Yes, you are right, I also mentioned same thing and already said armor amounts are low. I did many many tests with different armor amounts, and "low" was my conclusion in simple words.However, to me %35 is not enough. You need thousands to be invincible, this seems like not relevant but, it clearly shows us sky is the limit when it comes to armor.
There are 4 types of armor in game; head, body, arm, legs. I think, most heavily armored unit should have 155 for body and 100-155 for other types. And it should scale down to 30 for lowest protection armor like fur coats, 5-10 for non-protecting clothing and finally zero for naked. (While doing that, considering the materials -as you said- should be required of course.)
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Edit: If devs implement such thing and change armor amounts, there will be other people to complain about how long are the battles and how overpowered are some units. This is a double-edged knife, you can't make everyone happy. At this point, mods take command to make more people happy with the game they are playing.
With that +35% I have been quite conservative
