Global Bulletproof Glass Market Growth & Trends

Market Insights

The bulletproof glass market is estimated at US$ 6.94 Billion in 2022 and is expected to grow at a CAGR of 13.60% during 2023-2028 to reach US$ 14.97 Billion in 2028.

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What is bulletproof glass?

Bulletproof glass, as well as ballistic-resistant glass, is made up of transparent materials that can confront damages attributable to bullets. Layers of laminated glass primarily produce bulletproof glasses. Glass is one of the vital components of security systems fitted in places where the threat of fierce attacks is high, such as robberies in banks and cash trucks, ATM booths, display cases, high-end vehicles, and other applications that necessitate advanced security. Reliant on the viscosity of the glass or the armament utilized to shoot, bulletproof glasses are intended to resist one or more rounds of bullets.

Market Trends

The market is driven by a host of factors, some of which are noted below:

• Liquor stores, governmental structures, military, retail shops, and banks are in huge demand for bulletproof glass.
• Defense and military use bulletproof windows and viewports in aircraft and ground vehicles, armory equipment, carrier trucks, battle tanks, fighting vehicles, and mine detection.
• Additionally, the outstanding security assistance of such glasses was deciphered into municipal and civil spaces.
• The expanding application of such glasses in banks' security creates a growth prospectus for the global market.
• Furthermore, the increased requirement for bulletproof glasses in financial institutions due to the high risk of robberies fosters growth in the finance industry. Such glasses are mandatory for the finance industry.

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The growth in the end-user industry directly impacts the growth of the market. The high demand from the automobile industry is closely attributed to the growth. Applying bulletproof glasses in the premium vehicle as a value-added feature contributes to the market's growth. However, the growth of the automobile industry is adversely impacted by the COVID-19 pandemic by affecting the demand for bulletproof glasses.

The global automotive market is estimated to reach 73.4 million units of autos sold in 2020 and is forecast to expand at a 3.2% CAGR through 2025. After several years of good growth, car sales are slowing down due to the COVID-19 pandemic, the Asian market becoming mature, and the increasing car-sharing economy. The unexpected pause in the automobile industry's production plants and supply chain has resulted in the downfall in demand for the bulletproof market.

Several investments in the defense industry have been directed at bulletproof glass in recent years, which would boost the overall market. Some of them are:

• As per Stockholm International Peace Research Institute, in April 2022, global military expenditure rose from 0.7% in 2021, which is expected to reach $2,113 billion. The 5 largest defense spenders in 2021 were the United States, the United Kingdom, India, China, and Russia, accounting for around 62% of total expenditure.
• According to the Department for Promotion of Industry and Internal Trade (DPIIT), from April 2020 – June 2021, the Foreign Direct Investment (FDI) equity flow in the Indian Defense sector was valued at $10.15 million.

Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories:

By Application Type:

• ATM Booths & Teller Stations
• Cash-In-Transit Vehicles
• Commercial Buildings
• Defense & VIP Vehicles
• Government & Law Enforcement
• Others

By End User Type:

• Automotive
• Banking & Finance
• Construction
• Military
• Others

By Region:

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Segment Analysis

Application Trends

The market is bifurcated into ATM booths & teller stations, cash-in-transit vehicles, commercial buildings, defense & VIP vehicles, government & law enforcement, and others. The Defense & VIP vehicles accounted for the highest share of the market in 2022 & are expected to remain the biggest market for bulletproof glass in the forecast period.

These glasses are frequently used for vehicles by military and VIPs to ensure safety in case of an ambush or attack. Moreover, with the increasing terror threats and border disputes, the demand for bulletproof glass is expected to intensify.

End-user Trends

The market is segmented as fixed automotive, banking & finance, construction, military, and others. The automotive industry accounts for the largest market share in 2022, with the increasing demand for bulletproof glasses as a value-added feature in premium cars.

For instance, In June 2022, SVI Engineering completed the bulletproof taming of the Toyota Land Cruiser 300, which provides full protection against assault rifles such as R1, R5, and AK47.

At the same time, the Military industry is expected to experience the highest growth during the forecast period. The high growth is mainly attributed to the rising use of bulletproof glass in combat operations, bomb disposal, military bases, armored personnel carriers, infantry fighting vehicles, and others.

Regional Analysis

North America dominates the global market with the highest share in 2022 & is likely to maintain its supremacy in the market throughout the forecast period. This is mostly due to the increase in the rate of gun violence and the increase in riots within the region. The escalating inclination toward enhancing the protection of infrastructures from wars and terrorist attacks is creating an enormous opportunity for the North American market.

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Furthermore, increasing consumer consciousness for personal safety in automobiles and residential constructions is surging the demand for bulletproof glass in the region. For instance; In June 2022; The Duval County school district and the city of Jacksonville partnered with Armoured One, a company that specializes in security doors and glasses to keep children safe in the classroom and will prevent a shooter from entering a classroom

Concurrently, Asia Pacific is expected to witness the fastest growth in the market during the forecast period.  The key factors responsible for the swift growth are increased demand for bulletproof glass by the military and banking & finance and a rise in overall military expenditure (especially in China and India).

The increased defense and individual spending on security in countries such as China and India inject huge growth prospectus for the market in the Asia Pacific region.

Key Players

The following are the major players in the global bulletproof glass market:

• Asahi Glass Co., Ltd.,
• China Specialty Glass AG,
• Nippon Sheet Co., Ltd.,
• Saint-Gobain SA.
• American Glass Products

There is stiff competition in the market. The growth of the companies is directly dependent on industry conditions and government support. These companies differentiate their bulletproof glass offerings based on their quality and penetration in the target and emerging markets. Also, some major mergers and acquisitions in the industry recently have significantly influenced the competitive dynamics.

For example:

• In March 2019, Vetrotech Saint-Gobain inaugurated a new "state-of-the-art" combination of TPA (Thermal Plastic Application) and IGU (Insulated Glass Unit) production line in Namys?ów, Poland facility. The facility is dedicated to the manufacturing of Contraflam fire-resistant glass.
• In 2019, Tesla marketed the Cybertruck featured bulletproof glass in it. the company has used its patented Tesla Armor Glass, a "polymer-layered composite and ultra-strong glass that can captivate and transmit impact force for damage tolerance and improved performance."

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

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