“India Bullet-resistant Glass Market is mainly Driven by Infrastructural Development in Financial Sector, Increasing Number of HNWIs Opting for Armored Vehicles and National Policies and Regulation Mandating Use of Bullet-resistant Glass: PMR”
New York, NY -- (SBWIRE) -- 11/11/2016 -- Sales of bullet-resistant glass in India is estimated to be valued at INR 5.8 Bn by the end of 2016, up 8.1% Y-o-Y. The automotive sector is estimated to account for a bulk of the demand for bullet-resistant glass market by 2016 end and is expected to account for a market share of 56.8% by 2024 end.
The growth of automotive sector in India, infrastructural development in the financial sector, national policies and regulations mandating installation of bullet-resistant glass at locations vulnerable to man-made disasters are major factors fueling demand for bullet-resistant glass in India. However, failure of locally manufactured bullet-resistant glass to meet international quality standards and low-cost imports from China are factors anticipated to adversely hamper the growth of the bullet-resistant glass market in the country over the forecast period.
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By product type, glass-clad polycarbonate segment in the bullet-resistant glass market in India is estimated to account for the highest revenue share, valued at INR 2.3 Bn, by 2016 end. The acrylic segment is expected to account for the least revenue share over the forecast period due to the use of acrylic in applications requiring low levels of protection.
Financial services segment in the bullet-resistant glass market is expected to register significant growth over the forecast period, expanding at a CAGR of 9.7% in terms of value over 2016–2024. In building segment, commercial buildings sub-segment is expected to account for the highest market share over the forecast period.
By BRG class, BR6 and BR5 segments are collectively expected to hold the highest revenue share over the forecast period. By the end of 2016, a BR5 segment is estimated to be valued at INR 1.4 Bn, up from INR 1.3 Bn in 2015.
Among states, Maharashtra is expected to account for the highest share of the bullet-resistant glass market in India over the forecast period, owing to increasing demand from HNWIs. Delhi is estimated to account for a revenue share of 11.2% by 2016 end, registering y-o-y growth of 9.0% over 2015. Sales of bullet-resistant glass in rest of India—which includes Jammu & Kashmir, Chhattisgarh, Odisha, and Andhra Pradesh—is estimated to be valued at INR 848.3 Mn by 2016 end and is expected to expand at a CAGR of 10.1% over the forecast period.
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In 2015, domestic players accounted for 55.2% share of the bullet-resistant glass market in India. Duratuf Glass industries (P) Ltd., Gold Plus Glass Industry Limited, Jeet & Jeet Glass and Chemicals Pvt. Ltd., FG Glass India Pvt. Ltd and Chandra Lakshmi Safety Glass Ltd. are some of the major players in the India bullet-resistant glass market. These players are focusing on providing customized solutions. A common trend observed in the India bullet-resistant glass market is that players are partnering with defense organizations to develop specific products.
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PMR Long-term Outlook: Long-term outlook on the bullet-resistant glass market in India remains positive, with the market expected to increase at a CAGR of 9.0% in terms of value during the forecast period.