in demand and procurement tactics. Governments are compelled to enhance their defense capabilities in response to heightened security challenges on a regional and global level, frequently by means of massive military modernization initiatives. As a result, the government is buying more ammunition specifically designed for homeland security and defense needs. This tendency is especially noticeable in areas with geopolitical unrest, as countries aim to strengthen their military preparedness and intimidate possible enemies. As a result, there is a noticeable increase in the need for all kinds of ammunition, from light to heavy artillery, as nations work to provide their armed forces with state-of-the-art weapons so they can successfully counter new threats.The changing face of warfare, which is marked by asymmetric tactics and non-state players, also increases the need for small weapons ammunition. Conventional military engagements are gradually being replaced by unconventional warfare tactics used by terrorist groups and insurgent groups in conflict zones and areas impacted by insurgency. These groups frequently use submachine guns, pistols, and rifles to fight asymmetrically against more established armed forces. Small weapons ammunition is therefore in greater demand in order to support counterinsurgency operations and give security forces the firepower they need to successfully oppose irregular threats. This dynamic feeds a never-ending loop of demand for small-arms ammunition in areas of the world plagued by conflict.
• Moreover, the ongoing need for ammunition in a variety of geopolitical contexts is fueled by the spread of armed conflicts and instability around the world. Governments and non-state actors alike try to accumulate ammunition as conflicts intensify or new hotspots appear in order to maintain their military preparedness and operational capabilities. This trend encourages innovation in the manufacturing and supply chain management of resources associated to ammunition, while also increasing demand for traditional ammunition. It also emphasizes the complex relationship that exists between military strategy, geopolitics, and the worldwide arms trade, emphasizing the ammunition market's complexity as a vital aspect of both geopolitics and international security.

Ammunition Market Segment Analysis:

Ammunition Market Segmented based on By Application, By Caliber , By Product, By Component, By Guidance Mechanism and By Lethality.

By Caliber, Small-caliber segment is expected to dominate the market during the forecast period

• In contemporary combat operations, small-caliber ammunition, primarily in the 5.56 MM and 7.62 MM calibers, is of utmost importance. These cartridges give infantry units the main way to engage enemy forces because they provide the firepower and controllability that are necessary for success in combat. The fact that these rounds are used by armed forces all around the world shows how well-liked and useful they are in a variety of operational contexts, from open-country combat to urban warfare. Small-caliber ammunition, whether used in rifles, light machine guns, or specially designed marksman rifles, continues to be the mainstay of infantry weaponry, providing soldiers with the tools they need to engage and eliminate threats.
• Beyond their physical characteristics, 5.56 mm and 7.62 mm ammunition are significant due to a history of technological advancement and doctrinal modification. These cartridges have been refined over decades to match the changing needs of contemporary combat, combining improvements in manufacturing techniques, materials, and ballistics. Continuous innovation guarantees that small-caliber ammunition stays at the forefront of military capabilities, from the use of lightweight materials to boost portability to the development of specialized ammunition variations targeted for certain combat conditions. This unrelenting quest of perfection confirms the calibres' ongoing significance in influencing the results of operations and conflicts worldwide.
• Moreover, the use of small-caliber ammunition extends beyond traditional combat roles and into other areas of military operations. The dependability, adaptability, and efficiency of these cartridges make them invaluable tools for military personnel to accomplish a wide range of mission objectives, from peacekeeping operations to training exercises. Moreover, their extensive accessibility and suitability for an array of weaponry promote interoperability and logistical efficacy, permitting smooth incorporation into diverse operational contexts. Small-caliber ammunition, which embodies the concepts of flexibility, lethality, and readiness in a constantly changing world, continues to be a reliable comrade for military forces as the dynamics of conflict continue to change.

By Product, Bullets segment held the largest share in 2023

• As the primary projectile element of weapons, bullets unquestionably account for the greatest portion of all ammunition market categories. Bullets are the ultimate combination of precision and lethality, and they are the main way that kinetic energy is delivered to a target. Bullets are carefully designed to satisfy strict performance standards in both military and law enforcement applications, guaranteeing dependable terminal ballistics and constant accuracy. The effectiveness of bullets in neutralizing threats, whether on the battlefield or in urban areas, highlights their critical role in upholding security and accomplishing mission objectives.
• Bullets are important because of more than just their physical makeup; they also represent a heritage of technological progress and ballistic expertise. Bullet designs and materials are always being improved by manufacturers to maximize terminal performance and reduce collateral harm. For example, hollow-point bullets are designed to expand upon contact, enhancing stopping power and tissue damage while lowering the possibility of overpenetration, an important factor in both law enforcement and civilian self-defense scenarios. Comparably, armor-piercing bullets give military soldiers a clear advantage in combat by defeating tough targets with specific materials and building techniques.
• Furthermore, the fact that so many civilians own firearms shows how common bullets are and how widely accepted they are as necessary equipment for hunting, sport shooting, and self-defense. Bullets are essential to the ethical harvesting of game animals and to recreational marksmanship; they give enthusiasts the means to responsibly pursue their passions and improve their skills. Moreover, when it comes to self-defense, bullets enable people to protect themselves and their loved ones from harm and act as a final resort during emergencies. Therefore, bullets' ubiquitousness and adaptability in a variety of contexts highlight their position as the primary component of weapon functionality and lethality in the contemporary day.

Ammunition Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia Pacific region is witnessing a significant surge in demand for ammunition, driven by several interconnected factors. One of the primary drivers is the escalating defense budgets of key nations within the region. Countries like China, India, and Japan are allocating substantial resources to bolster their military capabilities in response to perceived security threats and regional power dynamics. This increased defense spending includes investments not only in advanced weaponry but also in the procurement of ammunition to ensure operational readiness and strategic deterrence.
• Territorial disputes in the Asia Pacific region further contribute to the burgeoning ammunition market. Maritime disputes in the South China Sea, for instance, have led to heightened tensions among countries like China, Vietnam, the Philippines, and others. In response, these nations are ramping up their military presence and investing in ammunition to assert their territorial claims and safeguard their maritime interests. Additionally, territorial disputes along land borders, such as those between India and Pakistan or India and China, drive demand for ammunition as both sides seek to maintain military readiness.
• Geopolitical tensions, both within the region and globally, also play a significant role in fueling the demand for ammunition. Rising competition between major powers, such as the United States, China, and Russia, has led to increased arms sales and military aid to countries in the Asia Pacific region. As a result, nations in the region are compelled to enhance their defense capabilities, including the procurement of ammunition, to maintain a balance of power and safeguard their national interests. Furthermore, the proliferation of small arms and light weapons, both legal and illegal, in some parts of the region exacerbates security concerns, driving continuous demand for ammunition among military and law enforcement agencies tasked with combating illicit arms trafficking and insurgency.

Active Key Players in the Ammunition Market

• Northrop Grumman Corporation (US),
• General Dynamics Corporation (US),
• CBC Global Ammunition (Brazil),
• Olin Corporation (US),
• Ruag Ammotec (Switzerland),
• BAE Systems (UK),
• Thales Group (France),
• Rheinmetal AG (Germany),
• Nexter KNDS group (France),
• Elbit Systems (Israel),
• Nammo AS (Norway),
• ST Engineering (Singapore)
• Other Key Players

Key Industry Developments in the Ammunition Market:

• In January 2024, Nammo AS received USD 95 million from the Norwegian government to boost its production. Nammo will use the funding largely on its 155mm artillery ammunition.
• In December 2023, Rheinmetall was commissioned to supply several tens of thousands of shells of various types for the Ukrainian armed forces. Delivery is scheduled for 2025. The contract is valued at USD 1.3 billion.
• In November 2023, the UK Ministry of Defence (MOD) has placed a new USD 21 million order with BAE Systems to supply additional small arms munitions over the next two years.
• In November 2023, Rheinmetall received an order from the German government to supply Ukraine with around 100,000 rounds of 120mm mortar ammunition. The order, worth a figure in the lower-three-digit million-euro range, forms part of a recent USD 433 million military aid package for the Ukrainian armed forces. Delivery is due to begin shortly and extend over the next two years.
• In October 2023, the US Navy awarded Northrop Grumman Corporation a development contract for the company’s newly designed 57mm guided high explosive ammunition. Designated for use with the Mk110 Naval Gun Mount, the company will test and mature the munition for qualification.

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Ammunition Market by Application
 4.1 Ammunition Market Snapshot and Growth Engine
 4.2 Ammunition Market Overview
 4.3 Defense Civil & Commercial
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Defense Civil & Commercial: Geographic Segmentation Analysis

Chapter 5: Ammunition Market by Caliber
 5.1 Ammunition Market Snapshot and Growth Engine
 5.2 Ammunition Market Overview
 5.3 Small-Caliber Ammunition
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Small-Caliber Ammunition: Geographic Segmentation Analysis
 5.4 Medium-Caliber Ammunition
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Medium-Caliber Ammunition: Geographic Segmentation Analysis
 5.5 Large-Caliber Ammunition
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Large-Caliber Ammunition: Geographic Segmentation Analysis

Chapter 6: Ammunition Market by Product
 6.1 Ammunition Market Snapshot and Growth Engine
 6.2 Ammunition Market Overview
 6.3 Bullets
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Bullets: Geographic Segmentation Analysis
 6.4 Aerial Bombs
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Aerial Bombs: Geographic Segmentation Analysis
 6.5 Grenades
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Grenades: Geographic Segmentation Analysis
 6.6 Artillery Shells
  6.6.1 Introduction and Market Overview
  6.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.6.3 Key Market Trends, Growth Factors and Opportunities
  6.6.4 Artillery Shells: Geographic Segmentation Analysis
 6.7 Mortars
  6.7.1 Introduction and Market Overview
  6.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.7.3 Key Market Trends, Growth Factors and Opportunities
  6.7.4 Mortars: Geographic Segmentation Analysis

Chapter 7: Ammunition Market by Component
 7.1 Ammunition Market Snapshot and Growth Engine
 7.2 Ammunition Market Overview
 7.3 Fuzes & Primers
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Fuzes & Primers: Geographic Segmentation Analysis
 7.4 Propellants
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Propellants: Geographic Segmentation Analysis
 7.5 Bases
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Bases: Geographic Segmentation Analysis
 7.6 Projectiles
  7.6.1 Introduction and Market Overview
  7.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.6.3 Key Market Trends, Growth Factors and Opportunities
  7.6.4 Projectiles: Geographic Segmentation Analysis
 7.7 Warheads
  7.7.1 Introduction and Market Overview
  7.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.7.3 Key Market Trends, Growth Factors and Opportunities
  7.7.4 Warheads: Geographic Segmentation Analysis
 7.8 Others
  7.8.1 Introduction and Market Overview
  7.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.8.3 Key Market Trends, Growth Factors and Opportunities
  7.8.4 Others: Geographic Segmentation Analysis

Chapter 8: Ammunition Market by Guidance Mechanism
 8.1 Ammunition Market Snapshot and Growth Engine
 8.2 Ammunition Market Overview
 8.3 Guided&Non-guided
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Guided&Non-guided: Geographic Segmentation Analysis

Chapter 9: Ammunition Market by Lethality
 9.1 Ammunition Market Snapshot and Growth Engine
 9.2 Ammunition Market Overview
 9.3 Lethal&Less-Lethal
  9.3.1 Introduction and Market Overview
  9.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  9.3.3 Key Market Trends, Growth Factors and Opportunities
  9.3.4 Lethal&Less-Lethal: Geographic Segmentation Analysis

Chapter 10: Company Profiles and Competitive Analysis
 10.1 Competitive Landscape
  10.1.1 Competitive Benchmarking
  10.1.2 Ammunition Market Share by Manufacturer (2023)
  10.1.3 Industry BCG Matrix
  10.1.4 Heat Map Analysis
  10.1.5 Mergers and Acquisitions
  
 10.2 NORTHROP GRUMMAN CORPORATION(US)
  10.2.1 Company Overview
  10.2.2 Key Executives
  10.2.3 Company Snapshot
  10.2.4 Role of the Company in the Market
  10.2.5 Sustainability and Social Responsibility
  10.2.6 Operating Business Segments
  10.2.7 Product Portfolio
  10.2.8 Business Performance
  10.2.9 Key Strategic Moves and Recent Developments
  10.2.10 SWOT Analysis
 10.3 GENERAL DYNAMICS CORPORATION(US)
 10.4 CBC GLOBAL AMMUNITION(BRAZIL)
 10.5 OLIN CORPORATION (US)
 10.6 RUAG AMMOTEC (SWITZERLAND)
 10.7 BAE SYSTEMS (UK)
 10.8 THALES GROUP(FRANCE)
 10.9 RHEINMETAL AG(GERMANY)
 10.10 NEXTER KNDS GROUP(FRANCE)
 10.11 ELBIT SYSTEMS(ISRAEL)
 10.12 NAMMO AS(NORWAY)
 10.13 AND ST ENGINEERING(SINGAPORE)
 10.14 OTHER ACTIVE PLAYERS

Chapter 11: Global Ammunition Market By Region
 11.1 Overview
 11.2. North America Ammunition Market
  11.2.1 Key Market Trends, Growth Factors and Opportunities
  11.2.2 Top Key Companies
  11.2.3 Historic and Forecasted Market Size by Segments
  11.2.4 Historic and Forecasted Market Size By Application
   11.2.4.1 Defense Civil & Commercial
  11.2.5 Historic and Forecasted Market Size By Caliber
   11.2.5.1 Small-Caliber Ammunition
   11.2.5.2 Medium-Caliber Ammunition
   11.2.5.3 Large-Caliber Ammunition
  11.2.6 Historic and Forecasted Market Size By Product
   11.2.6.1 Bullets
   11.2.6.2 Aerial Bombs
   11.2.6.3 Grenades
   11.2.6.4 Artillery Shells
   11.2.6.5 Mortars
  11.2.7 Historic and Forecasted Market Size By Component
   11.2.7.1 Fuzes & Primers
   11.2.7.2 Propellants
   11.2.7.3 Bases
   11.2.7.4 Projectiles
   11.2.7.5 Warheads
   11.2.7.6 Others
  11.2.8 Historic and Forecasted Market Size By Guidance Mechanism
   11.2.8.1 Guided&Non-guided
  11.2.9 Historic and Forecasted Market Size By Lethality
   11.2.9.1 Lethal&Less-Lethal
  11.2.10 Historic and Forecast Market Size by Country
   11.2.10.1 US
   11.2.10.2 Canada
   11.2.10.3 Mexico
 11.3. Eastern Europe Ammunition Market
  11.3.1 Key Market Trends, Growth Factors and Opportunities
  11.3.2 Top Key Companies
  11.3.3 Historic and Forecasted Market Size by Segments
  11.3.4 Historic and Forecasted Market Size By Application
   11.3.4.1 Defense Civil & Commercial
  11.3.5 Historic and Forecasted Market Size By Caliber
   11.3.5.1 Small-Caliber Ammunition
   11.3.5.2 Medium-Caliber Ammunition
   11.3.5.3 Large-Caliber Ammunition
  11.3.6 Historic and Forecasted Market Size By Product
   11.3.6.1 Bullets
   11.3.6.2 Aerial Bombs
   11.3.6.3 Grenades
   11.3.6.4 Artillery Shells
   11.3.6.5 Mortars
  11.3.7 Historic and Forecasted Market Size By Component
   11.3.7.1 Fuzes & Primers
   11.3.7.2 Propellants
   11.3.7.3 Bases
   11.3.7.4 Projectiles
   11.3.7.5 Warheads
   11.3.7.6 Others
  11.3.8 Historic and Forecasted Market Size By Guidance Mechanism
   11.3.8.1 Guided&Non-guided
  11.3.9 Historic and Forecasted Market Size By Lethality
   11.3.9.1 Lethal&Less-Lethal
  11.3.10 Historic and Forecast Market Size by Country
   11.3.10.1 Bulgaria
   11.3.10.2 The Czech Republic
   11.3.10.3 Hungary
   11.3.10.4 Poland
   11.3.10.5 Romania
   11.3.10.6 Rest of Eastern Europe
 11.4. Western Europe Ammunition Market
  11.4.1 Key Market Trends, Growth Factors and Opportunities
  11.4.2 Top Key Companies
  11.4.3 Historic and Forecasted Market Size by Segments
  11.4.4 Historic and Forecasted Market Size By Application
   11.4.4.1 Defense Civil & Commercial
  11.4.5 Historic and Forecasted Market Size By Caliber
   11.4.5.1 Small-Caliber Ammunition
   11.4.5.2 Medium-Caliber Ammunition
   11.4.5.3 Large-Caliber Ammunition
  11.4.6 Historic and Forecasted Market Size By Product
   11.4.6.1 Bullets
   11.4.6.2 Aerial Bombs
   11.4.6.3 Grenades
   11.4.6.4 Artillery Shells
   11.4.6.5 Mortars
  11.4.7 Historic and Forecasted Market Size By Component
   11.4.7.1 Fuzes & Primers
   11.4.7.2 Propellants
   11.4.7.3 Bases
   11.4.7.4 Projectiles
   11.4.7.5 Warheads
   11.4.7.6 Others
  11.4.8 Historic and Forecasted Market Size By Guidance Mechanism
   11.4.8.1 Guided&Non-guided
  11.4.9 Historic and Forecasted Market Size By Lethality
   11.4.9.1 Lethal&Less-Lethal
  11.4.10 Historic and Forecast Market Size by Country
   11.4.10.1 Germany
   11.4.10.2 UK
   11.4.10.3 France
   11.4.10.4 Netherlands
   11.4.10.5 Italy
   11.4.10.6 Russia
   11.4.10.7 Spain
   11.4.10.8 Rest of Western Europe
 11.5. Asia Pacific Ammunition Market
  11.5.1 Key Market Trends, Growth Factors and Opportunities
  11.5.2 Top Key Companies
  11.5.3 Historic and Forecasted Market Size by Segments
  11.5.4 Historic and Forecasted Market Size By Application
   11.5.4.1 Defense Civil & Commercial
  11.5.5 Historic and Forecasted Market Size By Caliber
   11.5.5.1 Small-Caliber Ammunition
   11.5.5.2 Medium-Caliber Ammunition
   11.5.5.3 Large-Caliber Ammunition
  11.5.6 Historic and Forecasted Market Size By Product
   11.5.6.1 Bullets
   11.5.6.2 Aerial Bombs
   11.5.6.3 Grenades
   11.5.6.4 Artillery Shells
   11.5.6.5 Mortars
  11.5.7 Historic and Forecasted Market Size By Component
   11.5.7.1 Fuzes & Primers
   11.5.7.2 Propellants
   11.5.7.3 Bases
   11.5.7.4 Projectiles
   11.5.7.5 Warheads
   11.5.7.6 Others
  11.5.8 Historic and Forecasted Market Size By Guidance Mechanism
   11.5.8.1 Guided&Non-guided
  11.5.9 Historic and Forecasted Market Size By Lethality
   11.5.9.1 Lethal&Less-Lethal
  11.5.10 Historic and Forecast Market Size by Country
   11.5.10.1 China
   11.5.10.2 India
   11.5.10.3 Japan
   11.5.10.4 South Korea
   11.5.10.5 Malaysia
   11.5.10.6 Thailand
   11.5.10.7 Vietnam
   11.5.10.8 The Philippines
   11.5.10.9 Australia
   11.5.10.10 New Zealand
   11.5.10.11 Rest of APAC
 11.6. Middle East & Africa Ammunition Market
  11.6.1 Key Market Trends, Growth Factors and Opportunities
  11.6.2 Top Key Companies
  11.6.3 Historic and Forecasted Market Size by Segments
  11.6.4 Historic and Forecasted Market Size By Application
   11.6.4.1 Defense Civil & Commercial
  11.6.5 Historic and Forecasted Market Size By Caliber
   11.6.5.1 Small-Caliber Ammunition
   11.6.5.2 Medium-Caliber Ammunition
   11.6.5.3 Large-Caliber Ammunition
  11.6.6 Historic and Forecasted Market Size By Product
   11.6.6.1 Bullets
   11.6.6.2 Aerial Bombs
   11.6.6.3 Grenades
   11.6.6.4 Artillery Shells
   11.6.6.5 Mortars
  11.6.7 Historic and Forecasted Market Size By Component
   11.6.7.1 Fuzes & Primers
   11.6.7.2 Propellants
   11.6.7.3 Bases
   11.6.7.4 Projectiles
   11.6.7.5 Warheads
   11.6.7.6 Others
  11.6.8 Historic and Forecasted Market Size By Guidance Mechanism
   11.6.8.1 Guided&Non-guided
  11.6.9 Historic and Forecasted Market Size By Lethality
   11.6.9.1 Lethal&Less-Lethal
  11.6.10 Historic and Forecast Market Size by Country
   11.6.10.1 Turkey
   11.6.10.2 Bahrain
   11.6.10.3 Kuwait
   11.6.10.4 Saudi Arabia
   11.6.10.5 Qatar
   11.6.10.6 UAE
   11.6.10.7 Israel
   11.6.10.8 South Africa
 11.7. South America Ammunition Market
  11.7.1 Key Market Trends, Growth Factors and Opportunities
  11.7.2 Top Key Companies
  11.7.3 Historic and Forecasted Market Size by Segments
  11.7.4 Historic and Forecasted Market Size By Application
   11.7.4.1 Defense Civil & Commercial
  11.7.5 Historic and Forecasted Market Size By Caliber
   11.7.5.1 Small-Caliber Ammunition
   11.7.5.2 Medium-Caliber Ammunition
   11.7.5.3 Large-Caliber Ammunition
  11.7.6 Historic and Forecasted Market Size By Product
   11.7.6.1 Bullets
   11.7.6.2 Aerial Bombs
   11.7.6.3 Grenades
   11.7.6.4 Artillery Shells
   11.7.6.5 Mortars
  11.7.7 Historic and Forecasted Market Size By Component
   11.7.7.1 Fuzes & Primers
   11.7.7.2 Propellants
   11.7.7.3 Bases
   11.7.7.4 Projectiles
   11.7.7.5 Warheads
   11.7.7.6 Others
  11.7.8 Historic and Forecasted Market Size By Guidance Mechanism
   11.7.8.1 Guided&Non-guided
  11.7.9 Historic and Forecasted Market Size By Lethality
   11.7.9.1 Lethal&Less-Lethal
  11.7.10 Historic and Forecast Market Size by Country
   11.7.10.1 Brazil
   11.7.10.2 Argentina
   11.7.10.3 Rest of SA

Chapter 12 Analyst Viewpoint and Conclusion
12.1 Recommendations and Concluding Analysis
12.2 Potential Market Strategies

Chapter 13 Research Methodology
13.1 Research Process
13.2 Primary Research
13.3 Secondary Research