info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

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) - Forecast till 2032


ID: MRFR/A&D/19839-CR | 128 Pages | Author: Sejal Akre| March 2024

Ammunition Market Overview


Ammunition Market Size was valued at USD 25,126.4 million in 2022. The Ammunition market industry is projected to grow from USD 26,228.2 Million in 2023 to USD 38,322.3 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 4.3% during the forecast period (2023 - 2032). The Ammunition Market is consistently growing due to the rising number of armed conflicts and border disputes across globe. Furthermore, Modernization of military and law enforcement agencies is likely to drive the region’s market throughout the forecast year.


 Figure1: Ammunition Market, 2018 - 2032 (USD Million)


Ammunition Market


 Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Ammunition Market Trends



  • Rising number of armed conflicts and border disputes


Prevalence of political unrest, geopolitical tensions, and interior and border conflicts are anticipated to drive Ammunition Market revenue growth. Expanding military forces, reinforcing military personnel, and escalating conflicts in the Middle East and Asian nations are increasing the demand for large-caliber ammunition in South Korea, Russia, Japan, and other nations. Technological advancements and rising expenditure on research and development are accelerating the ammunition market's revenue growth. Local conflicts and political tensions in various nations are generating a demand for small and medium-caliber weapons in the industry. For example, on 1 June 2022, during the Russia-Ukraine conflict, Ukraine announced it would increase its military expenditures by approximately USD 8.3 million, a nearly 20% increase compared to previous years' spending on replacing weapons in the defense sector. The defense sector and militaries frequently utilize guns and firearms by national laws. Others require a license to use a firearm for commercial purposes, influencing common individuals to acquire firearms through illicit trade and encouraging manufacturers to produce more sophisticated ammunition for the market. Procuring these items on the dark web poses a challenge for national governments and law enforcement agencies tasked with combating illegal arms trade. Increasing geopolitical tensions, political unrest, and cross-border conflicts, particularly in the Middle East and Asian nations, would result in military fortification. The expansion of the military and increased procurement of small, medium, and large-caliber ammunition would propel the global market's expansion. Several countries, including Japan, Russia, and South Korea, use large-caliber ammunition for most of their military operations. Moreover, manufacturers are increasing expenditure on R&D to develop technologically advanced ammunition, thereby driving the market growth.


Ammunition Market Segment Insights:


The Ammunition Market has been segmented based on application, caliber, product, component, and region.


Application Insights


Based on application, the Ammunition Market has been segmented into defense, and civil & commercial. The defense segment is estimated to grow at 4.1% during the forecast period, while in 2022, while it accounted for 88.1% share. One of the key drivers behind this growth is the continuous modernization and upgrade programs undertaken by various defense organizations across the globe. Governments and military agencies are investing in advanced ammunition technologies to enhance their defense capabilities and maintain a strong national security posture. Additionally, rising geopolitical tensions and increasing instances of cross-border conflicts have fueled the demand for ammunition in the defense sector. Furthermore, the ongoing global war against terrorism has led to a heightened need for ammunition for counter-terrorism operations. These factors, combined with the emphasis on maintaining a well-equipped and robust defense force, are expected to drive the growth of the defense segment in the Ammunition Market.


Ammunition Caliber Insights


Based on caliber, the Ammunition Market has been segmented into small, medium, large, and other. The large caliber segment is expected to grow at 3.5% during the forecast period. In 2022, the segment held a 44.4% share of the Ammunition Market. Large Caliber includes 50 mm, 105 mm, and 120 mm direct fire ammunition. Platforms support the include Stryker Mobile Gun System (MGS), and Abrams Tank. Several ammunition manufacturers have developed the 120 mm support Armored Brigade Combat Teams currently 120 mm ammunition consist of advanced generation kinetic energy round as well as multipurpose round. The M829A4 KE ammunition is optimized for defeating advanced armor threats. The XM1147 Advanced Multi-Purpose cartridge is high energy multi-purpose munition created to deliver blast, fragmentation effect, and armor penetration effects of longer and close-range targets. The XM1147 Advanced Multi-Purpose round consolidates the ability for 4 legacy rounds: the first generation M830 high explosive anti-tank round, the second generation M830a1 heat round, the M908 obstacles reduction round as well as M1028 Cansiter cartridge. The M1028 is a shotgun cartridge that provides fatal fire against massed infantry. The Advanced Multi-Purpose cartridge can be programmed in 3 different modes depending on engagement including point detonate, point detonate delay, or airburst.


Ammunition Product Insights


Based on product, the Ammunition Market has been segmented into bullets, aerial bombs, grenades, artillery shells, mortars. The bullets segment is expected to grow at 3.4% during the forecast period. In 2022, the segment held 29.9% of the Ammunition Market. Bullet is a kinetic projectile, one of the components of firearm ammunition that is shot from the barrel of a gun. They are made of various materials such as lead, copper, steel, rubber, polymer and even wax as well as are made in different shapes including certain functions such as target shooting, hunting, combat, and training. Bullets are often tapered thus making it aerodynamic. The bullets segment of the Ammunition Market is anticipated to experience steady growth during the forecast period. One of the primary drivers behind this growth is the consistent demand for bullets in various applications, including target shooting, hunting, combat, and training. The popularity of shooting sports and recreational shooting activities has been increasing, leading to a rise in the demand for ammunition, particularly bullets. Moreover, the need for bullets in military and law enforcement agencies for training purposes and combat operations is a significant driver for the segment's growth. Additionally, advancements in bullet technology, such as the development of specialized designs and materials that enhance accuracy and terminal performance, have further contributed to the growth of the bullets segment in the Ammunition Market.


Figure 2: Ammunition Market, by Product, 2021 & 2032 (USD Million)


Ammunition Market, by Product, 2021 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Ammunition Component Insights


Based on component, the Ammunition Market has been segmented into fuse & primer, propellants, base, projectile & warhead, others. The projectile & warhead segment is expected to grow at 3.5% during the forecast period. In 2022, the segment held 36.6% of the Ammunition Market. The projectile & warhead segment of the Ammunition Market is projected to exhibit steady growth throughout the forecast period. This segment comprises a vital component of ammunition, responsible for the delivery of the intended impact on the target. The growth of the projectile & warhead segment can be attributed to several factors. Firstly, increasing defense expenditures by governments worldwide, along with ongoing military modernization programs, drive the demand for advanced and effective projectiles and warheads. Additionally, advancements in technology have led to the development of innovative and precision-guided ammunition, enhancing the segment's growth. Furthermore, the rising need for ammunition with higher lethality, accuracy, and versatility in modern warfare scenarios contributes to the growth of the projectile & warhead segment in the Ammunition Market.


Ammunition Regional Insights


By Region, the study segments the market into North America, Europe, Asia-Pacific and Rest of the World. The Ammunition Market is projected to grow at 4.3% CAGR during the forecast period, 2023–2032. In 2022, the Ammunition Market was dominated by North America 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 projected to showcase substantial growth throughout the forecast period.


Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: AMMUNITION MARKET SHARE BY REGION 2022 VS 2032 (%)


AMMUNITION MARKET SHARE BY REGION 2022 VS 203


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


North America Ammunition market accounts for the dominant market share. Military spending is growing at a rapid rate, with a rise in procurement of advanced sea, land, as well as air vehicles, along with the development of technological innovation systems are driving the market. This is attributed majorly due to the procurement of ammunition by local enforcement agencies, armed forces, as well as border security forces to minimize the threats arising because of territorial conflicts, terrorism, and geopolitical tensions. The countries in North America are procuring ammunition systems for protecting their borders, thus generating demand in the market. For example, the US army has awarded USD 522 million in orders to 2 companies for manufacturing 155 mm artillery ammunition for Ukraine. Global Military Products Inc. and Northrop Grumman System Corp. This contract is funded by the Pentagon's Ukraine Secure Assistance initiative. Furthermore, Northrop Grumman and Rheinmetall have entered into an agreement to work in the field of precision guided enable range artillery ammunition. During this period both companies plan for cooperating together in order to develop ammunition technology for the international market and the United States for supporting future artillery system operations. Thus, increasing defense spending by the countries in the regions is driving the market.


The ammunition market in Europe is experiencing significant growth due to various factors. The recent increase in the European Defence Agency (EDA) budget for 2023, approved by EU defense ministers, reflects the region's commitment to strengthening national defense efforts. This budget increase, along with the focus on modernization, has led to investments in ammunition production and the enhancement of domain expertise in air, land, cyber, and sea operations. Additionally, geopolitical tensions and war-like situations in neighboring countries have prompted European nations to prioritize defense and procure advanced ammunition systems. Contracts awarded to companies like Rheinmetall for supplying ammunition further contribute to the growth of the ammunition market in Europe.


Ammunition Key Market Players & Competitive Insights


The ammunition market comprises many global, regional, and local vendors. The market is extremely competitive, with all participants vying for market share. Intense competition, rapid technological advancements, frequent changes in government policies, and environmental regulations are significant obstacles to market expansion. The suppliers compete based on price, product quality, dependability, and government regulations. Vendors must provide cost-effective, high-quality polyamide products to survive and prosper in an intensely competitive market.


The expansion of market vendors is contingent on market conditions, government support, and industry growth. Therefore, vendors should concentrate on geographical expansion and service enhancement. 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) are the major companies in the market which compete in terms of availability, quality, price, and technology. They concentrate primarily on the creation of ammunition products. Even though international competitors dominate the market, regional and foreign competitors with minor market shares are also present. During the forecast period, the international actors may strengthen their global presence through acquisitions. It has also been predicted that improving the global economic situation and infrastructure in emerging nations is propelling market growth, making it an ideal time to launch new ammunition products and increase market share globally.


Key Companies in the Ammunition market includes



  • Olin Corporation (United States)

  • General Dynamics Corporation (United States)

  • BAE Systems (United Kingdom)

  • Northrop Grumman (United States)

  • Vista Outdoor Operations LLC (United States)

  • Rheinmetall AG (Germany)

  • Nammo AS (Norway)

  • Nexter group KNDS (France)

  • CBC Global Ammunition (Brazil)

  • Poongsan Corporation (Republic of Korea)


Ammunition Industry Developments


April-2023, BAE Systems anticipates conducting demonstration firings with its next generation 155mm artillery ammunition this year and targets British Army requirements such as the Mobile Fires Platform and Lightweight Fires Platform.


February-2023, Northrop Grumman, Global Military Products was awarded $522M worth of ammunition contracts for Ukrainian aid.


February-2023, Vista Outdoor Announces Plan to Split Outdoor Products and Sporting Goods Into Two Independent, Publicly Traded Companies.


Jan-2023, Because of the Ukraine conflict, ammunition and artillery shell sales in Poongsan surged. Recent increases in copper prices are also anticipated to boost the defense company's earnings.


Ammunition Market Segmentation:


Ammunition Application Outlook



  • Defense

  • Civil & Commercial


Ammunition Caliber Outlook



  • Small

  • Medium

  • Large

  • Other


Ammunition Product Outlook



  • Bullets

  • Aerial Bombs

  • Grenades

  • Artillery Shells

  • Mortars


Ammunition Component Outlook



  • Fuse & Primer

  • Propellants

  • Base

  • Projectile & Warhead

  • Others


Ammunition Regional Outlook




  • North America



    • US

    • Canada




  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe




  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific




  • Rest of the World



    • Middle East

    • Africa

    • Latin America



Report Attribute/Metric Details
Market Size 2022 USD 25,126.4 Million
Market Size 2032 USD 38,322.3 Million
Compound Annual Growth Rate (CAGR) 4.3% (2023-2032)
Base Year 2022
Forecast Period 2023-2032
Historical Data 2018 to 2021
Forecast Units Value (USD Million)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Application, Caliber, Product, Component and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Olin Corporation, General Dynamics Corporation, BAE Systems, Northrop Grumman, Vista Outdoor Operations LLC, Rheinmetall AG, Nammo AS, Nexter group KNDS, CBC Global Ammunition, Poongsan Corporation
Key Market Opportunities ·       Increasing focus on development of smart ammunition technologies
Key Market Dynamics ·       Rising number of armed conflicts and border disputes ·       Modernization of military and law enforcement agencies  


Frequently Asked Questions (FAQ) :

The Ammunition Market was valued at $25,126.4 million in 2022.

The U.S Ammunition market was valued at $9,340.4 million in 2022.

The Ammunition market is projected to grow at a compound annual growth rate (CAGR) of 4.3%.

North America had the largest share of the global market.

The key players in the market are Olin Corporation, General Dynamics Corporation, BAE Systems, Northrop Grumman, Vista Outdoor Operations LLC, Rheinmetall AG, Nammo AS, Nexter group KNDS, CBC Global Ammunition, Poongsan Corporation.

Bullets had the largest market share in the Ammunition market.

Leading companies partner with us for data-driven Insights.

client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.