India bullet resistant glass market accounted for INR 8.9 Bn in 2022, exhibiting a CAGR of 10.2% in terms of revenue, over the forecast period (2023-2030) to reach INR 19.4 Bn 2030.
India Bullet Resistant Glass Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak majorly impacted India bullet resistant glass market owing to strict lockdowns and stringent regulations imposed by the government, thus hampering the demand for bullet resistant glass across various products such as polycarbonate. Moreover, the production process of bullet-resistant glass got disrupted due to social distancing measures and lack of manpower. The market is anticipated to be driven by the increasing production of high-quality bullet resistant glass over the forecast period.
India Bullet Resistant Glass Market - Growth Drivers
The growing product demand from the automotive industry due to the rising demand for premium vehicles with value-added features is expected to fuel India bullet resistant glass market growth. India's automotive industry has grown significantly over the last few years due to the rising production of automobiles in the country. This is expected to fuel the market growth over the forecast timeframe.
Figure 1. India Bullet Resistant Glass Market, By Product Type, 2022
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The evolving financial infrastructure in India coupled with rising security concerns has boosted the demand for bullet-resistant glass. The government of India is investing heavily in order to expand the financial sector of the economy. Moreover, the growing per capita income of consumers due to economic growth is expected to propel India bullet resistant glass market over the forecast period.
India Bullet Resistant Glass Market - Restraints
The majority of bullet-resistant glass produced in India fails to meet international regulatory standards, such as Europe’s EN 1063, which is expected to create a negative brand image of bullet-resistant glass produced in India. Additionally, non-compliance with international quality standards further impact bullet-resistant glass demand from India, thereby hindering the market growth. Moreover, increasing demand for bullet
The increasing import of bullet-resistant glasses in India, as the country provides low-cost products adversely affected the domestic production of bullet-resistant glass. According to Coherent Market Insights’ analysis, China accounts for around 60% of the total safety glass (laminated and tempered) imports to India.
India Bullet Resistant Glass Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2022: | US$ 8.9 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 10.2% | 2030 Value Projection: | US$ 19.4 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
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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Growth Drivers: |
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Restraints & Challenges: |
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Market Opportunities
The emerging applications of bullet-resistant glass, such as ATM booths, residential buildings, and armored cash trucks, are expected to provide potential growth opportunities for India bullet resistant glass market. ATMs and banks have emerged as the leading applications of bullet-resistant glass due to the growing need for safety and security coupled with the expanding banking sector in India.
Manufacturers in India bullet resistant market are developing products with add-on features such as fireproof and UV protection glasses. This is expected to provide enormous growth opportunities to the India bullet resistant glass market over the forecast period. Such glasses are widely adopted across high-security government buildings and the financial sector.
Figure 2. India Bullet Resistant Glass Market, By State, 2022
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Market Trends
The increasing trend of offering customized solutions by Indian manufacturers to end users as per their level of security requirement is expected to foster the market growth over the forecast period. Customized products ensure the efficient use of the products and help manufacturers differentiate their product offerings. This is expected to augment the market growth.
The growing focus of manufacturers on product innovation in order to meet the evolving demand across the end-use industry is expected to stimulate the market growth. The rising entry of various international players through partnerships with domestic players in order to expand their foothold in India is expected to drive India bullet resistant glass market growth over the forecast period.
Competitive Section:
The key players operating in 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.
By product type, India bullet-resistant glass market is categorized into polycarbonate, acrylic, glass-clad polycarbonate, and polyvinyl butyral. The glass-clad polycarbonate segment held the largest market share in 2022 and is further projected to grow at the highest CAGR over the forecast period owing to the use of glass-clad polycarbonate in applications of low level protection.
India Bullet Resistant Glass Market – Recent Developments
India Bullet Resistant Glass Market – Regional Insights
Rest of India held the largest revenue share of 15% in India bullet resistant glass market in 2022, and is expected to maintain its dominance over the forecast period. Furthermore, Rest of India is projected to be the fastest growing region in India bullet resistant glass market over the forecast period.
Maharashtra is expected to experience the fastest growth over the forecast period (2023 – 2030) due to the rising demand for bullet resistant glass.
India Bullet Resistant Glass Market – Key Players
The major players operating in India bullet resistant glass market include 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.
*Definition: Bullet-resistant glass provides resistance against bullets and small projectile. These glasses provide high-end security from any crime or terror attacks. Bullet-resistant glass is manufactured from ballistic products such as polycarbonate, glass-clad polycarbonate, acrylic, and thermoplastics. This glass is optically transparent and strong, which offers strong resistance against penetration. Some of the major end-use applications of bullet-resistant glass are in the construction, banking, finance, investigation, aerospace, government, and educational sectors.
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About Author
Vidyesh Swar is a seasoned Consultant with a diverse background in market research and business consulting. With over 6 years of experience, Vidyesh has established a strong reputation for his proficiency in market estimations, supplier landscape analysis, and market share assessments for tailored research solution. Using his deep industry knowledge and analytical skills, he provides valuable insights and strategic recommendations, enabling clients to make informed decisions and navigate complex business landscapes.
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