When Steel came along Iron as an armor was dropped like a hot potato. I would fully expect that as armor advances in the far future that the military would demand the best regardless of the price, while the civilians would do with a balance of effectiveness for cost, which since all armor now has the same volume and is "free", although the cost is in cargo room. I suspect that most commercial shipping would have only the first layer anyway.
Actually, when steel became more widely available, there was about a 10 to 15 year period where the merits of wrought iron verses steel armor verses a compound armor of steel and wrought iron were argued out. King's
Warships and Navies of the World 1880 has an extensive discussion of the various armor and gun tests of the period. While the military can demand the best regardless of the price, the government has the final say, and the miltary may not get what they want. The British government was renowned for being parsimonious when it came to expenditures on the Navy. The battleship
HMS Inflexible of the 1870s was what they Royal Navy wanted for follow-on ships. What they got were two marginally cheaper vessels that were smaller, and are widely regarded as the two worst battleships ever built for anyone, much less the Royal Navy. The
Inflexible took 7 years to build, between the cost and arguments over the design, so was borderline obsolescent when completed. She did achieve a rare feat for a Royal Navy Victorian battleship of firing her guns in anger during the bombardment of Alexandria in 1882. Her captain at the time was this individual named Jackie Fisher.
Fortunately for the Royal Navy in World War One, Fisher's demands for ships were vetoed by the government. He wanted a navy composed of battlecruisers, destroyers, and very large submarines, and nothing else. He never did understand about ship costs verses government budgets.
Edit Note: As for merchant ships, armor is a waste of money as it generates no revenue, but only adds to costs. I go with having the basic ship hull, and that is it. A merchant ship is not in the business of fighting, but earning money.