BULLETPROOF SECURITY GLASS MARKET ANALYSIS

Market Challenges And Opportunities

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.