Market Insights
The global bulletproof glass market reached US$ YY Million in 2022 and is expected to reach YY Million by 2029, growing at a CAGR of 13% during the forecasting period (2022-2029).
Market Dynamics
Rise in global military expenditure
Thanks to emerging security challenges and great power competition, military expenditure is rising globally. The global military expenditure totaled nearly US$ 1.98 trillion at the end of 2020, an increase of 2.6% in real terms from 2019, according to the Stockholm Global Peace Research Institute (SIPRI), a security think tank.
U.S. accounts for the largest share, with a budget of US$ 778 billion, more than the next 10 nations combined. China, India and Russia follow it. All the major world powers are currently modernizing and expanding their armed forces and hence, defense spending has soared.
With a few exceptions, all the major world powers have a well-developed military-technical base, allowing them to field new and innovative weaponry more quickly at reduced costs.
Most acquisition funds go towards high-tech weaponry such as fighter jets, warships and tanks. However, significant expenditure is also made towards defensive acquisitions, such as troop protection, including bulletproof glass. More attention is now paid to troop survivability and limiting battlefield casualties; hence spending on ballistic protection such as armor and bulletproof glass for troop vehicles is set to increase.
Market Segmentation – By Material- Ballistic Insulated Glass
With increasing demand from architects and educational institutions, particularly for ballistic security film, security firms and glass manufacturers experimented with various interlayers and transparencies, resulting in significant advancements in a broader range of insulated glass applications, including numerous uses in ballistic design.
For instance, in January 2020, DEFENDER insulated ballistic glass is a new ballistic glass product from Total Security Solutions. It provides a moderate level of ballistic protection that would mix in with the outside look and could be retrofitted.
According to Total Security Solutions, DEFENDER insulated ballistic glass is the market's only UL-Rated ballistic insulated glass product. The product has been UL 752 certified and can give significant ballistic protection.
Market Segmentation – By Region- Europe
The expanding demand for bullet-resistant glass from the automotive segment has been the major factor contributing to the development of the European marketplace throughout the last few years. The call for bulletproof cars from celebrities and dignitaries involves many automobile manufacturers, including BMW, Ford, Audi, Volkswagen and others, making armored motors and meeting their customization requests. Moreover, the authorities are prominent end-user of bulletproof vehicles and this trend is estimated to boost the demand in the forecast period.
Various famous paintings and structures are now shielded by bulletproof structures with rising danger against terror. Recently, the museum that has Mona Lisa painting has installed a new bulletproof glass to protect one of the most important paintings globally. With the new bulletproof glass, the Mona Lisa is even more transparent and seems closer than it did previously.
Competitive Landscape
The global bulletproof glass market is highly consolidated and moderately competitive. The top four (4) companies hold around YY.YY% of the global bulletproof market. The major competitors in the market are AGC Inc., PPG Industries Inc., Saint-Gobain, Nippon Sheet Glass Co., Ltd and others.
The top three (3) companies are AGC Inc., PPG Industries Inc. and Saint-Gobain, with a market share of YY%, YY% and YY%, respectively.
The major players are adopting several new strategies to dominate the market, such as launching new technologies, upgrades, acquisitions, partnerships and collaborations responsible for global growth.