Bulletproof glass is also referred to as ballistic resistant glass and is made up of transparent materials that are capable of resistance to any damages caused due to bullets. Bullet-proof glasses are mainly produced by using layers of laminated glass. These glasses are majorly used across military, automotive, construction, and banking & finance sector. Governments across various countries are installing bullet-proof glass owing to rising-terrorist attacks and enhance the security of people.
The global bulletproof security glass market was valued at US$ 3,711.8 Mn in terms of revenue in 2020 and is predicted to grow at a CAGR of 8.9% during the forecast period (2021 to 2027).
Expanding automotive industry around the globe coupled with the increasing demand for a luxury vehicle is predominantly fueling the market growth of bullet-proof security glass. According to the European Automobile Manufacturers Association, around 98.1 million motor vehicles were produced around the world in 2018 and more than 80 million passenger cars were produced around the world in 2017. Hence rising production of automobiles around the world is projected to propel the market growth of bullet-proof security glass.
Booming financial industry worldwide is expected to foster the market growth of bullet-proof glass. The financial institution is highly prone area for terror-attacks and robbery and hence bullet-proof glass is mandatory across all the financial sectors. According to the International Trade Administration, by the end of 2018, the U.S. banking system had $17.9 trillion in assets and a net income of $236.8 billion. The sector supports the world’s largest economy with the greatest diversity in banking institutions and concentration of private credit anywhere in the world.
Asia Pacific region dominated the global bulletproof security glass market in 2020, accounting for 34.33% share in terms of value, followed by North America and Europe, respectively.
Figure 1. Global Bulletproof Security Glass Market, Revenue Share (%), By Region, 2020
Increasing energy-cost during the manufacturing of bulletproof glass is expected to restrict the market growth of bullet-proof glass. The glass production process is energy-intensive and consumed lots of energy and for this players are focusing on R &D activity to develop the innovative and cost-effective technologies to save energy and maintain their margins and to survive in the competition. This factor is expected to hinder the market growth of bullet-proof glass.
The high cost of the raw materials used for the manufacturing of bullet-proof glass is projected to limit the market growth of the bulletproof glass. The increasing cost of raw materials such as polycarbonates-is an engineering plastic material for the production of bulletproof glass is hampering the product demand. Therefore, the rising cost of raw materials that are used for the manufacturing of bullet-proof glass is expected to restraint market growth.
Increasing application of bullet-proof glass across aerospace and marine industry that involves high-pressure environment and such glass offers excellent shatter resistance and can withstand high pressure is expected to offer lucrative growth opportunity. Moreover, it can be molded into the complex structure without compromising on the quality and strength of the materials. Hence, rising usage of bullet-proof glass across aerospace and marine industry due to its excellent property is expected to foster market growth.
Increasing installing of bullet-proof glass in convenience stores is expected to provide potential opportunities. This is because it often stays open for 24 hours and most of the time this locations have difficult times. By adopting a bullet-resistant product across convenience store can enhance the safety of the store as well as worker. Therefore, the rising number of convenience stores that often stay open 24 hours is projected to propel the market growth of the bullet-proof glass over the forecast timeframe.
Figure 2. Global Bulletproof Security Glass Market – Opportunity Analysis
On the basis of end-user type, Financial Services Industry dominates the global bulletproof security glass market in 2020 with around 45.99% of market share in terms of revenue, followed by Automotive Industry and Construction Industry, respectively. The Financial Services Industry market is valued at US$ 1707.1 Mn and is expected to grow at a CAGR of 9.10% between 2021 and 2027.
|Base Year:||2020||Market Size in 2021:||US$ 3,711.8 Mn|
|Historical Data for:||2017 to 2019||Forecast Period:||2021 to 2027|
|Forecast Period 2021 to 2028 CAGR:||8.9%||2028 Value Projection:||US$ 6,630.1 Mn|
Asahi Glass Co., Ltd., China Specialty Glass AG, Nippon Sheet Glass Co. Ltd., Saint-Gobain S.A., China Glass Holdings Ltd., PPG Industries, Inc., Taiwan Glass Ind. Corp., Apogee Enterprises, Inc., ?i?ecam, Guardian Industries Corp
|Restraints & Challenges:||
Figure 3. Global Bulletproof Security Glass Market, Revenue Share (%), By End-Use Industry, in 2020
Market Trends/Key Takeaways
The rising launch of innovation in the bullet-proof glass by the manufacturer to enhance safety is gaining traction in the market. For instance, In February 2017, Abu Dhabi-based Al Heya Special Glass Factory launched its first 'Made in UAE' blast and bullet resistance glass at the Idex 2017 held in Abu Dhabi. Hence, the increasing launch of innovation in the bullet-proof glass is expected to propel the market growth of bullet-proof security glass.
Increasing installation of bullet-proof glass by big organization in order to enhance the safety of the worker is projected to augment market growth over the forecast period. For instance, in December 2018, Pacific Gas & Electric Co. has installed bullet-proof glass at its customer service center in Redding for enhancing the safety of the customers and employees. Hence, rising initiatives of the by the organization for improving the security system is expected to propel the market growth.
Global Bulletproof Security Glass Market - Impact of Coronavirus (Covid-19) Pandemic
The growth of the bulletproof glass market is directly proportional to the growth in the end-user market. The demand for products from the automobile industry, particularly, the premium vehicle with value-added features contributes to the growth of the bullet-resistant glass market. COVID-19 has adversely affected the global automobile industry, thereby affecting the demand for the global bullet-resistant glass market. The abrupt halt in the supply chain, production plants in the automobile sector has led to the decline in demand for the bulletproof market.
Bulletproof glass is mainly used in the construction and automotive industry. Any impact on these industries has a direct implication on the bulletproof glass market. Due to a dip in construction and infrastructure activities, the demand for bulletproof glass has faced a decline globally.
Bulletproof glass, ballistic glass, transparent armor, or bullet-resistant glass is a strong and optically transparent material that is particularly resistant to penetration by projectiles. Like any other material, it is not completely impenetrable. It is usually made from a combination of two or more types of glass, one hard and one soft. The softer layer makes the glass more elastic, so that it can flex instead of shatter. The index of refraction for both of the glasses used in the bulletproof layers must be almost the same to keep the glass transparent and allow a clear, undistorted view through the glass. Bulletproof glass varies in thickness from 3⁄4 to 3+1⁄2 inches (19 to 89 mm).
Premium vehicles to emerge as a highly contributing application area in the global bulletproof security glass market. The growing need of security in every sphere has marked the growth of bulletproof security glass market. It is finding its way in various applications like armored cash truck, ATM booths, premium vehicles, banks, and others. While a majority areas of developed regions demand bulletproof security glass in as many applications as possible, developing economies are also witnessing significantly growing demand following the increasing need for reliable security.
The need to ensure maximum safety of financial institutions and reduce risks to human life is expected to drive the market across the globe. The new horizons of financial services and organizations, have improved the prospects of bulletproof glass application, including several new smaller subsequent financial authorities that require high-end security. The infrastructural development in the financial sector is higher in the budding economies, such as India & China. The market will thus possibly encounter with higher growth opportunities in these markets.
Various regions across the globe have laws that prohibit the use of bulletproof security glass. Philadelphia has attempted to enact laws prohibiting the use of bulletproof security glass in the infrastructure of certain businesses, owing to illegal functioning of restaurants as bars, and illegal supply of liquor, both of which attract large crowds that may prove to be a public nuisance. Further, manufacturers operating in developing regions do not seem to meet the international quality standards primarily owing to insufficient R&D investment, which ultimately affects the export activities.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.