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.
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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.
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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.
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