USD 21.7 billion
Report ID: SQSG30L2054 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 100 | Figures: 76
Writing Instruments Market size was valued at USD 21.7 billion in 2021 and is poised to grow from USD 22.92 billion in 2022 to USD 34.97 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
A writing implement or writing instrument is an object used to produce writing. An increase in promotional items such as apparel and calendars offered at educational institutions and offices is expected to continue to be a key factor driving the writing instruments market. Additionally, today the availability of natural, recyclable materials used in the pen manufacturing process has increased the range and demand for pens worldwide. Writing consists of different figures, lines, and or forms. Most of these items can be also used for other functions such as painting, drawing and technical drawing, but writing instruments generally have the ordinary requirement to create a smooth, controllable line. The market is expected to expand steadily over the next few years, owing to rising demand for leading mid-range pens among experienced end-users. A continuous series of product development strategies and sustainable approaches by manufacturers are expected to contribute to the growth of the market in the coming years.
The writing instruments market is expected to grow significantly due to the introduction of fancy coloring equipment gaining momentum among children and students. These unusual painting instruments are becoming increasingly popular among artists due to the wide range of shades available. Manufacturers are always trying to appeal to their customers with custom pen body styles, clips, and superior use of ink. The ready availability of low cost and environmentally friendly products is expected to change consumer preferences for these products in a positive way. Companies that specialize in high-end pens attract high-income people because of their well-designed finish and good looks.
US Writing Instruments Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 21.7 billion
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Global Writing Instruments Market is segmented based on the product, application, and distribution channel, and region. Based on product, global writing instruments market is segmented into pencils (graphite and mechanical pencils), pens (fountain pens, ball point pens, roller pens, gel pens and others) coloring instruments, highlighter & markers, and others. Based on application, the global writing instruments market is segmented into students, independent professionals, institutions, and others. On the basis of distribution channel, the global writing instruments market is segmented into hypermarkets/ supermarkets, specialty stores, multi-brand stores, online retailers, and other sales channels. By region, the Writing Instruments Market is segmented into North America, Asia Pacific, Europe, Latin America, and MEA.
Writing Instruments Market Analysis by Product
Pen dominated the market with a prominent share in 2021. This is attributed to the growing production of biodegradable pen products, coupled with the growing inclination of consumers towards these products. China already produces 38 billion ballpoint pens a year, according to China Daily, which is about 80 percent of all ballpoint pens in the world. That's a lot of pens, but there was a catch: China had long been unable to produce a high-quality version of the most important part of the pen, its tip. Germany is one of the leading countries when it comes to fountain pens and is home to some of the greatest writing instrument manufacturers and brands. Germany's fountain pen brands promise quality and efficiency in the products produced. A study by The Promotional Products Association International (PPAI) found that 83% of people still use a ballpoint pen daily, and 73% still carry one with them. The United States produces 2 billion pens in a year.
Colouring equipment is projected to generate significant sales in future. These products are growing in popularity and demand as consumers become more aware of the importance of highlighters, markers and other coloring tools. Others carry sharpeners, erasers, rulers, or measuring sticks. This segment is expected to decline slightly due to its limited use and smaller size compared to other products.
Writing Instruments Market Analysis by Distribution channel
Stationeries generated a large revenue in 2021. This segment is gaining traction due to advantages such as physical verification of products prior to purchase are expected to choose stationery as a sales medium. The stationery business offers moderate profit margins, but the high demand balances it out. Brands give out a margin of approximately 30 per cent to 40per cent to the distributor. You would be able to give products probably with a margin of 25per cent to 35per cent to the end retailers. According to industry estimates, India's stationery market was worth $6.5 billion in 2020, of which, the paper category accounted for $4 billion.
Moreover, with the development of the organized retail sector, supermarkets/hypermarkets, among others, are increasing the visibility of consumer goods. When selling stationery online over the sales channels, it can bring moderate profit margins only. However, you can try selling stationery by opening your online store to earn higher profits.
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In North America, the U.S. dominated the market for writing instruments with a hefty share in 2021. To compete with high technology and promote the presence of writing instruments in electronic devices, US writing instrument manufacturers offer innovative products such as: B. Pen and stylus or highlighter and stylus combination. These two products are conveniently used together across the tech industry for mobile phones, tablets, and writing purposes. Selling multiple colors in one highlighter is expected to increase demand for this type of product. Customers are now interested in new product designs that offer multiple colors and multi-point tips increase. The expansion of the notebook market appears to have a positive impact on the demand for writing instruments in the US market as product diversity and technological innovation are expected to increase.
In Asia Pacific, India is a promising market for writing instruments and is expected to expand at a high CAGR during the forecast period. India is made up of different groups of consumers who respond differently to different inputs. The ready availability of materials, low manufacturing costs, and a highly cost-effective labor force in India are the main factors driving the growth of the writing instrument industry in the country. In addition, these factors also drive the growth of small and medium enterprises in the country. Rising literacy rate, increasing individual driven demand in India due to improved school standards and curriculum are the main factors driving the demand for writing instruments. The growing number of educational institutions is also expected to boost sales of writing instruments in schools and colleges across India.
In Europe, the UK is the lucrative market for writing instruments and is expected to grow at a CAGR of 1.9% over the forecasting period. Journaling has become a timeless practice among the people of this country as it allows them to record stories, memories, thoughts and disciplines. This practice leads to many positive outcomes such as improved mental health, greater work efficiency, and greater work-life balance satisfaction. Additionally, the evolving nature of environmental and social issues has led the UK's leading writing instrument manufacturers to make changes to minimize their carbon footprint. However, they share the same goal of reducing their use of single-use plastics and gradually going green to lead the movement for eco-friendly writing instruments.
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Writing instrument suppliers are finding new ways to limit their spending and increase their sales potential. These strategies are developed by reducing input costs and improving retailer strengths. Well-known companies evaluate their business chains and consider them in terms of both output and input. New strategic relationships with key suppliers or players to optimize performance could enable market participants to reduce overall costs.
Writing Instruments Market Top Player's Company Profiles
Writing Instruments Market Recent Developments
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According to our Global Writing Instruments Market, Rapid economic growth in the Asian region is driving demand growth on the continent, and customers in the region may continue to demand more writing instruments with the launch of innovative instruments. Rising demand for luxury writing instruments to drive market growth. Vendors offer product personalization to add an emotional dimension to products at virtually no additional cost to the consumer. The high level of product customization offered by vendors allows them to differentiate their product offerings in the market. The increasing emphasis on product personalization is expected to further accelerate the growth of the global writing and marking instruments market.
|Market size value in 2021||USD 21.7 billion|
|Market size value in 2030||USD 22.92 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Writing Instruments Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Writing Instruments Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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