Bullet-resistant glass is a high-performance glass that can withstand any damage from bullets. They are produced by using ballistic materials such as acrylic, polycarbonate, thermoplastic, and glass-clad polycarbonate. They are widely installed across aerospace, financial services industry, construction industry, automotive industry, and marine industry. They are used for security purposes as they resist more than one bullets depending on the thickness of glass. Due to its advantage offered in terms of security, it has become a key element across various industries.
The India bullet-resistant glass market was estimated to be valued more than US$ 7.0 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 9.3% during the forecast period (2020 to 2027).
Increasing implementation of national policies and regulations due to the growing number of attacks at defense, financial, and various private institutions is expected to augment the market growth of India's bullet-resistant glass. Moreover, some state governments have mandated the installation of bulletproof glass across banks, security guard cabin, research centers, and toll booths. Rising such initiatives from the government are expected to foster the market growth of India bullet-resistant glass.
Growing investment in research and development programs by the manufacturer to expand the product portfolio with the launch of innovative products is expected to propel the market growth of bullet-resistant glass. Moreover, the rising number of production facilities in India to increase the production of bullet-resistant glass is further expected to propel the market growth of India bullet-resistant glass.
The high cost of the raw materials used in the manufacturing of bullet-resistant glass is expected to hinder the market growth of India bullet-resistant glass. Polycarbonates and thermoplastic are key engineering plastic used to produce bulletproof glass. Polycarbonates find numerous applications across various industries. Thus diversifying the application of polycarbonates has increased the overall prices of the product. This is projected to hamper the market growth of India bullet-resistant glass.
On the basis of BRG class, BR6 dominated the India bullet-resistant glass market in 2019 with around 28% of market share in terms of revenue, followed by BR5 and BR4, respectively
The increasing strategic alliance between India bullet-resistant glass manufacturers and government organizations is a major trend that has been observed in the India bullet-resistant glass market. Government bodies such as public Sector Undertaking (PSU), Defense Research and Development Organization (DRDO), and Military Engineering Services are focused on developing such a partnership for defense application in order to meet the rising need for security across defense sector. This is expected to accelerate the growth of India's bullet-resistant glass.
Growth in the construction industry in India due to increasing construction activities coupled with the rising investment by government is expected to propel the market growth of the bullet-resistant glass over the forecast period. According to the Invest India, the Construction industry in value terms is expected to record a CAGR of 15.7% to reach US$ 738.5 billion by 2022. The industry contributes 55% share in the Steel industry, 15% in the Paint industry, and 30% in the glass industry.
Key players are 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.
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