According to a new market report published by Persistence Market Research the global bulletproof security glass market is expected to expand at a CAGR of 8.8% from 2015 to 2021, to reach USD 3972.5 million by 2021.
The “Global Market Study on Bulletproof Security Glass Market – Middle East & Africa to Witness Highest Growth by 2021” says the market was valued at USD 2,395.7million in 2015.
Bulletproof glass also known as bullet-resistant glass, transparent armour, and ballistic glass is produced from transparent materials able to resist damage from small projectiles and bullets. It is usually made with an arrangement of two or more types of glass, one hard and one soft. The glass product is produced using ballistic materials such as polycarbonate, acrylic, glass-clad polycarbonate, and thermoplastic.
The report says that proposed changes and regulative guidelines by green councils and energy cost involved in manufacturing processes for bulletproof security glass are perceived as minor growth restraints. In addition, rising cost of raw materials such as polycarbonate could pose a challenge to market growth in the near future.
Amongst various security systems, the bulletproof glass is a majorly demanded system in recent times due to the increasing security concerns following terror attacks and increasing crime rates.
Growth of the bulletproof security glass market has also been increasingly driven by the global automotive industry. Increasing demand for value-added automobile products from tech-savvy consumers is expected to further boost the demand for bulletproof security glass in the automotive industry segment.
The revenue from expanding financial industry is expected to dominate owing to increasing expansion of financial institutions and services in developing countries due to growing need for capital. North America is expected to represent the largest market in 2015, accounting for 26.66% of the total market share. However, The Middle East & Africa is expected to record the highest growth during the forecast period due to increasing infrastructural development in the Middle East.
Asahi Glass co.Ltd, China Glass Holdings Limited, Nippon Sheet Glass, Saint-Gobain S.A., China Glass Specialty AG, PPG Industries Inc., Taiwan Glass Ind. Corp., Apogee Enterprises Corp., Sisecam, Guardian Industries are some of the leading players in the bulletproof security glass market.
Other major players of the market include Qufu Shenglu Bulletproof Glass Engineering, Guangzhou Sky Tiger Tempered Glass, Nanjing Xinfurui Glass Industry, Jiangsu Yongxiang Glass.
A copy of the report is available from Persistence Market Research.