Over the last few years, the global fireworks market has undergone significant transformation due to the sluggish economic growth. It has become important for the leading companies to adapt to the changing dynamics and trends by implementing new technologies in order to maintain their market share.
Implementation of stringent government legislations and regulations to curb environmental pollution is expected to hamper the global fireworks market in the near future. For instance, according to a law in the U.K, the sale of fireworks is restricted to certain holidays throughout the year. In November 2017, around 40,000 people submitted a petition for implementation of a new law regarding a ban on fireworks in public places in Europe. In October 2017, the Indian Supreme Court imposed a ban on the sale of fire crackers in the national capital owing to the deterioration of air quality in the region.
Complex rules for import and export of fireworks have also adversely impacted the industry owing to the unsuitable storage and the inadequate shipping arrangements and facilities. As a result, various local manufacturers have started operating in every region owing to restrictions on the global trade. For instance, the Director General of Foreign Trade (DIFT) of India has categorized fireworks under restrictive items. Thus, the Petroleum & Explosives Safety Organization (PESO) has not issued any licenses for import of fireworks from major manufacturing countries such as China, the U.S., Germany, and Spain.
In terms of region, the global fireworks market can be segmented into Europe, North America, Middle East & Africa, Asia Pacific, and South America. The Asia Pacific region accounted for major share of the global fireworks market in 2016; China led the market in the region in terms of manufacturing of fireworks. Fireworks factories in the country produce almost 90% of fireworks in the world.
India follows China in terms of manufacture of fireworks. This can be ascribed to the cheap availability of labor in the country. Along with being the second-most populated country in the world, India celebrates various festivals throughout the year. Fireworks are an integral part of many festivals in the country. However, the Indian fire crackers industry is facing huge crisis as about 35% of the market share has been captured by the Chinese firework manufacturers which illegally smuggle their products into the Indian market.
Prevalence of dry climatic conditions in Sivakasi helps produce customized alternatives to various ordnance and ammunition for the defense sector. The Fireworks Research and Development Center (FRDC) in Sivakasi defines the safety standards and quality for the fireworks industry. It is responsible for raw material testing and monitoring of hazardous manufacturing processes. The military fuzee maps are being developed by the manufacturers, which allows the soldiers to light the wires without being detected as the matches becomes red hot instead of evoking a flame. Smokescreens, storm proof matches, and practice bombs are some other products that are being customized for defense applications in India.
Based on application, the global fireworks market can be divided into government, commercial, and public. The industry performance in different regions holds considerable significance for the customers thereby providing expansions and growth opportunities. Most industry participants are acquiring other companies and entering into strategic partnerships in specific locations as merchant trading is complex owing to the transportation restrictions.
The global fireworks market is highly fragmented; majority of the local manufacturers account for significant share of the market. Companies operating in the value chain of the fireworks market include Ajanta, Bull, Coronation, Dahu, Dancing, Diamond Sparkler, Fuxiang, Groupe F, Guandu, Hefung, Hekou, Jeeton, Jinsheng Group, Juntai, Kim TAE, Lidu, Liuyang, Panda, Qianzi, Qingtai, Sanlink Group, Shengding, Shenghong, Shenma, Shijihong, Sony, Sri Kaliswari, Standard, and Zhongzhou.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.