Global Glow Sticks Market: Overview
A glow stick refers to a short-term, self-contained source of light. It comprises a translucent plastic tube that contains isolated substances isolated materials. When mixed, this material renders light chemiluminescence properties without needing an external source of energy. However, this light can be used only once and cannot be turned off. Glow sticks made its way into the market as a substitute of flare in military applications. However, in recent times, there has been an increased adoption of the product for use in applications in civil society, which is likely to support growth of the global glow sticks market over the period of analysis, from 2020 to 2030.
According to the United States Fire Administration (USFA), improved clear visibility reduced the overall rate of mortality and also diminished the possibility of accidents of the road. As recommended by USFA, fluorescent glow sticks is estimated to find wide scope of application in several situations, which is likely to support the rising demand for glow sticks in the years to come.
Application and region are the two important parameters based on which the global glow sticks market has been classified.
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Global Glow Sticks Market: Notable Developments
One of the relevant and important developments of the market that gives a quick view of the dynamics pertaining to global glow sticks market is mentioned as below:
- In January 2019, US-based Zippo Manufacturing Company announced to acquire Northern Lights Enterprises, Inc. The latter has been a manufacturer and marketer of light products. This acquisition is expected to give Zippo a range of diversifies products, important expertise and knowhow, and new channels of distribution.
Some of the prominent organizations in the global glow sticks market comprise the below-mentioned:
- Bessen Glow Technology Ltd.
- Northern Lights, Inc
- Yiwu Findtoys Trading Co. Ltd
- The Glow Company UK Ltd
- Lumica Corporation
- Cyalume Corporation
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Global Glow Sticks Market: Key Trends
The global glow sticks market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Demand from Adventure Sports Lovers to Foster Growth of the Market
Use of glow sticks is still limited to the developed countries. However, in the last few years, there has been increased emphasis on the development of infrastructure in the developing countries in the last few years. This factor has raised concern for the safety of roadside workers. Glow sticks are gaining slow entry into this sector so as to minimize the risk and reduce the number of fatalities arising out of the hazardous nature of the work. As such, it can prove to be beneficial for the manufacturers, which is expected to work in favor of the global glow sticks market over the assessment timeframe, from 2020 to 2030.
Adventure sports have gained immense popularity amongst the tourists looking for thrilling experience. Scuba diving, snorkeling are such popular adventure sports and these sports have started making use of glow sticks. These sticks are increasingly used as safety and emergency light source in adventure sports. Glow sticks have also gained popularity as party supplies. With growing use in various civilian applications, the global glow sticks market is expected to observe considerable growth in the coming years.
Global Glow Sticks Market: Geographical Analysis
North America and Europe dominate the global glow sticks market and is forecasted to remain prominent regions throughout the period of analysis. Authorities, such as REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) is an European body working toward lowering the impact of chemical use. Corporate end users and manufacturers in Europe are expected to comply with standards regarding use of chemicals as laid down by the body. This requires the manufacturers of glow sticks to stick to the regulations and produce glow sticks in Europe.
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.