BULLETPROOF SECURITY GLASS MARKET ANALYSIS

Global Bulletproof Security Glass Market size was valued at US$ 7.64 Bn in 2022, exhibiting a compound annual growth rate (CAGR) of 14.8% from 2023 to 2030.

A Bulletproof Security Glass is a strong, optically transparent material that is highly resistant to projectile penetration. A Bulletproof Security Glass is also known as ballistic glass, transparent armor, or bullet-resistant glass. These glasses are built from a scope of materials, including acrylics, thermoplastics, polycarbonates, and even glass-clad polycarbonates, to give a fitting degree of security for a particular reason. One of the primary drivers of market expansion is the global rise in security concerns. Due to the rising number of incidents of theft and robbery as well as the rising threat of terrorist attacks, Bulletproof Security Glass is widely used to reduce the dangers to human life. As per a report published in The Atlanta Journal Constitution on May 19, 2023, an incident occurred in southeast Atlanta where an individual attempted to carry out an armed robbery at a convenience store. During the course of the robbery, the perpetrator discharged a firearm at the store but was unable to penetrate the bulletproof glass employed by the establishment. In line with this, the market is growing because of the expanding automotive industry and the rising demand for bulletproof security glass in high-end vehicles. In addition, the market is expanding in response to the introduction of cutting-edge Bulletproof Security Glass made of polycarbonate plastic, which is both flexible and durable and is layered with additional layers of tempered glass. The market's expansion is also being driven by the product's increasing use in military vehicles and guardhouses, which face a higher level of threat. In addition, the growth of the market is being positively influenced by the widespread use of Bulletproof Security Glass in financial institutions and banks, which are frequent targets of robbery due to their large amounts of valuables and money.

Global Bulletproof Security Glass Market - Regional Analysis

Figure 1. Global Bulletproof Security Glass Market Share (%), By Region, 2022

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Asia Pacific is estimated to have the dominant share in the Bulletproof Security Glass market due to the increase in construction activities within the developing countries of the APAC region such as India and China. According to csis.org, China announced a US$ 209.16 billion annual defense budget in March 2021, up 6.8% from US$ 183.50 billion in 2020. This means the country’s defense sector has a greater budget for purchase and utilization of Bulletproof Glass for its armored vehicles as well as it trucks and convoys. These vehicles make use of these bulletproof glass items to protect their personnel and inventory from harm and attack.

The growth in North America can be due to the increase in use of gun violence and rise in riots. The construction of tall commercial buildings in the Nam region ensures the steady demand for this product.

The market for Bulletproof Security Glass is increasing in Europe due to rising trend of technologically advanced buildings. The European Union is also taking steps to increase the level of security for its construction and buildings, which shall further drive the market.

In Latin America, the growth for the market is gradual due to building of medical facilities, hotels, commercial offices, police stations, and architectural spaces.

Also, the growing rate of urbanization is leading towards greater use of bullet proof glass across Middle East and African countries as well. External companies are also investing large sums of monies resulting in the growth of the commercial sector.

Global Bulletproof Security Glass Market- Segmentation

Figure 2. Global Bulletproof Security Glass Market Value (US$ Bn) Analysis and Forecast, by End-use Industries, 2022

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Military segment leads the market use of Bulletproof Security Glass with a share of 43.3% of the total market as on 2022.

The military and automotive segment includes defense vehicles and luxury vehicles segment. A Defense vehicle is a military vehicle, usually armored for transporting military personnel and their equipment. An increasing demand for Bulletproof Security Glass by military bases, combat operations, mine detection, bomb disposal and intelligence is expected to drive the demand for the Bulletproof Security Glass industry. The VIP vehicle segment, for transportation of personnel, VVIP vehicles which are used for protection from bomb attacks are also expected to drive the demand for Bulletproof Security Glass. The primary purpose of the type of glass protects any personnel or equipment from impact, harm or physical external damage. According to a news report published on May 19 2023, by WSBTV, a bulletproof glass saved a store clerk from being shot in an attempted robbery at Atlanta Food Mart. The suspect fired at the store clerk during the attempted robbery, but the bulletproof glass stopped the shot, and the suspect fled the store.

Global Bulletproof Security Glass market was valued at US$ 7.64 Billion in 2022 and is expected to reach US$ 22.99 Billion by 2030, exhibiting a CAGR of 14.8% between 2023 and 2030.

Global Bulletproof Security Glass Market - Key Competitors

Major players operating in the market include 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. and Guardian Industries Corp.

Global Bulletproof Security Glass Market - Recent Developments

1. In August 2021, Sicurtec has invested more than US$ 06 Million in a totally new creation innovation for the holding of polycarbonate and float glass. Sicurtec is an Austrian Family Business and an international company that manufactures and supplies highly resistant bulletproof safety glass. The new innovation ought to set further benchmarks, as per the vision and drive of the experts at Sicurtec, who complete their advancement work without research agreements or government endowments. The new Sicurtec_Slim product line passes all relevant resistance class tests and is certified in accordance with DIN EN 356.
2. On October 27, 2021, The Board of Directors of Asahi Glass Ltd. have approved a feasibility study for expansion opportunities over the next 3-4 years. Asahi India Glass Ltd (AIS) is India's leading glass and windows solutions organization and a predominant player both in the automotive and the construction sectors. The company is looking to carry out expansion investments in Greenfield projects, localization of raw glass, building a new Greenfield solar glass plant, and partnering with Vishaka Group for business expansion. These projects may turn out to be profitable in the long run considering the sustainability and viability of these projects.
3. On August 4, 2022, to support the expanding solar market, NSG Group is has announced its intention to invest in additional TCO (transparent conductive oxide) coated glass production capacity in Malaysia. According to the plan, a float line at Malaysian Sheet Glass SDN BHD's Johor Bahru facility, which is a member of the NSG Group, will soon install online coating capacity and begin shipping TCO glass for the production of solar panels once the facility is operational. The line's supply is expected to begin in the fourth quarter of the fiscal year that ends in March 2024. The success of commercial negotiations and the issuance of permits and incentives by the government are prerequisites for the investment.
4. First Solar, Inc., a leading global manufacturer of thin-film solar panels that has a long-standing partnership with NSG Group, is making the investment to support its expansion strategy. NSG (Nippon Sheet Glass) is one of the world’s largest manufacturers of glass and glazing products catering to 3 main sectors – Architectural, Automotive and Creative Technology. First Solar is a leading American solar technology company and a global supplier of environmentally friendly, energy-efficient solar modules that contribute to the fight against climate change. The company was founded in 1999. First Solar is building a new manufacturing plant in India, which it plans to open in the second half of 2023, in addition to its facilities in Vietnam and Malaysia. To fulfill the developing worldwide need for sunlight based chargers particularly those made by our essential accomplice First Sun oriented, NSG Gathering began activity of the second committed float line for sun powered glass in Vietnam in January 2020, and another plant in Luckey, Ohio, U.S., has been working since November 2020. First Solar is the sole recipient of the glass that is produced at these facilities.

Global Bulletproof Security Glass Market – Drivers

Expanding Automotive Industry: 

The growth of the market for bullet-proof security glass is primarily fueled by the expanding automotive industry worldwide and the rising demand for luxury automobiles. According to statista.com, worldwide car sales increased to around 67.2 million automobiles in 2022, more than 66.7 million units in 2021. Thus, rising manufacturing of cars all over the planet is projected to move the market development of Bulletproof Security Glass market.

Boom in the Financial Institution Industry

A boom in the financial industry is supposed to cultivate the market development of Bulletproof Security Glass. The monetary foundation is exceptionally inclined region for dread assaults and burglary and thus Bulletproof Security Glass is compulsory across every one of the financial institutions. The increase in the number of players increasing in the sector also directly drives the demand for the product across the globe. Financial institutions would require tight security measures which shall be a driving factor for the Bulletproof Security Glass market due to the growing share of financial institutions.

Global Bulletproof Security Glass Market – Restraints

High Cost of Production and R&D

It is anticipated that the expansion of the bullet-proof glass market will be restrained by rising energy costs during manufacturing. Because the process of making glass requires a lot of energy, players are focusing on research and development to come up with innovative and affordable technologies that can help them save energy, maintain their margins, and stay competitive. It is anticipated that this factor will impede the growth of the bullet-proof glass market due to not only high energy costs but also high investments in R&D. The cost of the glass also depends on the thickness, i.e. the thicker the glass is, the more expensive will it be to manufacture.       

Decline in Military Spending

According to a report by Stockholm International Peace Research Institute, the global military burden, or military spending as a percentage of GDP, decreased by 0.1% points in 2021 as a result of a rapid economic recovery, from 2.3% in 2020 to 2.2% in 2021. The decline in the military and defense budgets can be a hindrance for the Bulletproof Security Glass market. The military makes use of Bulletproof Security Glass in most of its vehicles, helicopters, armored trucks and tanks as well. Due to a declining budget, the funds allocated for purchase of such Bulletproof Security Glass equipment shall also reduce thereby decreasing the demand for bulletproof security glass products.

Global Bulletproof Security Glass Market – Opportunity

Growth of Aerospace Industry

Expanding utilization of Bulletproof Security Glass across aviation and marine industry that includes high-pressure climatic conditions, such glass technology offers amazing break obstruction and can endure high tension, which is supposed to offer rewarding growth opportunity. In addition, it is capable of being molded into the intricate structure without compromising on the materials' quality or strength. As a result, the aerospace and marine industries are expected to use bullet-proof glass more frequently due to its excellent property.

Increasing Safety Requirements of Convenience Stores

It is anticipated that the installation of more bullet-resistant glass in convenience stores will lead to opportunities for the Bulletproof Security Glass manufacturers. This is due to the fact that convenience stores frequently remain open for 24 hours and that their locations typically experiences challenging times. Utilizing bullet-resistant glass in all convenience stores can increase worker and store safety. As a result, the bullet-proof glass market is expected to expand rapidly over the forecast period thanks to the growing number of convenience stores that operate 24 hours a day, 7 days a week. According to a release by the World Economic Forum, the Indian retail market is worth approximately US$ 1.3 trillion, and India will be the third-largest consumer market at US$ 6 trillion by 2030. This means the scope for Bulletproof Security Glass makers is also high considering they cater to these retail stores for safety and security purposes.

Global Bulletproof Security Glass Market- Impact of Coronavirus (Covid-19) Pandemic

The growth of the Bulletproof Security Glass market is directly proportional to the growth of 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 had adversely affected the global automobile industry, thereby affecting the demand for the global Bullet Proof Security Glass Market. The abrupt halt in the supply chain and production plants in the automobile sector has led to the decline in demand for the bulletproof security glass as a product.

Bulletproof Security Glass is mainly used in the construction and automotive industry. Any impact on these industries has a direct implication on the Bulletproof Security Glass market. Due to a dip in construction and infrastructure activities, the demand for Bulletproof Security Glass has faced a decline globally.

*Definition: Bulletproof Security glass, ballistic glass, transparent armor, or bullet-resistant glass is a strong and optically transparent material that is particularly resistant to penetration by projectiles. The bulletproof nature of the glass does not make it completely impenetrable, but the 2 layers (soft and hard layers) ensure that the glass is more flexible so it can flex instead or shatter upon any impact. The windows of military and private vehicles, as well as jewelry stores and embassies, require such security feature bulletproof glass.