The Mortar Ammunition Market: A Strategic Defense Sector Poised for Substantial Growth

 

The global mortar ammunition market represents a critical segment of the defense industry that continues to witness robust expansion driven by evolving military modernization programs and escalating geopolitical tensions worldwide. As nations prioritize strengthening their defense capabilities, this specialized market is experiencing unprecedented demand across multiple regions.

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Market Size and Growth Trajectory

The global mortar ammunition market size is estimated at USD 93.48 billion in 2025, and is expected to reach USD 141.31 billion by 2033, growing at a CAGR of 5.3%. This substantial growth trajectory reflects the sector's resilience and strategic importance in modern warfare scenarios. Different market research firms present varying figures, with some estimates indicating the market could expand from approximately $3.5 billion in 2023 to $5.8 billion by 2033, underscoring the dynamic nature of this industry.

The market's volume metrics are equally impressive. In 2024, the Mortar Ammunition Market exhibited a robust volume of 320 million units, with expectations to escalate to 500 million units till 2028. This substantial increase in unit demand demonstrates the growing operational requirements of military forces globally.

Product Segmentation and Technology Trends

The 81mm segment dominates the landscape, accounting for 45% of the market share, while the 120mm segment follows closely with a 35% share. This distribution reflects the tactical preferences of modern military operations, where medium-caliber mortars provide optimal balance between mobility, range, and firepower effectiveness.

The industry is witnessing significant technological advancement, particularly in precision-guided munitions. The growing demand for precision-guided munitions, increasing military expenditure, and rising geopolitical tensions are key factors driving the growth of the Mortar Ammunition Market. These smart munitions offer enhanced accuracy, reduced collateral damage, and improved operational efficiency, making them increasingly attractive to military procurement departments.

Regional Market Dynamics

North America currently maintains market leadership, benefiting from substantial defense budgets and established manufacturing infrastructure. However, the Asia-Pacific region is emerging as the fastest-growing market segment. Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Rising defense budgets in countries like China, India, and Japan, coupled with ongoing border disputes and regional tensions, are driving the demand for advanced military equipment. This regional growth is further supported by military modernization initiatives and the need to address evolving security challenges across the Indo-Pacific region.

European Market Expansion

Europe represents another significant growth opportunity, particularly following recent geopolitical developments. The commission plans to use the budget to increase Europe's ammunition production including the mortar ammunition capacity to nearly two million per year by the end of 2025. This ambitious production target demonstrates Europe's commitment to defense self-sufficiency and industrial capacity building.

Market Drivers and Strategic Implications

The mortar ammunition market's growth is fundamentally driven by several converging factors. Increasing military expenditure across developing nations, ongoing territorial disputes, and the need for tactical fire support capabilities continue to fuel demand. Modern military doctrines emphasize rapid deployment and precision engagement, making mortar systems particularly valuable for their versatility and effectiveness in various combat scenarios.

Additionally, military modernization programs worldwide are replacing aging inventory with advanced ammunition types, incorporating improved propellants, enhanced fragmentation patterns, and sophisticated guidance systems. These technological improvements not only enhance battlefield effectiveness but also command premium pricing, contributing to market value growth.

Future Outlook

The mortar ammunition market's trajectory suggests continued expansion through the remainder of the decade. As military forces adapt to hybrid warfare concepts and multi-domain operations, the demand for reliable, accurate, and versatile indirect fire support systems will likely intensify. This market represents not just a growth opportunity but a strategic imperative for nations seeking to maintain military readiness in an increasingly complex security environment.

The convergence of technological innovation, geopolitical tensions, and military modernization programs positions the mortar ammunition market as a crucial component of the broader defense industrial base, with implications extending far beyond traditional military applications.