Research Nester published a report titled “Writing Instruments Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global writing instruments market in terms of market segmentation by product type, end user, distribution channel, price range, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global writing instruments market is estimated to garner a huge revenue by growing at a modest CAGR during the forecast period, i.e., 2021 - 2029, accounting to the rising demand for luxury writing instruments, growing trend of non-cash gifting in corporate offices and the introduction of innovative multifunction pens. Furthermore, escalating use of recycled materials during the manufacturing process of pens is expected to offer growth opportunities to the market in the future.
The market is segmented by product type into pen, pencil, coloring instruments, and others, out of which the segment for coloring instruments is projected to hold the largest market share over the forecast period owing to the surging demand for highlighters and markers in the recent years. Additionally, based on end users, the market for students occupies bigger market share on the back of increasing government initiatives to encourage education in under-developing and developing countries.
Geogrphically, the writing instruments market is segmented into five regions including North America, Europe, Latin America, Asia Pacific and the Middle East and Africa. Among these, the market in North America is anticipated to witness the highest CAGR during the forecast period ascribing to the growing investments by leading market players, high demand for fancy coloring pens and continuous launching of creative writing products in the region.
Escalating Demand for Luxury Writing Instruments to Boost Market Growth
Luxury writing instruments are considered a powerful status symbol globally, especially in North America and Europe, which can be credited to the rich heritage of these regions. Apart from these, luxury pens have been a crucial item for corporate and other types of gifting, and as the tradition of cashless gifting is gaining traction in developed and developing economies, the demand for luxury products is evaluated to notice a hike. This in turn is predicted to drive growth to the market in the coming years.
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However, increasing use of touchscreen devices is expected to operate as key restraint to the growth of the writing instruments market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global writing instruments market which includes company profiling of Pilot Corporation (TYO: 7846), Faber-Castell Aktiengesellschaft, Mitsubishi Corporation (TYO: 8058), Linc Pen and Plastics Ltd. (NSE: LINCPEN), Newell Brands, Inc. (NASDAQ: NWL), Montblanc-Simplo GmbH (EPA: MLCMB), Shanghai M&G Stationery Inc., Kokuyo Camlin Ltd. (NSE: KOKUYOCMLN), Pentel of America, Ltd., THE SAILOR PEN CO.,LTD. (TYO: 7992), and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the writing instruments market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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