iCrowd Newswire – Oct 23, 2020
Bulletproof Glass Market size is forecast to reach $8.36 Billion by 2025, after growing at a CAGR of 13.7% during 2020-2025. Bulletproof glass is an armor which is transparent and offers its users high protection. Since the bullet-resistant product has become a primary necessity for safety problems in different industries. The demand for bullet-proof glass in the forecast is motivated by public safety and security issues. Further, increases the overall market demand during forecast period.
Application – Segment Analysis
Defense segment has been the primary market for Bulletproof Glass for many years at a CAGR. Bullet-Proof glasses are used to defend ballistic ally from all potential attacks. The military around the globe uses such transparent armors extensively. As of 2019, the US has more than USD 675 billion in its largest military budget in the world. About 8.8 percent of Saudi Arabia’s most important GDP in the world spends on defense. Bulletproof lenses are constructed out of a thermoplastic film of laminated glass. The requisite degree of protection also defines the bullet-resistant glass thickness. Since the thicker, splinter and stronger bulletproof glass is faced with a greater threat from military vehicles than civil ones, it is designed to be mounted. In addition, structures such as cabinets with special bulletproof view windows have also been built. During the forecast period, all the above-mentioned factors should drive the bulletproof glass market.
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End Use – Segment Analysis
Automotive segment has been the primary market for Bulletproof Glass for many years at a CAGR 12.6%. Bullet-resistant glass is one of the most important component of a passenger armored vehicle; most shooters aim at the windows because they can see through it. The ballistic glass is made of highly resistant, optically advanced, and transparent materials which in combination can stop most of the bullets available in the world today. A combination of several layers of glass and avant-garde flexible, transparent materials provide for the best of optics and protection ranging from low-level hand-gun to high power rifle ballistic protection. Unfortunately, bullet resistance, for both windshields and side windows, does come with a higher price tag than standard windshields and side windows, armored windows. It also makes a vehicle heavier. It is more expensive to manufacture and, if broken, more expensive to replace. These vehicles usually are retrofitted with bullet-resistant glass as factory installation by automobile manufacturers is extremely limited and generally reserved for luxury brands like Audi, BMW and Mercedes.
Geography – Segment Analysis
North America dominated the Bulletproof Glass Market share with more than 46%, followed by APAC and Europe. The U.S. is the biggest manufacturer of bulletproof glass and exporter. It also has a high military budget and is the main user of such glasses. In 2018 US defense expenditures amounted to USD 621.7 billion, and in 2019 increased to over USD 675 billion. In 2019, the number of vehicle sales in Canada decreased by 3.6% Y-o-year over 2018 and reached a total of 1,914,357 vehicles. One of the reasons for the high demand for bullet-proof glasses in the area is the rise in the number of robberies and burglaries in the US. Such factors, coupled with public interest, contribute in the forecast period to growing demand in all the listed sectors for bullet-proofing glasses.
Drivers – Bulletproof Glass Market
Need for security
There is a growing need for safety and protection. Present criminal activity and terrorist attacks give the bulletproof glass market a great deal of growth. In many industries, such as banking, finance, construction, science, air traffic control, government and education, bullet-proof glasses are in great demand due to the rising security requirements. The key features of this development are the rise of crime terrorist attacks and vehicle developments to improve security. In addition, there was the evident growth of the demand for bulletproof glass in homeless spaces, government protection, and the transport of valuable packages and so on.
The growth of the bullet proof glass market in India is expected to have a major effect on rising economic production and investment in defense as well as the growth of the construction, the financial and the automotive sectors. The automotive industry is India’s largest end user of bullet-proof glass with more and more HNWIs opting for armored vehicles and the need for bullet-proof glass. Moreover, ongoing financial-sector infrastructure developments are providing bullet-resistant glass manufacturers in India with numerous opportunities, as financing institutions are vulnerable to burglary and vandalism, particularly in rural regions.
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Challenges – Bulletproof Glass Market
Various factors restricting the market
Incompliance with international standards of quality, high prices of raw materials and low-cost imports from China, locally produced bullet resistant glass are factors that would adversely hinder China’s bullet resistant market growth during the forecast period. The downward or stagnant Defense budgets are depending on as constraints on the growth of the bulletproof glass markets for the significant economies of the world, including Canada, the United States, the U.K., France, Germany, Japan and Italy.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Bulletproof Glass Market. Major players in the Bulletproof Glass Market are Asahi Glass Co., Ltd., China Specialty Glass AG, Nippon Sheet Co., Ltd., Saint-Gobain S.A., Consolidated Glass Holdings, Inc., Total Security Solutions, SCHOTT AG, and D.W. Price Security, Smart glass International Ltd., Apogee Enterprises, Inc., and National Glass, among others.
In March 2017, Wingate Partners, the U.S. based investment firm acquired Binswanger Glass, the U.S. based leading producers of glass solutions. With this acquisition, the investments by Wingate Partners will help Binswanger Glass to grow in the existing as well as in the new market.
The reasons for demand growth are the government’s initiatives to encourage bullet proof glass use and the proof glass manufacturer’s heavy investment.
A typical bullet proof glass consists of different layers of thermoplastics and laminated glass that form a dense bullet-proof crystal. When a bullet enters, the stresses associated with the impact the bullet creates on the glass can very easily be treated. Such bullet proof glasses have such advanced characteristics as the preferred option in large numbers of military bases and other cars with blinds.
Growth in the military segment will be guided by increasing the use of bulletproof glass in military installations, bomb disposal, mine detection and intelligence control, combat tanks, and infantry vehicles.
The key trends found in the bullet-resistant glass market in India focus players on providing customer solutions for bulletproofing, collaborating with security organizations, and focusing on providing value-added goods that include additional features such as heat insulation / fireproof and UV protection.
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