Market Trends of Bullet-proof Glass Industry
This section covers the major market trends shaping the Bullet-proof Glass Market according to our research experts:
Increasing Demand from Defense Sector to Dominate the Market
- Bullet-proof glass is typically made up of numerous layers of laminated glass and a type of thermoplastic fused together to make what seems to be a single sheet of glass that can be several inches thick.
- Transparent armor is widely employed by militaries all over the world. The thickness of the bullet-proof glass is also determined by the amount of security necessary. Military cars, for example, will confront a higher threat level than civilian vehicles, thus opting for thicker and better bullet-resistant glass.
- According to the Stockholm International Peace Research Institute's (SIPRI) annual publication, global military spending will surpass USD 2 trillion for the first time in 2021, totaling approximately USD 2,113 billion.
- The five largest spenders in 2021 will be the United States, China, India, the United Kingdom, and Russia, accounting for 62% of total spending. The total military spending by the United States in 2021 was estimated to reach close to $800 billion, the highest among all countries worldwide.
- Russia has continuously increased its military spending on an annual basis as it builds up its forces along the Ukrainian border. The region's overall military expenditure for the first seven months of 2022 was roughly 3,676,522 million rubles (USD 5,302 million), accounting for approximately 24% of total budget expenditure up to July 2022.
- With the increasing need for increased safety in military equipment around the world, the bullet-proof glass market plays an important role in meeting the needs and standards of every country. As a result, market demand is expected to rise during the forecast period.
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North America Region to Dominate the Market
- The North American region controlled the global market share of bullet-proof glass. The United States is the world's top producer and exporter of bulletproof glass. It is also the leading consumer of these glasses due to the substantial military budget.
- According to a World Bank report, North America's total military spending accounted for around 3.3% of the region's total GDP in 2021. This, though, represented a drop of about 8.5% when compared to the previous year's expenditure percentage, which was roughly 3.6%.
- Defense spending in the United States will rise from USD 596 billion in 2014 to USD 915 billion by 2031, according to the Congressional Budget Office.The largest parts of the budget are dedicated to the Departments of the Navy and the Air Force.
- In a statement, the US Department of Defense stated that the Biden-Harris Administration submitted to Congress a planned Fiscal Year (FY) 2023 budget request of USD 813.3 billion for national defense, of which USD 773 billion is for the Department of Defense (DoD). When compared to the FY 2022 budget, this budget request increased by 4%, or around USD 30 million.
- In its annual budget for 2022, the Canadian government also said that a total of USD 8 billion would be spent on new technology and equipment for the Canadian Armed Forces.
- According to the United States Census Bureau, the total spending in the construction sector during December 2022 in the US was USD 1,809.8 billion. On a year-over-year basis, the construction sector saw an increase of about 7.7% in December as compared to December 2021, when the total spending was USD 1,681.0 billion.
- Overall, the bulletproof glass market in the region is expected to be driven by growing demand from end-user industries and government support during the forecast period.
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