Bullet-proof glass is also known as bullet-resistant glass that is a crucial component of security system found where security is mandate such as a bank, ATM booths, defense sector, and other public places. Bullet-proof security glasses are produced from different materials such as acrylics, polycarbonates, thermoplastics, and glass-clad polycarbonates. They are also installed across automotive &transportation industry. Financial services industry, automotive industry, construction industry, marine, and aerospace are some of the major end-user industry of the bullet-proof security glass.
The global bulletproof security glass market valued 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).
Growing demand for safety and security due to rising geopolitical tensions around the globe is projected to propel the market growth of bullet-proof glass. Moreover, ongoing urbanization around the globe and improvement in the construction materials that comes with value-added features for safety and security are further anticipated to foster the market growth of the bullet-proof glass. Furthermore, rising demand for enhanced security across workplace such as government offices, federal buildings, bank, etc. is also presumed to boost the market growth of the bullet-proof security glass.
Rising focus of manufacturer on improvising quality with new materials is projected to offer immense growth opportunity to the market of bullet-proof glass. Moreover, growing safety and security concern around the globe due to political scenario and rising terrorist activities is encouraging manufacturer to introduce new product will new materials. This is expected to foster the market growth of bullet-proof security glass
Increasing implementation of the green standard would limit the usage of Bulletproof Security Glass across federal buildings such as prisons, courthouses, and other government places is hampering market growth. For instance, in 2012, the U.S. Green Business Council (USGBC) proposed changes in the environmental design program of the Federal government. The Leadership in Energy & Environmental Design (LEED) developed by USGBC provides guidelines to limit the negative environmental impact of building construction. These include limiting the use of shatter-resistant glass in federal buildings such as prisons, courthouses and other government buildings.
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Financial service industries segment dominated the global bulletproof security glass market in 2020, accounting for 45.99% share in terms of value, followed by Automotive and Construction Industry, respectively. The need to ensure maximum safety of financial institutions and reduce risks to human life is expected to drive the market across the globe.
Growing introduction of automobiles with bullet-proof glass window is a major trend that has been observed in the market and this trend is expected to foster the market growth of bullet-proof glass over the forecast period. For instance, in August 2018, Mercedes-Benz launched the 2018 INKAS Mercedes-Benz G63 AMG is a stunning bullet-proof armored SUV limousine at a price of one million euros. Therefore, increasing launch of automobiles with bullet-proof glass is expected to foster market growth over the forecast period.
Increasing focus of manufacturers in expanding the production facility for increasing the production of bullet-proof glass is expected to propel the market growth. For instance, in January 2015, Turkish glass manufacturer Uğurlu Oto Cam, which is known for selling Bulletproof Security Glass for Hummer cars has attracted investment from Poland. Syntaxis Capital, a Polish investment fund, invested TL 40 million ($16.6 million) in Uğurlu. Therefore, rising such investment is expected to propel the market growth.
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Global Bulletproof Security Glass Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has adversely affected the global automobile industry, thereby affecting the demand for the global bullet-resistant glass market. The disruption in the supply chain of raw materials across the globe also subsidized the slowdown of the market and resulted in the supply-demand gap. Thus, hampering the production rate of bullet-resistant glasses and negatively impacting the market growth. The construction sector was also affected by the sudden pandemic situation. Major construction projects were halted during the lockdown, due to which demand for specialized material such as Bulletproof Security Glass was hampered. The global demand for Bulletproof Security Glass is driven by the upsurge in menace to public safety. The evolving global financial infrastructure coupled with the rising security concerns is expected to boost the market of bullet-resistant glass.
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