INDIA BULLET-RESISTANT GLASS MARKET ANALYSIS
India Bullet-Resistant Glass Market, By Product Type (Polycarbonate, Acrylic, Glass-clad Polycarbonate, Polyvinyl Butyral (PVB)), By BRG Class (BR1, BR2, BR3, BR4, BR5, BR6, BR7, Others), By Application (Financial Services, Automotive, Buildings (Residential, Commercial)) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Press Release : India Bullet-Resistant Glass Market
Bullet-resistant glass is glass that provides resistance from 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. Bullet-resistant glass is an optically transparent but strong material that enables strong resistance against penetration. Some of the major end-user of bullet-resistant glass are construction, banking, finance, investigation, aerospace, government, and educational sector.
India bullet-resistant glass market is projected to surpass INR 14.5 billion by the end of 2027, in terms of revenue, growing at CAGR of 9.3% during the forecast period (2020 to 2027).
Drivers
Growing demand for the product from the automotive industry due to rising demand for a premium vehicle with value-added features is expected to fuel the growth of the India bullet-resistant glass market. India's automotive industry has gain significant growth 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.
The evolving financial infrastructure in India coupled with the 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 the consumers due to the growth of the economy is further expected to propel the market growth of the bullet-resistant over the forecast period.
On the basis of states, Rest of India dominated the India bullet-resistant glass market in 2019, reporting 15% market share in terms of revenue, followed by Maharashtra and Tamil Nadu, respectively.
Figure 1. India Bullet-Resistant Glass Market, Revenue Share (%), By States, 2019
Market Restraints
The majority of the 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 impacts the bullet-resistant glass from India. This factor is expected to hinder the market growth.
Increasing import of bullet-resistant glasses in India as it provides low-cost product has adversely affected the domestic production of bullet-resistant glass. According to the Coherent Market Insights analysis, China accounts for around 60% of the total safety glass (laminated and tempered) imports to India.
Market Opportunities
An emerging application of bullet-resistant glass such as ATM booths, residential buildings, and armored cash trucks is expected to provide potential growth opportunities to the market of bullet-resistant glass. The ATM and banks have emerged as the leading application of bullet-resistant due to the growing need for safety and security coupled with expanding the banking sector in India.
Manufacturers of India bullet-resistant markets are developing the product with add-on features such as fireproof and UV protection glasses. This is expected to provide enormous growth opportunity to the market of bullet-resistant glass 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 – Opportunity Analysis
Market Trends
The increasing trend of offering a customized solution by Indian manufacturer to the end-user as their level of security requirement is expected to foster the market growth over the forecast period. Customized products ensure efficient use of the products and help the manufacturer to 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-user industry is expected to stimulate market growth. The rising entry of various international players through a partnership with domestic players in order to expand their foothold in India is expected to be a major trend in the bullet-resistant glass market. This is expected to augment the market growth over the forecast period.
Figure 3. India Bullet-Resistant Glass Market, Revenue Share (%), By Product Type, In 2019
On the basis of product type, glass-clad polycarbonate dominated the India bullet-resistant glass market in 2019 with around 42% of market share in terms of revenue, followed by polyvinyl butyral and polycarbonate, respectively.
Competitive Section
Key players are operating in the 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.
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