PUBLISHER: Allied Market Research | PRODUCT CODE: 1344311
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344311
According to a new report published by Allied Market Research, titled, "Writing Instrument Market," The writing instrument market was valued at $11.7 billion in 2022, and is estimated to reach $18.1 billion by 2032, growing at a CAGR of 4.6% from 2023 to 2032. A writing instrument is a tool or an object which is used to write on a surface, especially paper or hard finish surface to note down the learnings, or for drawing and designs. They are used for various purposes other than writing, such as painting, coloring, sketching, and creating mechanical diagrams. They are available in a wide range of varieties with diverse types of shades and colors.
Writing instruments are types of objects or tools that are used for producing writing on the surface. There are several types of writing instruments used for a wide range of purposes other than writing, such as drawing, sketching, painting, and creating mechanical designs. The key players have started producing innovative writing instruments with multi-functional uses to cater to the demand of their consumers.
One of the major factors that drive the demand for writing instruments includes increasing literacy rates in underdeveloped and developing nations. As previously children living in poor nations were not interested in attending schools and colleges due to low income or the burden of work at a young age, therefore, the government of different nations has taken initiatives to implement assistance program like Kha Ri Gude, The Africa Literacy Project (ALP), the New India Literacy Programme, the Sarva Shiksha Abhiyan Scheme, Mid-Day Meal scheme, and many more to encourage more number of students to complete their primary education. The poor economic countries in the LAMEA region such as Western Sahara, Burundi, Somalia, Central African Republic (CAR), Mozambique, Madagascar, Sierra Leone, the Democratic Republic of the Congo (DRC), Niger, and Eritrea are putting lot of efforts to increase their literacy rates by providing free education in primary classes. Moreover, there is an increase in disposable income of the consumers leading to the rise in number of children attending schools resulting in demand for high-quality writing instruments. Thus, the rise in literacy rate positively impacts market growth and is expected to continue to positively affect market growth in the future.
One of the biggest restraints on writing instruments is the increase in adoption of digital devices smartphones, tablets, and computers by the masses. Students increasingly pick up the trend of smart learning with the development of technologies in the education industry. There are various writing solutions such as voice recognition software, touch screen devices, and other digital writing tools that have drastically reduced the demand for writing instruments. There is a shift in examination patterns with the introduction of MCQ-type exams where there is no requirement for high-quality pens and pencils. The adoption of online examinations has gained traction with the increase in digitalization and to avoid any discrepancies due to manual errors in the examination procedures. The use of electronic gadgets has increased dramatically in the last five years as a result of the increased emphasis on digitalization. There is an apparent surge in demand for various digital writing instruments with technological advancements emerging in all fields. People use digital writing instruments to operate a wide range of gadgets, including cell phones, laptops, and PCs. The growth in popularity of electronic devices and their uses impedes the growth of the writing instrument market.
In order to compete with current technologies and maintain the existence of writing tools alongside electronic gadgets and devices, writing instrument producers are creating new items coupled with creativity, such as a ballpoint pen in combination with a stylus, pencil, or mechanical pencil. A few of the versatile pens on the market are the Cross Tech3+ Multifunction Pen, MONO Graph Multi, and Sheaffer Stylus Ballpoint Pen which are made in combination of two instruments in one product. Innovative product designs with numerous point nibs and diverse colors tend to pique curiosity of consumers more toward their product. Rapid innovation and the introduction of creative products are expected to boost the growth of writing instruments in the coming years.
The writing instruments market is segmented into product type, end-user, price point, distribution channel, and region. On the basis of product type, the market is categorized into pen, pencil, coloring instruments, highlighter and marker, and others. On the basis of end user, the market is fragmented into students, professionals, and institutions. On the basis of price point, it is bifurcated into premium and economic. On the basis of distribution channel, the market is divided into hypermarket/supermarket, specialty stores, online sales channel, and others. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Russia, Spain, Netherlands, and rest of Europe), Asia-Pacific (China, Japan, South Korea, Indonesia, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, UAE, and rest of LAMEA).
Some of the key players operating in the writing instrument market analysis include Faber-Castell, Linc Pen and Plastics Private Limited, Mitsubishi Pencil Co., Ltd., Flair Writing Industries Limited, Hindustan Pencils Private Limited, Shanghai M&G Stationery Inc., Pentel Co., Ltd., Luxor Writing Instruments Pvt. Ltd., BIC USA Inc. (BIC), Newell brands, Caran d'Ache, A. T. Cross Co. LLC., Tombow Pencil Co., Ltd., Zebra Co., Ltd., KOKUYO Co., Ltd., Crayola, LLC. According to the market players, the major obstacle attributed to the pandemic was the disruption of the supply chain. Furthermore, all the distribution channels were nearly shut down in the first quarter of the pandemic. However, online channels such as Alibaba, eBay, Amazon, and Flipkart gained huge traction amidst the pandemic.