In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The writing instruments market is estimated to garner a large revenue by growing at a modest CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to factors such as the increase in demand for luxury writing instruments, introduction of creative multi-purpose pens, and the rising trend of corporate gifting in offices. It is calculated that the market of corporate gifting amounts to more than USD 120 billion. Apart from these, growing emphasis of companies to increase the application scope of writing instruments among students is also expected to drive market growth. Additionally, the escalating usage of recycled materials during the manufacture of pens is assessed to offer ample growth opportunities to the market in the coming years.
The market is segmented by product type into pen, pencil, coloring instruments, and others, out of which, the coloring instruments segment is anticipated to hold the largest share in the writing instruments market on account of the surge in demand for highlighters and markers owing to the growing importance of these products among consumers. Furthermore, on the basis of end users, the segment for students acquired a notable market share over the forecast period owing to the growing government initiatives to encourage students about the importance of education in developing and under-developing nations. However, the segment for working professionals is projected to witness the highest growth in the future accounting to the intensifying use of markers and colored highlighters amongst professionals to make their work more systematic and presentable.
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On the basis of geographical analysis, the writing instruments market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in Asia Pacific occupied the largest share since the last decade on the back of expanding corporate sector, increasing production power and the presence of leading writing instruments manufacturers in the region, especially in countries namely China, Japan and India. Moreover, North American market is expected to witness the highest CAGR during the forecast period, which can be credited to the continuous launching of creative writing products, rising investments by market players and the growing demand for fancy coloring pens and pencils in the region. In addition to this, the market in Europe is also evaluated to grow at a significant rate owing the high spending capacity and abundance of luxury pen companies in the region.
The writing instruments market is further classified on the basis of region as follows:
Our in-depth analysis of the writing instruments market includes the following segments:
Ans: Introduction of multi-purpose writing instruments and rising demand for luxury pens is estimated to drive market growth.
Ans: The market is anticipated to attain a modest CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Rising use of touchscreen devices is estimated to hamper the market growth.
Ans: North America is projected to provide more market growth opportunities owing to the growing demand for fancy coloring instruments and increasing investments by leading market players.
Ans: The major players in the market are Pilot Corporation, Faber-Castell Aktiengesellschaft, Mitsubishi Corporation, Linc Pen and Plastics Ltd., Newell Brands, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, end user, distribution channel, price range, and by region.
Ans: The professionals segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.