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Body Amor Set for a Record Year: Which Stocks To Buy In 2024

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The body armor industry is one of the fastest-growing industries today. While buying body armor stock from a manufacturer can be challenging, buying stock from ballistic material manufacturers is much easier. 

To assist you in navigating and capitalizing on the dynamic body armor market, we have pinpointed six reputable companies listed on the stock exchange.

Exploring Body Armor Stocks: Our Top Picks

Within this article, we present five companies that serve as suppliers of protective materials to body armor manufacturers, enabling the production of cutting-edge body armor. Additionally, we highlight one company that holds a significant stake in businesses engaged in the manufacturing of body armor.

Avient Corporation

The stock symbol of this company is NYSE: AVNT. The stock symbol helps you identify the company in the trading market. Therefore, by clicking on the link, you can see for yourself the profit and different economic results throughout the years.

Avient Corporation is an American company involved in protective materials that has recently purchased the Dyneema® division from DSM. Dyneema® is a composite unidirectional laminate that offers excellent energy absorption and enhanced protection, all in a lightweight solution. The company’s stock market capital is around 3,8 billion USD. 

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The graphic below depicts a large increase. In the past five years, the company’s valuation has risen by about 40%. The corporation rose by 23% in 2023 compared to the previous year.

Avient Corporation presents an opportunity with its stock trading 38.7% below estimated fair value and a robust earnings growth projection of 65.13% annually. However, concerns arise from an inadequately covered dividend and challenging debt coverage.

Avient Corporation’s body armor stock market chart for the past five years:

avient corp stock chart 2023

DuPont de Nemours

DuPont, an American multinational corporation specializing in various commercial facets of chemistry, boasts a global workforce of approximately 23,000 employees, solidifying its status as one of the world’s largest chemical corporations.

It advanced greatly during the 20th century as it developed more than a dozen resistant and defensive materials. Among these is one of the most famous materials in the body armor industry: Kevlar®. Its stock symbol is NYSE: DD

As we can see, the company was affected by the Covid-19 crisis, like so many other businesses and entities. However, it has been recovering in the past three years. Dupont is rapidly climbing the body armor stock market again although the pandemic has been tough on it. The company’s value has decreased by 1.3% in the last 5 years. The company however shows impressive earnings and valuation fundamentals. 

Dupont’s stock market chart for the past five years:
dupont stock 2023

More about Kevlar®
Discovered in 1965, Kevlar’s commercialization began nearly a decade later, facilitated by DuPont. Renowned for its lightweight and high durability, Kevlar finds versatile applications, including ballistic panels, owing to its exceptional characteristics.

Ballistic hardness is measured in GPa; Kevlar, with 80 GPa, outperforms pure steel at 200 GPa. Its unique chain-like structure imparts a tensile strength of 3.5 GPa, surpassing steel’s 1.5 GPa, enhancing flexibility. Besides ballistic vests and plates, Kevlar finds utility in helmets and kayaks.

DuPont’s groundbreaking Kevlar® EXO™ aramid fiber, introduced to design advanced body armor, not only enhances protection for military and law enforcement but also signals a potential positive impact on the company’s performance.


Honeywell is an American multinational corporation that manufactures consumer goods, technical services, and aerospace systems for a diverse range of clients. Other products and sectors Honeywell operates in are telephone receivers and chronotermostats. 

Its stock symbol is NYSE: HON, and it’s more known for the manufacturing of the materials Spectra Shield®, Gold Flex® and Gold Shield®.

While Honeywell has experienced a consistent upward trend since 2020, the company’s current market performance is truly thriving. Over the past five years, its market has surged by an impressive 56%, reaching a Total Value of Production (TVP) around the $138.25 billion USD mark.

The price drop observed in 2020 may be attributed to the global pandemic. Despite the overall boost in values for body armor companies due to the Covid-19 situation, it’s crucial to note that Honeywell’s diverse product portfolio extends beyond protective materials. It is likely that the decline in 2020 was influenced by challenges faced by other products within their range, posing potential risks to Honeywell’s economic standing during that period.

Honeywell’s stock market chart for the past five years:

honeywell stock chart 2023

Spectra Shield®
A complex material that usually forms part of body armor and armed vehicles. As Honeywell states:

“Spectra is 15 times stronger than steel, yet light enough to float. It is made from ultra-high-molecular-weight polyethene using a patented gel-spinning process.” In other words, it mixes two important characteristics for body armor: resistance and flexibility.

Gold Shield®
Gold Shield GN-2117 is a soft body armor material. It is normally used for military and police vests. It is formed by mixing Shield technology with aramid fibre.

This product also has chemical resistance, which makes it perfect for creating body armor for the military. It is resistant to chemicals because it has resin and a coating system.

As explained by Officer, Gold Shield “has demonstrated up to a 10% weight reduction when compared to Honeywell’s traditional Gold Flex material, which is also used in soft armor applications.”

Gold Flex®
It is a non-woven material,  normally used in ballistic vests and body armor. It is very light since it is a laminated material with cross-laid fibres. These fibres are laid straight, and not woven. This allows the resistance to bullet penetration to increase.

Gold flex can be interspersed with other panels to increase its hardness, without losing the flexibility and comfort that this material generates.


Teijin Limited is a chemical, pharmaceutical, and information technology company headquartered in Japan. The company’s core areas of business are high-performance fabrics such as aramid, carbon fibres & composites. Outside the body armor industry, Teijin operates in the sectors of healthcare, films and IT products.

Teijin’s stock symbol is TYO: 3401

The year 2020 posed significant challenges for Teijin, primarily due to the global impact of the Covid-19 pandemic. A close examination of Teijin’s stock market performance reveals the discernible influence of the pandemic on the company. Although there was a partial recovery in 2021, a subsequent rapid decline unfolded.

As of the latest available data, Teijin’s Total Value of Production (TVP) stands at 264.57 billion YPJ, equivalent to 186.38 billion US dollars.

The current downtrend in Teijin’s stock is attributed to lower sales and profits experienced over the past two years. While this may seem concerning, some investors view this as an opportune moment to consider investing in the company, given the potential for a turnaround.

Teijin’s stock market chart for the past five years:
teijin stock chart 2023


Twaron® and Endumax® are two Teijin trademarks. Body armor manufacturers use Endumax® to make hard armor options and Twaron® for ballistic vests.

Teijin describes Twaron as “the preferred para-aramid product for manufacturers who want to deliver products that are stronger, lighter, and more resistant. With its unique combination of mechanical properties, chemical resistance, excellent durability and thermal stability, Twaron® can transform a normal product into an extraordinary one. ”

Eundmax is 11 times stronger than steel and it can be used from ballistic shields and airfreight cargo containers to nets. In other words, it is extremely versatile and resistant.


Hyosung, a prominent South Korean motorcycle manufacturer, specializes in crafting high-quality vehicle parts. With a robust manufacturing capacity of 200,000 motorcycles annually, the company boasts a global presence by selling its products both domestically and internationally. Notably, Hyosung Motors and Machinery S.A. holds the distinction of being South Korea’s largest motorcycle exporter, commanding a Total Value of Production (TVP) reaching $990 million and capturing approximately 40% of the local market.

Symbolized by KRX: 004800, Hyosung’s significance extends to the body armor market, as it is a key manufacturer of aramid fabric.

Undeniably, the Covid-19 crisis impacted Hyosung; however, the company demonstrated resilience by achieving its pinnacle in 2021, registering a noteworthy 24.38% increase in value. Subsequently, although experiencing a gradual decline, Hyosung has maintained an impressive overall 32% increase over the last five years. This performance suggests a noteworthy trajectory for investors to consider.

Hyosung’s stock market chart for the past five years:
hyosung stock chart 2023

Cadre Holdings Inc

Cadre Holdings Inc is an American corporation, based in Jacksonville, Florida. It owns multiple body armor manufacturers amongst which Safariland, GH armor, Pacific Safety Products and Protect Armor Systems.

Their stock symbol is NYSE: CDRE and they have increased their stock value by 115% in the last three years, having a TVP of 1.24 billion USD at the moment. The company still has a strong growth potential and is attractively valued.

Cadre Holdings Inc’s stock market chart for the past three years:
cadre holdings inc stock 2023

Navigating the intricacies of the body armor stock market can be challenging, but we aspire to provide a glimpse into some of the prominent companies in this sector.

Given the inherent volatility of the stock market, it’s prudent to remain vigilant and stay attuned to potential changes and emerging news. Keeping a keen eye on market dynamics will better position investors to adapt to evolving conditions and make informed decisions.

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