The global artillery ammunition market was valued at USD 17.20 billion in 2025. It is estimated at USD 19.30 billion in 2026 and is projected to reach USD 33.92 billion by 2036, growing at a CAGR of 5.8% over the 2026-2036 forecast period. This report provides a detailed assessment of the market, covering wartime demand, stockpile rebuilding, production capacity in each major region, technology, the supply chain, regulation and standardization, procurement and investment programs, pricing, and competition.
The study covers ammunition fired by tube artillery and mortars, both as complete rounds and as major components. It includes 155mm and 105mm rounds, Soviet-standard 152mm and 122mm rounds, and 60mm, 81mm, and 120mm mortar bombs, in high-explosive, extended-range, precision-guided, smoke, illumination, and training versions, along with shell bodies, fuzes, modular charges, explosives and other energetics, primers, and cases. Rocket artillery and loitering munitions sit outside the scope. Value is based on purchases by governments and armed forces, including allied-funded purchases for Ukraine, and leaves out Russian, Belarusian, North Korean, and Iranian output, which cannot be addressed commercially.
According to a July 2026 report by the United States Department of Defense Inspector General, the Department used 3.6 million 155mm rounds over four years, more than 3 million of which went to Ukraine, while U.S. output reached about 36,000 rounds per month by March 2026 against a goal of 100,000, showing how far artillery use in high-intensity conflict outstrips Western peacetime output. In Europe, NATO Secretary General Mark Rutte stated in August 2025 that the region's yearly artillery ammunition capacity had grown sixfold in two years, and Rheinmetall reported 2025 Weapon and Ammunition segment sales of EUR 3.53 billion, up 27%, with Ukraine as its most important customer country.
Supply bottlenecks are the main restraint, with the Inspector General naming projectile metal parts as the factor holding back U.S. output and the European Commission listing gunpowder, propellants, and explosives as critical shortfalls. New plants need large capital outlays, special equipment, safety approval, and skilled labor, and take years to reach full rate, so producers hesitate to invest without long-term orders. The largest challenge is the risk that demand settles back once stocks are rebuilt or the war ends, leaving surge capacity idle. Price inflation in energy, steel, and energetics, and the time needed to qualify new lines and suppliers under different national standards, are further challenges.
Opportunities include the wider use of precision-guided and extended-range rounds, which raise accuracy, reduce rounds per target, improve gun survivability, and carry much higher unit values. The switch by Ukraine and several eastern NATO armies from Soviet-era calibers to the 155mm NATO standard creates a lasting demand base, and joint and multinational purchasing, such as the Czech-led initiative and EU joint procurement, offers larger and longer contracts. Key trends include multi-year framework contracts that give producers the certainty to invest, localization of production in allied countries and in Ukraine, such as Czechoslovak Group's venture with Ukrainian Armor, and investment in national supplies of explosives, propellants, and nitrocellulose.
By caliber, the study covers 155mm, 105mm, 152mm & 122mm, 120mm mortar, 81mm & 60mm mortar, and other calibers. The 155mm caliber is expected to hold the largest share in 2026, as it is NATO's standard artillery round, Ukraine fires it in very large numbers, and the U.S. and Europe have focused most new capacity on it. The 155mm caliber is also set to post the highest CAGR, as Ukraine and armies in Central and Eastern Europe retire Soviet-era guns and countries around the world continue to buy 155mm howitzers. Demand for 152mm and 122mm rounds is expected to fade over time as these older systems are retired.
The ammunition type analysis spans high-explosive, extended-range, precision-guided (guided projectiles and precision guidance kits), smoke & illumination, training & practice, and other types. High-explosive rounds are expected to lead in 2026, as they provide the bulk of sustained fire and make up most of the volume needed to refill stocks. Precision-guided ammunition is set to grow the fastest, because accurate rounds are prized against high-value targets, cut the number of shells needed per mission, and sell at far higher unit prices. Extended-range rounds are also gaining ground as armies seek to outrange counter-battery fire.
By component, the report examines projectiles, fuzes, propellant charges, energetics & explosive fill, and primers & cartridge cases. Projectiles are expected to hold the largest share in 2026, since the forged and machined shell body accounts for a large part of the value of each round and metal parts have become a key constraint on output. Energetics & explosive fill is set to record the highest CAGR, as governments and producers invest in new explosives and propellant plants to fix supply shortfalls, with ASAP funds supporting projects such as Chemring Nobel's expansion in Norway. Programmable and multi-function fuzes add value as forces adopt more advanced rounds.
Platforms covered are self-propelled howitzers, towed howitzers, wheeled & truck-mounted howitzers, mortars, and naval guns. Self-propelled howitzers are expected to lead in 2026, owing to the large fleets of tracked systems operated by NATO and Asia-Pacific armies, which consume high volumes of 155mm ammunition. Wheeled & truck-mounted howitzers are set to grow at the highest CAGR, as armies buy mobile systems that can fire and move quickly to avoid counter-battery fire, a lesson reinforced by the fighting in Ukraine. Mortars remain a high-volume user of smaller-caliber rounds.
By procurement channel, the study covers domestic procurement, foreign military sales & exports, and coalition & aid procurement. Domestic procurement is expected to hold the largest share in 2026, as armed forces rebuild national stocks and governments favor home producers for security of supply. Foreign military sales & exports are set to grow the fastest, supported by new export capacity in Europe and South Korea and by demand from countries without their own production. Coalition and aid buying, led by the Czech-led initiative, has become a distinct channel for supplying Ukraine.
Among the end users covered (the army, marine corps, and navy), the army is expected to lead in 2026, as land forces operate nearly all howitzers and mortars and account for most stock rebuilding. The marine corps is set to record the higher CAGR, driven by upgrades to expeditionary artillery and greater focus on littoral operations. Naval guns form a smaller, specialized demand stream.
Europe is expected to hold the largest share in 2026, supported by supply to Ukraine, stock rebuilding by European NATO members, EU funding through ASAP and later instruments, and large capacity additions by Rheinmetall, Nammo, KNDS, BAE Systems, and Czechoslovak Group. Rheinmetall's Unterlüß plant in Germany, for example, is expected to produce about 140,000 rounds in 2026 and up to 350,000 rounds a year at full capacity. North America also holds a significant share, driven by U.S. Army spending on 155mm production, stock refills, and foreign military sales, with output rising from about 14,000 rounds a month before the war and new plants planned in Kansas and Arkansas.
Asia-Pacific is set to grow at the highest CAGR, as South Korea has become a major producer and exporter, while Japan, Taiwan, Australia, and India are raising artillery reserves amid regional tension, and China's large domestic purchasing is included in the regional market. The Middle East & Africa and Latin America hold smaller shares, with Middle Eastern demand tied to ongoing security needs and Türkiye expanding as a producer and exporter of 155mm rounds, and Brazil leading Latin American demand.
The market is moderately consolidated, with large defense primes, specialist ammunition makers, government-owned plants and their operators, and component and energetics suppliers all competing. Key factors are output capacity and delivery speed, secure access to energetics and metal parts, qualification on major gun systems, price, guided and extended-range offerings, and readiness to produce locally. Leading firms are adding capacity, signing long-term frameworks, buying storage and component capability, building plants in customer countries, including Ukraine, and forming partnerships with energetics suppliers and national industries. Recent activity includes Rheinmetall's investment of almost EUR 500 million in Unterlüß, Czechoslovak Group's role as a main supplier to the Czech-led initiative, and ASAP-backed explosives expansion at Chemring Nobel.
Key companies profiled in the report include Rheinmetall AG (Germany), General Dynamics Corporation (U.S.), BAE Systems plc (U.K.), KNDS N.V. (Netherlands), Nammo AS (Norway), Czechoslovak Group a.s. (Czech Republic), Hanwha Aerospace Co., Ltd. (South Korea), Poongsan Corporation (South Korea), Elbit Systems Ltd. (Israel), Diehl Defence GmbH & Co. KG (Germany), Chemring Group PLC (U.K.), Northrop Grumman Corporation (U.S.), RTX Corporation (U.S.), Polska Grupa Zbrojeniowa S.A. (Poland), Munitions India Limited (India), Makine ve Kimya Endüstrisi A.Ş. (Türkiye), Day & Zimmermann (U.S.), and China North Industries Group Corporation Limited (NORINCO) (China).
The study covers ammunition fired by tube artillery and mortars, both as complete rounds and as major components. It includes 155mm and 105mm rounds, Soviet-standard 152mm and 122mm rounds, and 60mm, 81mm, and 120mm mortar bombs, in high-explosive, extended-range, precision-guided, smoke, illumination, and training versions, along with shell bodies, fuzes, modular charges, explosives and other energetics, primers, and cases. Rocket artillery and loitering munitions sit outside the scope. Value is based on purchases by governments and armed forces, including allied-funded purchases for Ukraine, and leaves out Russian, Belarusian, North Korean, and Iranian output, which cannot be addressed commercially.
According to a July 2026 report by the United States Department of Defense Inspector General, the Department used 3.6 million 155mm rounds over four years, more than 3 million of which went to Ukraine, while U.S. output reached about 36,000 rounds per month by March 2026 against a goal of 100,000, showing how far artillery use in high-intensity conflict outstrips Western peacetime output. In Europe, NATO Secretary General Mark Rutte stated in August 2025 that the region's yearly artillery ammunition capacity had grown sixfold in two years, and Rheinmetall reported 2025 Weapon and Ammunition segment sales of EUR 3.53 billion, up 27%, with Ukraine as its most important customer country.
Market Dynamics
Heavy use of artillery in the Russia-Ukraine war is the primary driver, with Ukraine's needs met through transfers from allied stocks, allied-funded purchases, and new output; Czech officials reported that the Czech-led initiative delivered around 1.5 million rounds in 2024 and 1.8 million in 2025. Refilling NATO and allied stocks drawn down by decades of cuts and by transfers adds years of elevated demand. Higher defense budgets support the long-term outlook, as NATO members agreed in 2025 to a defense spending target of 5% of GDP by 2035, and South Korea, Japan, Taiwan, Australia, and India are adding to reserves. Public funding for new plants is a further driver; the EU's Act in Support of Ammunition Production (ASAP) assigned about EUR 500 million to 31 projects in March 2024, and the U.S. Army plans to reach 140,000 load-assemble-pack rounds per month by December 2027.Supply bottlenecks are the main restraint, with the Inspector General naming projectile metal parts as the factor holding back U.S. output and the European Commission listing gunpowder, propellants, and explosives as critical shortfalls. New plants need large capital outlays, special equipment, safety approval, and skilled labor, and take years to reach full rate, so producers hesitate to invest without long-term orders. The largest challenge is the risk that demand settles back once stocks are rebuilt or the war ends, leaving surge capacity idle. Price inflation in energy, steel, and energetics, and the time needed to qualify new lines and suppliers under different national standards, are further challenges.
Opportunities include the wider use of precision-guided and extended-range rounds, which raise accuracy, reduce rounds per target, improve gun survivability, and carry much higher unit values. The switch by Ukraine and several eastern NATO armies from Soviet-era calibers to the 155mm NATO standard creates a lasting demand base, and joint and multinational purchasing, such as the Czech-led initiative and EU joint procurement, offers larger and longer contracts. Key trends include multi-year framework contracts that give producers the certainty to invest, localization of production in allied countries and in Ukraine, such as Czechoslovak Group's venture with Ukrainian Armor, and investment in national supplies of explosives, propellants, and nitrocellulose.
Segment Analysis
The report analyzes the market by caliber, ammunition type, component, platform, procurement channel, end user, and geography, helping stakeholders identify where volume and value growth will be concentrated.By caliber, the study covers 155mm, 105mm, 152mm & 122mm, 120mm mortar, 81mm & 60mm mortar, and other calibers. The 155mm caliber is expected to hold the largest share in 2026, as it is NATO's standard artillery round, Ukraine fires it in very large numbers, and the U.S. and Europe have focused most new capacity on it. The 155mm caliber is also set to post the highest CAGR, as Ukraine and armies in Central and Eastern Europe retire Soviet-era guns and countries around the world continue to buy 155mm howitzers. Demand for 152mm and 122mm rounds is expected to fade over time as these older systems are retired.
The ammunition type analysis spans high-explosive, extended-range, precision-guided (guided projectiles and precision guidance kits), smoke & illumination, training & practice, and other types. High-explosive rounds are expected to lead in 2026, as they provide the bulk of sustained fire and make up most of the volume needed to refill stocks. Precision-guided ammunition is set to grow the fastest, because accurate rounds are prized against high-value targets, cut the number of shells needed per mission, and sell at far higher unit prices. Extended-range rounds are also gaining ground as armies seek to outrange counter-battery fire.
By component, the report examines projectiles, fuzes, propellant charges, energetics & explosive fill, and primers & cartridge cases. Projectiles are expected to hold the largest share in 2026, since the forged and machined shell body accounts for a large part of the value of each round and metal parts have become a key constraint on output. Energetics & explosive fill is set to record the highest CAGR, as governments and producers invest in new explosives and propellant plants to fix supply shortfalls, with ASAP funds supporting projects such as Chemring Nobel's expansion in Norway. Programmable and multi-function fuzes add value as forces adopt more advanced rounds.
Platforms covered are self-propelled howitzers, towed howitzers, wheeled & truck-mounted howitzers, mortars, and naval guns. Self-propelled howitzers are expected to lead in 2026, owing to the large fleets of tracked systems operated by NATO and Asia-Pacific armies, which consume high volumes of 155mm ammunition. Wheeled & truck-mounted howitzers are set to grow at the highest CAGR, as armies buy mobile systems that can fire and move quickly to avoid counter-battery fire, a lesson reinforced by the fighting in Ukraine. Mortars remain a high-volume user of smaller-caliber rounds.
By procurement channel, the study covers domestic procurement, foreign military sales & exports, and coalition & aid procurement. Domestic procurement is expected to hold the largest share in 2026, as armed forces rebuild national stocks and governments favor home producers for security of supply. Foreign military sales & exports are set to grow the fastest, supported by new export capacity in Europe and South Korea and by demand from countries without their own production. Coalition and aid buying, led by the Czech-led initiative, has become a distinct channel for supplying Ukraine.
Among the end users covered (the army, marine corps, and navy), the army is expected to lead in 2026, as land forces operate nearly all howitzers and mortars and account for most stock rebuilding. The marine corps is set to record the higher CAGR, driven by upgrades to expeditionary artillery and greater focus on littoral operations. Naval guns form a smaller, specialized demand stream.
Regional Analysis
The report covers Europe, North America, Asia-Pacific, the Middle East & Africa, and Latin America, with analysis of 21 countries, the Nordic countries, and five rest-of-region groups. The analysis considers wartime demand, stockpile targets, defense budgets, local production capacity, and export activity.Europe is expected to hold the largest share in 2026, supported by supply to Ukraine, stock rebuilding by European NATO members, EU funding through ASAP and later instruments, and large capacity additions by Rheinmetall, Nammo, KNDS, BAE Systems, and Czechoslovak Group. Rheinmetall's Unterlüß plant in Germany, for example, is expected to produce about 140,000 rounds in 2026 and up to 350,000 rounds a year at full capacity. North America also holds a significant share, driven by U.S. Army spending on 155mm production, stock refills, and foreign military sales, with output rising from about 14,000 rounds a month before the war and new plants planned in Kansas and Arkansas.
Asia-Pacific is set to grow at the highest CAGR, as South Korea has become a major producer and exporter, while Japan, Taiwan, Australia, and India are raising artillery reserves amid regional tension, and China's large domestic purchasing is included in the regional market. The Middle East & Africa and Latin America hold smaller shares, with Middle Eastern demand tied to ongoing security needs and Türkiye expanding as a producer and exporter of 155mm rounds, and Brazil leading Latin American demand.
Competitive Landscape
The report reviews key growth strategies, competitive benchmarking, and the competitive dashboard, which groups companies into industry leaders, market differentiators, vanguards, and emerging companies, along with a 2025 market share/rank analysis. Company profiles cover business overview, financials, product portfolio, strategic developments, and SWOT analysis.The market is moderately consolidated, with large defense primes, specialist ammunition makers, government-owned plants and their operators, and component and energetics suppliers all competing. Key factors are output capacity and delivery speed, secure access to energetics and metal parts, qualification on major gun systems, price, guided and extended-range offerings, and readiness to produce locally. Leading firms are adding capacity, signing long-term frameworks, buying storage and component capability, building plants in customer countries, including Ukraine, and forming partnerships with energetics suppliers and national industries. Recent activity includes Rheinmetall's investment of almost EUR 500 million in Unterlüß, Czechoslovak Group's role as a main supplier to the Czech-led initiative, and ASAP-backed explosives expansion at Chemring Nobel.
Key companies profiled in the report include Rheinmetall AG (Germany), General Dynamics Corporation (U.S.), BAE Systems plc (U.K.), KNDS N.V. (Netherlands), Nammo AS (Norway), Czechoslovak Group a.s. (Czech Republic), Hanwha Aerospace Co., Ltd. (South Korea), Poongsan Corporation (South Korea), Elbit Systems Ltd. (Israel), Diehl Defence GmbH & Co. KG (Germany), Chemring Group PLC (U.K.), Northrop Grumman Corporation (U.S.), RTX Corporation (U.S.), Polska Grupa Zbrojeniowa S.A. (Poland), Munitions India Limited (India), Makine ve Kimya Endüstrisi A.Ş. (Türkiye), Day & Zimmermann (U.S.), and China North Industries Group Corporation Limited (NORINCO) (China).
How This Report Helps
- Provides reliable market size estimates and long-term forecasts for the global artillery ammunition market through 2036.
- Explains how the war in Ukraine, stockpile rebuilding, and higher defense budgets are shaping demand.
- Assesses the impact of metal parts and energetics bottlenecks, plant lead times, and post-rearmament demand risk.
- Identifies high-growth opportunities across caliber, ammunition type, component, platform, procurement channel, end user, and region.
- Tracks production capacity by region and technologies such as guidance kits, extended-range rounds, modular charges, and insensitive munitions.
- Benchmarks primes, specialist ammunition makers, and energetics suppliers on capacity, products, and strategies.
- Supports capacity planning, partnership, export, and investment decisions for manufacturers, suppliers, governments, and investors.
Key Questions Answered
- How large is the global artillery ammunition market today, and how fast will it grow through 2036?
- How much has wartime demand from Ukraine changed production and procurement in the U.S. and Europe?
- What are the main drivers, restraints, opportunities, challenges, and trends shaping the market?
- How quickly can new capacity close the gap between demand and supply, and what limits it?
- Which caliber, ammunition type, component, platform, procurement channel, and end user segments will grow the fastest?
- How will demand change once stockpiles are rebuilt or the war in Ukraine ends?
- Which regions and countries offer the most attractive opportunities, including export markets?
- Who are the leading companies in the market, and how do they compare?
- What capacity investments, framework contracts, and partnerships are shaping competition?
Table of Contents
1. Introduction
2. Research Methodology
4. Market Overview
5. Artillery Ammunition Market, by Caliber
6. Artillery Ammunition Market, by Ammunition Type
7. Artillery Ammunition Market, by Component
8. Artillery Ammunition Market, by Platform
9. Artillery Ammunition Market, by Procurement Channel
10. Artillery Ammunition Market, by End User
11. Artillery Ammunition Market, by Geography
12. Competitive Landscape
13. Company Profiles
14. Appendix
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Rheinmetall AG
- General Dynamics Corporation
- BAE Systems plc
- KNDS N.V.
- Nammo AS
- Czechoslovak Group a.s.
- Hanwha Aerospace Co., Ltd.
- Poongsan Corporation
- Elbit Systems Ltd.
- Diehl Defence GmbH & Co. KG
- Chemring Group PLC
- Northrop Grumman Corporation
- RTX Corporation
- Polska Grupa Zbrojeniowa S.A.
- Munitions India Limited
- Makine ve Kimya Endüstrisi A.Ş.
- Day & Zimmermann
- China North Industries Group Corporation Limited
