Bullet-resistant glass is a high-performance glass that can withstand any damage from bullets. They are produced using ballistic materials such as acrylic, polycarbonate, thermoplastic, and glass-clad polycarbonate. They are widely installed across the aerospace, financial services, construction, automotive, and marine industries. They are used for security purposes as they resist more than one bullet depending on the thickness of the glass. Due to its advantages in terms of security, bullet-resistant glass has become a key element across various industries.
India bullet-resistant glass market was valued at over INR 8.9 billion in 2022 and is predicted to grow at a CAGR of 10.2% over the forecast period (2023 to 2030).
Drivers
- Increasing implementation of national policies and regulations
The increasing implementation of national policies and regulations due to the growing number of attacks at the defense, financial, and various private institutions is expected to augment the India bullet resistant glass market growth. Moreover, some state governments have mandated the installation of bulletproof glass across banks, security guard cabins, research centers, and toll booths. The rising implementation of such initiatives from the government are expected to foster India bullet resistant glass market growth.
Market Opportunities
- Growing investments in research and development programs by manufacturers
Growing investments in research and development programs by manufacturers to expand their product portfolios with the launch of innovative products are expected to propel the India bullet resistant glass market growth. Moreover, the rising number of production facilities in India to increase the production of bullet-resistant glass is further expected to drive the India bullet-resistant glass market growth.
Market Restraints
- High cost of raw materials used in the manufacturing of bullet-resistant glass
The high cost of raw materials used in the manufacturing of bullet-resistant glass is expected to hinder the India bullet resistant glass market growth. Polycarbonates and thermoplastics are the key engineering plastics used to produce bulletproof glass. Polycarbonates find numerous applications across various industries. Thus, diversifying the applications of polycarbonates has increased the overall product prices, thus hampering the market growth.
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Key Takeaways
On the basis of BRG class, BR6 dominated India bullet-resistant glass market in 2022 with around 28% of the market share in terms of revenue, followed by BR5 and BR4.
Market Trends
The increasing strategic alliances between India-based bullet-resistant glass manufacturers and government organizations is a major trend in India bullet resistant glass market. Government bodies, such as Public Sector Undertakings (PSUs), Defense Research and Development Organization (DRDO), and Military Engineering Services, are focused on developing partnerships for defense applications in order to meet the rising need for security across the defense sector. This trend is expected to accelerate the India bullet-resistant glass market growth.
Growth in the construction industry in India can be attributed to increasing construction activities coupled with the rising investments by the government, thus driving the bullet-resistant glass demand over the forecast period. According to Invest India, the construction industry in terms of value recorded a CAGR of 15.7% and reached INR 738.5 billion in 2022. The industry contributes 55% shares to the steel industry, 15% to the paint industry, and 30% to the glass industry.
Competitive Section
The key players operating in the India bullet resistant glass market are Saint-Gobain India Pvt. Ltd., Asahi India Glass Limited, Gujarat Guardian Ltd., Duratuf Glass Industries (P) Ltd., Jeet & Jeet Glass and Chemicals Pvt. Ltd., Gold Plus Glass Industry Limited, FG Glass Industries Pvt. Ltd., Chandra Lakshmi Safety Glass Ltd., Fuso Glass India Pvt. Ltd., Art-n-Glass Inc., and Gurind India Pvt. Ltd.
