Global Bulletproof Security Glass Market was valued at US$ 7.64 Bn in 2022, and is projected to reach US$ 22.99 Billion by 2030, exhibiting a CAGR of 14.8% over the forecast period (2023-2030). According to Bulletproof Security Glass Market Report, " By End User (Financial Services, Automotive, Military, Construction, Others), By Application (Bank Security Glass, Armored Cash Trucks, ATM Booths, Display Cases, Residential Construction, Premium Vehicles, Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
The need to ensure maximum safety of financial institutions and reduce risks to human life is expected to drive the market across the globe. The new horizons of financial services and organizations, have improved the prospects of Bulletproof Security Glass application, including several new smaller subsequent financial authorities that require high-end security. The infrastructural development in the financial sector is higher in the budding economies, such as India & China. Bulletproof glass as a product could be a solution to the requirements faced by these financial authorities and institutions. The market will possibly encounter with higher growth opportunities in these markets.
Global Bulletproof Security Glass Market - Drivers
Increasing demand of Bulletproof Glass from Defense Sector
As on April 24 2023, according to sipri.org, Russian military spending is expected to rise by 9.2% to approximately $86.40 billion. In 2022, this was equivalent to 4.1% of Russia's GDP, an increase from 3.7% of GDP in 2021. Figures delivered by Russia in late 2022 show that spending on public guard, the biggest part of Russian military consumption, was at that point 34% higher, in nominal terms, than in budgetary plans drawn up in 2021.The defense sector requires bulletproof glass for several vehicles and armored trucks for securing its personnel as well as it equipment from damage. An increase in the budget allocation for military spending means a greater demand for Bulletproof Glass for armored trucks and vehicles is a possibility. This bulletproof glass protects personnel and equipment within the vehicle from impacts via bullets.
Global Automotive Motor Market- Restraints
High Cost of Raw Material
It is anticipated that the market expansion of bulletproof security glass will be constrained by the high cost of the raw materials used in its production. Demand for bulletproof security glass is being hampered by the rising cost of raw materials like polycarbonates, which are used to make engineering plastics. As a result, market expansion is anticipated to be stifled by rising raw material costs for bullet-proof glass production.
Key Developments
On January 2, 2023, According to a news report by afaqs.com, Enormous Brands and Asahi India Glass Limited have announced a partnership to produce brand films for the AIS Windows brand, which sells complete door and window solutions. With this cooperation, AIS Windows is planning to have a huge effect in the entryways and windows fragment.
As on January 20, 2023, Vortex Glass, a manufacturing company based in Miami, Florida, U.S., was acquired by Guardian Glass. This exchange between the two organizations will prompt giving clients complete treated glass bundles for private and business development, including office segments, shower entryways, and glass railings.
As on August 2021, Sicurtec Slim is an exceptionally slender and very light security glass to safeguard individuals and resources inside structures. The developers wanted the laminated glass to blend in with the surroundings and completely secure valuables, such as those found in museums, jewelers' shops, and private residences. Simultaneously, the item can be choices, for example, alert circles.
Global Bulletproof Glass Market- Impact of COVID-19
Since the beginning of the pandemic, numerous industries around the world have suffered. This can be attributed to the significant disruptions that their respective manufacturing operations and supply chains experienced as a result of various precautionary lockdowns and other restrictions enforced by global government authorities in response to the COVID-19 pandemic. The global market for bulletproof glass is the same way. People are still up in the air on killing pointless expenses from their separate spending plans as the overall financial status of most people has been seriously impacted by the Coronavirus flare-up. Companies and Defense budgets are planned considering the elimination of unnecessary costs from their respective budgets as the general economic status of most individuals has been severely affected by the COVID-19 outbreak. These abovementioned elements are expected to burden the income trajectory of the global bulletproof glass market over the forecast timeframe. However, as respective governing authorities begin to lift these enforced lockdowns, the global bulletproof glass market is expected to recuperate accordingly.
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Key Trends and Analysis of the Bulletproof Security Glass Market:
- As on 2022, industries such as Premium Automobiles have seen significant growth in the market compared to the previous year. As the world is experiencing upheaval as a result of escalating terrorist attacks and the complexity of robberies and thefts, the Asia-Pacific market for bullet-proof glasses is being driven by growing concerns about the safety and security of the population in the Asia Pacific region. Consequently, the market is anticipated to flourish during the anticipated time frame.
- Concern for the people's safety and security has also grown as a result of the rise in crime and terror attacks in the North American region over the past few years. This rising worry for the security of individuals has prompted the development of the unbeatable glass market. In addition, the cockpit doors are fitted with bulletproof glasses to shield pilots from unforeseen assaults. Because of expanded dangers of assault in the flying area, the use of slug safe glass is expected to go up and make the impenetrable glass market flood in the impending time frame.
- Countries such as Germany, France, the U.K., the Netherlands, Switzerland, and Belgium are spending more on their military and doing more development, which has led to an increase in the demand for bulletproof glass. In addition, an expansion in the quantity of thefts and bank burglaries in these areas is the significant justification behind the flood sought after for impenetrable glasses. Besides, unbeatable glasses are additionally introduced in cockpit ways to shield pilots from startling assaults. Because of expanded dangers of assault in the flying business, the utilization of slug safe glass is supposed to increment and make the unbeatable glass market fill in the impending time frame.
- Countries such as Saudi Arabia, the United Arab Emirates, and South Africa are spending more on their military and doing more development, which has led to an increase in the demand for glass that is resistant to bullets. Additionally, the primary reason for the high demand for bullet-proof glasses is a rise in the number of bank robberies and burglaries in these areas. In addition, the rise in the number of violent crimes and terrorist attacks over the past few years has raised concerns about people's safety and security, which will boost market expansion even further.
Some of the major players in the Bulletproof Glass market are 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
