NAICS 332993 Quarterly Industry Report
Ammunition (except Small Arms) Manufacturing
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 332993Sector: 33Updated: Q1 2026
About This Report
This Fair Market Value industry report covers NAICS 332993 (Ammunition except Small Arms Manufacturing) using the 2022 North American Industry Classification System. Data sources include the U.S. Census Bureau[5] NAICS classification documentation, Bureau of Labor Statistics[6] employment data for ordnance manufacturing, and SBA size standard tables. Content addresses industry structure, regulatory context, and market dynamics for establishments primarily engaged in manufacturing large-caliber ammunition and military ordnance products.
Industry Snapshot
Key metrics for the ammunition (except small arms) manufacturing industry.
Industry Definition & Overview
Ammunition (except Small Arms) Manufacturing (NAICS 332993) encompasses establishments primarily engaged in manufacturing ammunition and ordnance exceeding 30 mm in caliber or 1.18 inches in diameter. Products include bombs, depth charges, rockets (excluding guided missiles), grenades, mines, torpedoes, and chemical warfare projectiles, along with their component parts. According to the Census Bureau[5], this classification specifically excludes small arms ammunition (30 mm or less) and guided missiles. The sector operates almost exclusively within the defense industrial base.
Manufacturing processes demand specialized facilities with secure perimeters, blast-resistant structures, and extensive safety protocols for handling energetic materials. Production involves precision stamping, metal forging, propellant loading, and multi-stage assembly under strict quality controls. Facilities must comply with federal regulations governing explosives manufacturing, transportation, and storage. The workforce requires specialized training in ordnance handling and safety procedures. Entry barriers are steep.
Demand flows primarily from Department of Defense procurement and foreign military sales through approved government channels. Recent military modernization programs have driven substantial capacity expansion, particularly for 155mm artillery shell production following increased usage rates in global conflicts. Government-owned contractor-operated plants supplement private manufacturer capacity during high-demand periods. Raw material inputs include brass, copper, steel, and advanced metallurgical alloys, with supply chain stability directly affecting production schedules and contract fulfillment timelines. Bureau of Labor Statistics[6] data shows employment concentrated at facilities in the South and Midwest regions, near military testing ranges and established logistics networks.
What's Included in This Industry
- Bombs and bomb components for aerial delivery systems
- Depth charges and underwater ordnance devices
- Rockets and rocket warheads (excluding guided missiles)
- Hand grenades and grenade launcher ammunition
- Land mines and naval mines with detonation assemblies
- Torpedoes and torpedo components
- Artillery shells and projectiles exceeding 30 mm caliber
- Chemical warfare projectiles and delivery devices
- Ordnance component parts including cases, primers, and fuzes
- Loading and assembly operations for large-caliber ammunition
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Fabricated Metal Product Manufacturing | 332 |
| Industry Group | Other Fabricated Metal Product Manufacturing | 3329 |
| NAICS Industry | All Other Fabricated Metal Product Manufacturing | 33299 |
| National Industry | Ammunition (except Small Arms) Manufacturing | 332993 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 332992 | Small Arms Ammunition Manufacturing | Manufactures small arms ammunition of 30 mm or less in caliber including rifle, pistol, and shotgun cartridges, distinguished from large-caliber ordnance by the 30 mm threshold and predominantly civilian market orientation |
| 332994 | Small Arms, Ordnance, and Ordnance Accessories Manufacturing | Produces small arms, ordnance accessories, and firearms designed to fire small-caliber ammunition, sharing defense procurement channels but focused on weapons systems rather than ammunition production |
| 325920 | Explosives Manufacturing | Manufactures explosives, detonators, and propellant compounds used as energetic fills and propelling charges in large-caliber ordnance, serving as a critical upstream supplier of chemical inputs |
| 336414 | Guided Missile and Space Vehicle Manufacturing | Produces guided missiles and space vehicles with advanced propulsion and guidance systems, distinguished from unguided rockets and ordnance by electronic guidance technology and higher system complexity |
| 332111 | Iron and Steel Forging | Performs iron and steel forging operations producing shaped metal components used in ordnance casings, projectile bodies, and bomb housings through hammering and pressing processes |
| 332999 | All Other Miscellaneous Fabricated Metal Product Manufacturing | Manufactures miscellaneous fabricated metal products including specialty components and subassemblies used in ordnance production but not classified as primary ordnance manufacturing operations |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Texas | 32.4% | 12 |
| 2 | Pennsylvania | 13.5% | 5 |
| 3 | Florida | 13.5% | 5 |
| 4 | Wisconsin | 10.8% | 4 |
| 5 | Ohio | 10.8% | 4 |
| 6 | Tennessee | 10.8% | 4 |
| 7 | Arizona | 8.1% | 3 |
% Of Establishments
0%
32%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
8
Total SBA Loans
$1.4M
Total Loan Volume
$181K
Average Loan Size
10 yrs
Average Loan Term
10.25%
Average Interest Rate
16
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The Small Business Administration[7] establishes the size standard for NAICS 332993 at 1,500 employees. Firms averaging 1,500 or fewer employees over the preceding 24 months qualify as small businesses for federal contracting set-asides, SBA loan programs, and government procurement preferences. This employee-based threshold reflects the specialized capital requirements and security compliance demands of ordnance manufacturing. Defense contractors in this classification must also maintain appropriate security clearances and cybersecurity certifications to participate in Department of Defense supply chains. Eligible businesses can access SBA 7(a) loans[8] for working capital, equipment, and acquisition financing, while 504 loans[9] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Midwest Regional Bank | 8 | $1.4M | $181K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 332993?
NAICS 332993 classifies establishments primarily engaged in manufacturing ammunition and ordnance exceeding 30 mm in caliber. This includes manufacturers of bombs, depth charges, rockets (excluding guided missiles), grenades, mines, torpedoes, and artillery projectiles. Component manufacturers producing cases, fuzes, and projectile bodies for large-caliber ordnance also fall under this classification. The Census Bureau NAICS definition[5] specifies the 30 mm caliber threshold as the dividing line from small arms ammunition.
How is the large-caliber ammunition manufacturing industry structured?
The industry operates within the defense industrial base with a mix of government-owned contractor-operated facilities and private manufacturers. Major production centers include army ammunition plants operated under government contracts and private defense companies holding procurement agreements. The customer base is almost exclusively governmental, including Department of Defense branches and approved foreign military sales recipients. High security clearance requirements and specialized facility needs create substantial barriers to entry.
What is the SBA size standard for NAICS 332993?
The SBA establishes a size standard of 1,500 employees for this classification. Firms averaging 1,500 or fewer employees over the preceding 24 months qualify as small businesses for federal contracting purposes, SBA loan eligibility, and government procurement set-asides. This threshold accounts for the specialized workforce and facility requirements typical of ordnance manufacturing. Full size standard details appear in the SBA size standards table[7].
What NAICS codes are closely related to ammunition (except small arms) manufacturing?
NAICS 332992 covers small arms ammunition (30 mm or less), representing the adjacent lower-caliber segment. NAICS 332994 covers firearms and ordnance accessories manufacturing. Many 325920 covers explosives manufacturing, providing propellants and detonating compounds. NAICS 336414 covers guided missile manufacturing, distinguished by electronic guidance systems. NAICS 332111 covers iron and steel forging used in ordnance component production.
What industries depend on large-caliber ammunition manufacturers?
Department of Defense branches represent the primary customer base, procuring artillery shells, bombs, and ordnance for training and operational requirements. Foreign allied nations purchase through approved foreign military sales programs managed by the Defense Security Cooperation Agency. Military vehicle manufacturers integrate ordnance systems into armored combat platforms[10], creating weapon-ammunition compatibility requirements.
What activities and products does NAICS 332993 include?
Covered products include bombs, depth charges, unguided rockets, hand grenades, land mines, naval mines, torpedoes, artillery shells, and chemical warfare projectiles. Manufacturing activities encompass metal forging and stamping of ordnance bodies, propellant loading, fuze assembly, and final ordnance assembly. Component manufacturing for cases, primers, and detonation assemblies is included when performed as a primary activity. Guided missiles fall under NAICS 336414, and small arms ammunition under NAICS 332992.
Are ordnance manufacturers eligible for SBA loans and contracting preferences?
Yes, ordnance manufacturers meeting the 1,500-employee threshold qualify for SBA 7(a) and 504 loan programs supporting equipment acquisition, facility construction, and working capital needs. Small business contracting set-asides through the SBA contracting programs[11] provide procurement advantages in defense contracts. Manufacturers must also obtain required security clearances and meet cybersecurity certification requirements for defense work.
Where is large-caliber ammunition manufacturing concentrated in the United States?
Production concentrates at government-owned ammunition plants and private defense manufacturing facilities across multiple states. Army ammunition plants in states including Iowa, Mississippi, and Pennsylvania handle large production volumes under contractor operation. Private manufacturers maintain facilities near military installations and testing ranges. Geographic distribution reflects historical defense industrial planning, access to testing facilities, and proximity to raw material suppliers. According to BLS data[6], ordnance manufacturing employment clusters in the South and Midwest.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]Small Business Administration sba.gov
- [8]SBA 7(a) loans sba.gov
- [9]504 loans sba.gov
- [10]armored combat platforms census.gov
- [11]SBA contracting programs sba.gov
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