The global bulletproof glass market size was valued at USD 6.74 billion in 2021. The market is projected to grow from USD 7.37 billion in 2022 to USD 14.90 billion by 2029, exhibiting a CAGR of 10.6% during the forecast period.
This information is published by Fortune Business Insights, in its report, titled, “Bulletproof Glass Market, 2022-2029.”
Segments:
Defense & VIP Vehicles Segment to Account for Prime Share Due to Demand from Military
Based on application, the market is segmented into defense & VIP vehicles, ATM booths & teller stations, cash-in transit vehicles, commercial buildings, government & law enforcement, and others.
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Military Segment Held Leading Share Owing to Growing Capitalization on Defense
Based on end-use, the market is categorized into automotive, military, banking & finance, construction, and others. The military segment held a leading market share, which can be linked with the growing sophistication of robberies and thefts coupled with escalating terrorist attacks.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report presents a holistic study of the market along with current trends and predictions to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
Drivers and Restraints:
Rising Expenditures of Developing Nations in Several End-Use Industries to Spur Market
Sturdy demand from military, governmental structures, liquor stores, retail shops, and banks, and other industries is projected to bolster the growth of the market. Military & defense utilizes bulletproof glass in viewports and windows in ground automobiles and aircraft, mine detection, armory equipment, fighting vehicles, battle tanks, and carrier trucks. Similarly, the product is utilized at military bases, bunkers, and guard posts to offer protection from outer terrorists or accidental attacks.
However, the great amount of contaminants and toxic releases released during production of these raw materials pose amplified threat to human health and influences the environment too.
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Regional Insights:
North America to Dominate Backed by Increasing Riots and Gun Violence
North America held the largest bulletproof glass market share and was valued at USD 2.27 billion in 2021. The market growth in North America can be accredited to escalation in riots and surging rate of gun violence within the region.
Asia Pacific is predicted to have a notable share in the global market attributed to the huge number of construction ventures undertaken in the emerging economies involving India and China.
The growth of the market in Europe is attributed to the surging trend of technologically progressive buildings. Moreover, steps taken by the European Union (EU) to escalate the use of safety and protective materials for buildings will fuel the market.
Competitive Landscape:
Prime Players Sign Considerable Deals to Make Noticeable Changes in the Market
The players functioning in the market often employ various tactics that will assist the market growth and product demand. Among the pool of available tactics, one such remarkable strategy to expand the business prospect is involving in multimillion agreements with government establishments and safeguarding a profitable revenue for their own company.
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