Medium Caliber Ammunition Market
By Type;
Full Metal Jacket (FMJ), Hollow Point (HP), Soft Point (SP), Lead Round Nose (LRN) and BallBy Application;
Military, Law Enforcement, Civilian, Sporting and HuntingBy Material Composition;
Copper, Lead, Steel, Nickel and OthersBy Packaging Type;
Bulk Packaging, Boxed Ammunition, Clip-Based Packaging, Banded Packaging and Custom PackagingBy Caliber Size;
7.62 mm, 5.56 mm, 9 mm, 12 mm and OthersBy Geography;
North America, Europe, Asia Pacific, Middle East & Africa and Latin America - Report Timeline (2021 - 2031)Medium Caliber Ammunition Market Overview
Medium Caliber Ammunition Market (USD Million)
Medium Caliber Ammunition Market was valued at USD 1,167.11 million in the year 2024. The size of this market is expected to increase to USD 1,340.64 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 2.0%.
Medium Caliber Ammunition Market
*Market size in USD million
CAGR 2.0 %
Study Period | 2025 - 2031 |
---|---|
Base Year | 2024 |
CAGR (%) | 2.0 % |
Market Size (2024) | USD 1,167.11 Million |
Market Size (2031) | USD 1,340.64 Million |
Market Concentration | High |
Report Pages | 313 |
Major Players
- General Dynamics Corporation
- BAE Systems PLC
- Rheinmetall AG
- Northrop Grumman Corporation
- Nammo AS
- Denel SOC Ltd
- Nexter Systems KNDS
- Mesko and CBC
Market Concentration
Consolidated - Market dominated by 1 - 5 major players
Medium Caliber Ammunition Market
Fragmented - Highly competitive market without dominant players
The Medium Caliber Ammunition Market is witnessing strong growth, fueled by defense modernization, rising budgets, and the increasing demand for operational readiness. Nearly 61% of armed forces now depend on medium caliber ammunition to strengthen tactical capabilities and ensure reliable performance in dynamic combat scenarios. This underscores the pivotal role of such ammunition in advancing modern defense strategies.
Growing Defense Modernization
Defense programs worldwide are prioritizing upgraded ammunition systems, with about 54% of modernization efforts centering on medium caliber weaponry. These upgrades enhance precision, lethality, and range, positioning medium caliber ammunition as a vital component for current and future defense missions.
Technological Enhancements
The market is rapidly embracing smart and precision-guided ammunition, with nearly 48% of new developments featuring integrated targeting systems. These advancements minimize collateral damage while improving combat efficiency, making them attractive solutions for modern warfare requirements.
Rising Demand from Law Enforcement
Law enforcement agencies are steadily increasing adoption, with around 36% of organizations procuring medium caliber ammunition for homeland security and anti-terror operations. This broader application highlights the ammunition’s versatility in addressing diverse security needs beyond the battlefield.
Medium Caliber Ammunition Market Recent Developments
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In June 2022, Adani Defence & Aerospace announced its plan for the construction of a new integrated ammunition manufacturing complex in Uttar Pradesh, India. The new plant is expected to be in an area of more than 250 acres and will be capable of manufacturing small and medium caliber ammunition, along with short-range air defense missiles.
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In May 2022, Rheinmetall Group signed a framework contract with the Spanish armed forces for the supply of 40mm x 53 high explosives (HE), high explosive dual purpose (HEDP) as well as training ammunition with and without tracer. The delivery of the ammunition is scheduled to begin in 2022.
Medium Caliber Ammunition Market Segment Analysis
In this report, the Medium Caliber Ammunition Market has been segmented by Type, Application, Material Composition, Packaging Type, Caliber Size, and Geography.
Medium Caliber Ammunition Market, Segmentation by Type
The Type segmentation captures distinct terminal effects, feed reliability, and mission alignment across platforms. Procurement choices balance accuracy and barrel life with expected stopping power and training safety, while considering inventory standardization for logistics. Vendors differentiate through projectile design, jacket materials, and quality assurance that ensures consistent lots for sustained operations.
Full Metal Jacket (FMJ)
FMJ rounds emphasize feeding reliability, predictable ballistics, and controlled penetration suitable for training and baseline qualification. Buyers value stable pressure profiles, uniform velocity, and dependable manufacturing tolerances. Broad availability and cost efficiency support fleet-wide usage.
Hollow Point (HP)
HP ammunition is selected for controlled expansion and reduced over-penetration risk in urban or close-quarters scenarios. Agencies assess terminal performance, barrier behavior, and consistency across lots. Product development focuses on cavity geometry and bonding to maintain effectiveness across variable conditions.
Soft Point (SP)
SP rounds feature exposed lead tips for moderated expansion and balanced penetration, useful where mixed targets and intermediate barriers can be encountered. Selection emphasizes accuracy, reliable deformation, and stable external ballistics. Consistent jacket thickness and bonding are key quality cues.
Lead Round Nose (LRN)
LRN is typically used for low-cost training and legacy platforms where feeding geometry supports round-nose profiles. Buyers weigh range safety considerations, fouling characteristics, and compatibility with indoor ranges. Predictable recoil and straightforward manufacture keep it relevant in specific programs.
Ball
Ball ammunition denotes standardized service loads optimized for reliability and logistical simplicity across weapons. Users prioritize uniform propellant charges, robust sealing, and tight QC sampling to ensure performance in diverse climates. Interoperable NATO-style specifications often guide sourcing.
Medium Caliber Ammunition Market, Segmentation by Application
The Application lens reflects differing rules of engagement, training cycles, and accuracy requirements across user groups. Procurement strategies map ammunition types to mission sets—from sustained suppression to precision marksman roles—while harmonizing inventory planning. Lifecycle considerations include storage stability, traceability, and range certification.
Military
Military programs demand robust environmental tolerance, lot consistency, and platform interchangeability. Priorities include reliable feeding under adverse conditions, controlled signature management, and efficient resupply. Multi-year framework contracts and qualification testing anchor selection.
Law Enforcement
Law Enforcement agencies emphasize terminal performance, reduced ricochet risk, and compliance with policy standards. Training versus duty round pairing is common to optimize budget and performance. Vendors support adoption with ballistic data, range guidance, and evidence documentation.
Civilian
Civilian use spans self-defense, range practice, and regulated sporting contexts with focus on availability and predictable recoil. Buyers evaluate cost per round, clean-burning propellants, and packaging suited for storage. Clear labeling and spec transparency support informed choices.
Sporting
Sporting disciplines require precision, stable velocity spreads, and optimized ballistic coefficients for competitive performance. Selection favors tight tolerances, consistent primers, and match-grade components. Data-backed lot tracking and chronograph metrics guide purchasing.
Hunting
Hunting applications demand reliable expansion, appropriate penetration, and platform compatibility in varied terrain. Users consider ethical harvest standards, accuracy at typical ranges, and dependable cold-bore behavior. Durable coatings and weather-ready seals add confidence.
Medium Caliber Ammunition Market, Segmentation by Material Composition
The Material Composition view addresses ballistic properties, supply risk, and range safety implications. Stakeholders balance cost and performance with evolving environmental and training requirements, ensuring compatibility with existing barrels and magazines. Reliability hinges on consistent metallurgy and controlled propellant chemistry.
Copper
Copper and copper-alloy projectiles provide strong ductility, reliable expansion, and favorable barrel interaction. Buyers look for bonding quality, stable weights, and optimized ogive profiles. Copper also supports lead-reduced training where required.
Lead
Lead remains widely used for predictable deformation and manufacturing economics. Considerations include fouling mitigation, range ventilation, and compliance with local regulations. Jacketed designs help manage exposure and preserve accuracy over sessions.
Steel
Steel components support penetration and cost-focused training products, with attention to barrel wear and sparking on steel targets. Users assess coatings, hardness, and compatibility with range policies. Supply reliability and corrosion resistance guide selection.
Nickel
Nickel appears in plating and some alloy systems to enhance corrosion resistance and smoother feeding. Benefits include improved case extraction and stable surface hardness. Consistency of finish and lubricity is monitored in acceptance tests.
Others
Others encompasses alternative metals, composites, and specialized core designs tailored to mission or compliance needs. Evaluation centers on supply availability, ballistic repeatability, and long-term storage behavior. Pilot programs validate reliability before scale-up.
Medium Caliber Ammunition Market, Segmentation by Packaging Type
The Packaging Type dimension impacts transport, inventory turn, and range throughput. Stakeholders consider moisture protection, labeling clarity, and unit-level traceability to fit armory and commercial workflows. Durable materials and ergonomic formats reduce handling risk.
Bulk Packaging
Bulk packaging optimizes cost-per-round and speeds training issues for high-volume users. Priorities include robust moisture barriers, clear lot IDs, and efficient palletization. Armories favor easy counting and rapid distribution.
Boxed Ammunition
Boxed ammunition supports retail and controlled issue with standardized counts and protective inserts. Buyers value crisp labeling, intact seals, and consistent presentation for storage. It balances durability with consumer-friendly handling.
Clip-Based Packaging
Clip-based packaging accelerates loading and improves range throughput, especially in structured qualification cycles. Selection emphasizes secure retention, minimal waste, and compatibility with issued magazines. Reusability and time savings drive adoption.
Banded Packaging
Banded packaging groups cartridges for organized issue and simplified counting under field conditions. Users seek tear-resistant bands, clear markings, and efficient breakdown. It supports disciplined inventory control during operations.
Custom Packaging
Custom packaging addresses unique mission profiles, environmental constraints, or specialized ranges. Designs integrate enhanced waterproofing, tamper evidence, and optimized carry formats. Collaboration with end users tailors ergonomics and traceability.
Medium Caliber Ammunition Market, Segmentation by Caliber Size
The Caliber Size segmentation aligns range, recoil, and payload characteristics to platform and mission needs. Decision-makers consider magazine capacity, barrel wear, and typical engagement distances, coordinating training and sustainment plans. Standardized calibers also enhance interoperability across allied users.
7.62 mm
7.62 mm favors energy on target, reliable barrier performance, and extended range for designated roles. Programs emphasize consistent pressure, durable cases, and stable ignition. It is often paired with marksman and GPMG platforms.
5.56 mm
5.56 mm offers controlled recoil, higher load carriage, and adaptable ballistics for general-purpose roles. Buyers seek repeatable accuracy, reliable cycling, and clean propellants for sustained firing. Compatibility with common rifle systems underpins its scale.
9 mm
9 mm supports sidearms and subguns with manageable recoil and broad availability. Users prioritize consistent velocity, dependable expansion in duty loads, and smooth feeding. Training ecosystems and range access reinforce demand.
12 mm
12 mm addresses specialized roles where higher energy and specific terminal effects are required. Selection focuses on platform compatibility, controlled pressures, and predictable trajectory at operational ranges. Logistics plans consider weight and storage implications.
Others
Others includes non-standard or niche calibers adopted for unique mission sets or legacy systems. Buyers assess availability, cost, and long-term sustainment for viability. Pilot deployment and interchangeability testing precede broader use.
Medium Caliber Ammunition Market, Segmentation by Geography
In this report, the Medium Caliber Ammunition Market has been segmented by Geography into five regions: North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Regions and Countries Analyzed in this Report
North America
North America features large-scale defense procurement, robust law enforcement demand, and mature commercial channels. Emphasis on quality control, interoperability, and resilient supply chains supports steady consumption. Investments in training infrastructure and standardized specs reinforce market depth.
Europe
Europe balances multinational program alignment, evolving security needs, and stringent compliance regimes. Buyers prioritize reliable certification, transparent traceability, and regional sourcing. Cross-border standardization and sustained readiness initiatives shape demand.
Asia Pacific
Asia Pacific exhibits expanding modernization programs, growing training cycles, and diversified civilian markets. Selection criteria highlight cost efficiency, scalable production, and dependable logistics across varied climates. Partnerships and technology transfer underpin long-term growth.
Middle East & Africa
Middle East & Africa focuses on readiness, harsh-environment reliability, and secure supply continuity. Agencies value rugged packaging, consistent lot quality, and comprehensive training support. Strategic localization and resilient distribution enhance availability.
Latin America
Latin America demand is shaped by public security programs, regulated civilian channels, and ongoing training needs. Buyers emphasize affordability, reliable after-sales service, and clear labeling for compliance. Strengthening regional supply and maintenance capabilities supports sustained adoption.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Medium Caliber Ammunition Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers:
- Geopolitical Tensions and Military Modernization
- Counter-Terrorism and Asymmetric Warfare
- Military Operations and Peacekeeping Missions
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Urbanization and Urban Warfare - Urbanization and the associated rise of urban warfare present significant challenges and opportunities within the Global Medium Caliber Ammunition Market. As the world becomes increasingly urbanized, with more people living in cities and urban areas, military and security operations are increasingly conducted in complex urban environments. This shift has profound implications for the design, development, and utilization of medium caliber ammunition.
Urban warfare poses unique challenges due to the dense population, limited maneuvering space, and complex terrain characteristic of urban environments. Medium caliber ammunition must be adapted to effectively engage targets in urban settings while minimizing collateral damage and civilian casualties. Manufacturers are tasked with developing specialized ammunition variants optimized for urban warfare scenarios, such as reduced penetration rounds to mitigate the risk of overpenetration and ricochets, fragmentation-resistant projectiles to minimize collateral damage, and precision-guided munitions for surgical strikes in densely populated areas.
The proliferation of asymmetric warfare tactics, including insurgency, terrorism, and guerrilla warfare, in urban areas underscores the need for medium caliber ammunition capable of addressing non-traditional threats. Law enforcement agencies and military forces require versatile and adaptable ammunition solutions to counter these evolving threats effectively. This includes ammunition with enhanced lethality, improved terminal ballistics, and reduced risk of unintended harm to civilians, infrastructure, and non-combatants.
Urbanization presents opportunities for innovation and collaboration within the Global Medium Caliber Ammunition Market. Manufacturers can leverage advancements in technology, materials science, and manufacturing processes to develop ammunition solutions tailored to the urban warfare environment. Collaboration with defense agencies, research institutions, and urban planning experts can provide insights into the unique challenges of urban warfare and inform the development of specialized ammunition designed to meet the needs of military and security forces operating in urban areas.
Urbanization and urban warfare represent both challenges and opportunities for the Global Medium Caliber Ammunition Market. By understanding the complexities of urban environments and adapting ammunition design and development accordingly, manufacturers can provide effective solutions to support military and security operations in urban settings while minimizing collateral damage, protecting civilian populations, and ensuring mission success in the face of evolving threats.
Restraints:
- Regulatory Constraints and Export Controls
- Cost and Affordability
- Ethical and Humanitarian Concerns
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Supply Chain Disruptions - Supply chain disruptions present significant challenges to the Global Medium Caliber Ammunition Market, impacting manufacturing, distribution, and procurement processes across the industry. These disruptions can arise from various factors, including natural disasters, geopolitical tensions, trade restrictions, and unforeseen events such as the COVID-19 pandemic. Supply chain disruptions can have far-reaching consequences, affecting production schedules, inventory management, and the ability to meet customer demand.
One of the primary impacts of supply chain disruptions is disruptions to manufacturing operations. Medium caliber ammunition manufacturers rely on a complex network of suppliers, subcontractors, and logistics partners to procure raw materials, components, and manufacturing equipment. Disruptions such as factory closures, transportation delays, or shortages of critical components can disrupt production schedules, leading to delays in delivery and fulfillment of customer orders. This can have cascading effects on military readiness, operational planning, and mission execution for defense and security forces relying on timely access to medium caliber ammunition.
Supply chain disruptions can lead to increased costs and price volatility within the Global Medium Caliber Ammunition Market. Shortages of raw materials or components may drive up prices, while transportation delays or logistics bottlenecks can increase freight costs and lead to inflationary pressures. Manufacturers may be forced to pass these increased costs onto customers, leading to higher prices for medium caliber ammunition and impacting affordability for defense agencies and security forces operating within constrained budgets.
Supply chain disruptions can exacerbate geopolitical tensions and impact international trade relations within the Global Medium Caliber Ammunition Market. Trade restrictions, export controls, and embargoes imposed by governments can disrupt supply chains, limit access to critical components or technologies, and impede cross-border commerce. This can lead to market distortions, reduced competition, and barriers to entry for manufacturers seeking to expand their presence in global markets.
To mitigate the impact of supply chain disruptions, medium caliber ammunition manufacturers must adopt proactive risk management strategies and enhance supply chain resilience. This includes diversifying supplier networks, establishing redundant supply sources, and implementing robust contingency plans to mitigate risks and ensure continuity of operations in the face of disruptions. Collaboration with industry partners, government agencies, and international organizations can also facilitate information sharing, risk assessment, and coordinated responses to supply chain challenges, strengthening the resilience of the Global Medium Caliber Ammunition Market in an increasingly complex and unpredictable operating environment.
Opportunities:
- Modernization and Upgrades
- Counter-Drone Operations
- Urban Warfare and Close-Quarter Combat
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Training and Simulation - Training and simulation represent critical components of the Global Medium Caliber Ammunition Market, offering valuable opportunities for skill development, operational readiness, and proficiency enhancement among military and security personnel. Medium caliber ammunition, traditionally associated with combat applications, also plays a significant role in training exercises and simulation scenarios, where realistic and immersive training environments are essential for preparing personnel for real-world missions and scenarios.
Medium caliber ammunition is used extensively in training and simulation programs to replicate the performance, ballistics, and handling characteristics of live ammunition without the associated risks or costs. This includes the development and deployment of training ammunition variants such as blank cartridges, reduced-range practice ammunition, and non-lethal training rounds, which closely mimic the behavior of live rounds while providing a safer and more cost-effective training experience. These training ammunition types enable personnel to practice marksmanship, weapon handling, and tactical maneuvers in a controlled and supervised environment, facilitating skill acquisition and proficiency development across a range of operational scenarios.
Medium caliber ammunition is integral to live-fire training exercises, combat simulations, and force-on-force training scenarios conducted by military units, law enforcement agencies, and private security firms. These training activities simulate realistic combat conditions, including urban warfare, convoy operations, and close-quarters combat, where medium caliber weapons are frequently employed. By incorporating medium caliber ammunition into training simulations, personnel can hone their tactical skills, teamwork, and decision-making abilities under simulated combat conditions, enhancing operational readiness and mission effectiveness in high-stress environments.
Advancements in training technology and simulation systems enable highly realistic and immersive training experiences for military and security personnel. Virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies offer interactive training environments where personnel can engage in simulated combat scenarios, weapon handling drills, and tactical exercises using medium caliber weapons and ammunition. These training platforms provide a safe and cost-effective alternative to live-fire training while offering opportunities for scenario customization, performance evaluation, and skill assessment in a controlled and repeatable manner.
Training and simulation play a vital role in the Global Medium Caliber Ammunition Market, providing essential tools and resources for personnel training, skill development, and operational readiness across military and security sectors. By leveraging medium caliber ammunition in training exercises and simulation scenarios, organizations can enhance personnel proficiency, reduce training costs, and improve overall mission readiness, ensuring effective performance and mission success in dynamic and challenging operational environments.
Medium Caliber Ammunition Market Competitive Landscape Analysis
Medium Caliber Ammunition Market is witnessing robust growth, driven by increasing demand from defense and law enforcement sectors. Companies are focusing on innovation and forming strategic partnerships to enhance their product offerings. Technological advancements in ammunition design and manufacturing are fueling market growth and contributing to a positive future outlook.
Market Structure and Concentration
The Medium Caliber Ammunition Market is moderately concentrated, with a few dominant players holding a significant market share. Companies are utilizing strategies such as mergers and acquisitions to expand their product portfolio and strengthen their market positions. This concentration fosters innovation and accelerates overall market growth.
Brand and Channel Strategies
Key players in the Medium Caliber Ammunition Market are enhancing their brand recognition and expanding distribution channels to meet increasing demand from military and law enforcement agencies. Strategic partnerships with defense contractors and government agencies are helping expand market reach and drive sustained growth.
Innovation Drivers and Technological Advancements
The Medium Caliber Ammunition Market is driven by continuous innovation in ammunition performance, safety, and efficiency. Advancements in materials, ballistic technologies, and manufacturing techniques are improving ammunition reliability and effectiveness, supporting market growth and enhancing the future outlook.
Regional Momentum and Expansion
Regional expansion is key in the Medium Caliber Ammunition Market, with companies focusing on regions with growing defense budgets and law enforcement requirements. Strategic partnerships with local suppliers and distributors are helping companies increase their market penetration, driving growth in key regions.
Future Outlook
The Medium Caliber Ammunition Market is set for sustained growth, driven by increasing defense spending and advancements in ammunition technology. Companies will focus on expanding their product lines and enhancing technological capabilities. The future outlook remains positive as demand for medium caliber ammunition continues to rise.
Key players in Medium Caliber Ammunition Market include:
- Thales Group
- General Dynamics Corporation
- Nammo AS
- Denel SOC Ltd.
- Companhia Brasileira de Cartuchos (CBC)
- Rheinmetall AG
- BAE Systems plc
- ST Engineering
- Mesko S.A.
- Nexter KNDS
- MaxamCorp Holding, S.L.
- Multinational Defense Services LLC
- Ordnance
- Magtech Ammunition
- Poongsan Corporation
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
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Market Share Analysis
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Type
- Market Snapshot, By Application
- Market Snapshot, By Material Composition
- Market Snapshot, By Packaging Type
- Market Snapshot, By Caliber Size
- Market Snapshot, By Region
- Medium Caliber Ammunition Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers
- Geopolitical Tensions and Military Modernization
- Counter-Terrorism and Asymmetric Warfare
- Military Operations and Peacekeeping Missions
- Urbanization and Urban Warfare
- Restraints
- Regulatory Constraints and Export Controls
- Cost and Affordability
- Ethical and Humanitarian Concerns
- Supply Chain Disruptions
- Opportunities
- Modernization and Upgrades
- Counter-Drone Operations
- Urban Warfare and Close-Quarter Combat
- Training and Simulation
- Drivers
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Medium Caliber Ammunition Market, By Type, 2021 - 2031 (USD Million)
- Full Metal Jacket (FMJ)
- Hollow Point (HP)
- Soft Point (SP)
- Lead Round Nose (LRN)
- Ball
- Medium Caliber Ammunition Market, By Application, 2021 - 2031 (USD Million)
- Military
- Law Enforcement
- Civilian
- Sporting
- Hunting
- Medium Caliber Ammunition Market, By Material Composition, 2021 - 2031 (USD Million)
- Copper
- Lead
- Steel
- Nickel
- Others
- Medium Caliber Ammunition Market, By Packaging Type, 2021 - 2031 (USD Million)
- Bulk Packaging
- Boxed Ammunition
- Clip-Based Packaging
- Banded Packaging
- Custom Packaging
- Medium Caliber Ammunition Market, By Caliber Size, 2021 - 2031 (USD Million)
- 7.62 mm
- 5.56 mm
- 9 mm
- 12 mm
- Others
- Medium Caliber Ammunition Market, By Geography, 2021 - 2031 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- North America
- Medium Caliber Ammunition Market, By Type, 2021 - 2031 (USD Million)
- Competitive Landscape
- Company Profiles
- Thales Group
- General Dynamics Corporation
- Nammo AS
- Denel SOC Ltd.
- Companhia Brasileira de Cartuchos (CBC)
- Rheinmetall AG
- BAE Systems plc
- ST Engineering
- Mesko S.A.
- Nexter KNDS
- MaxamCorp Holding, S.L.
- Multinational Defense Services LLC
- Ordnance (unspecified / generic)
- Magtech Ammunition
- Poongsan Corporation
- Company Profiles
- Analyst Views
- Future Outlook of the Market