Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
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.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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:
FREQUENTLY ASKED QUESTIONS
Introduction of multi-purpose writing instruments and rising demand for luxury pens is estimated to drive market growth.
The market is anticipated to attain a modest CAGR over the forecast period, i.e., 2021 – 2029.
Rising use of touchscreen devices is estimated to hamper the market growth.
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.
The major players in the market are Pilot Corporation, Faber-Castell Aktiengesellschaft, Mitsubishi Corporation, Linc Pen and Plastics Ltd., Newell Brands, Inc., and others.
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.
The market is segmented by product type, end user, distribution channel, price range, and by region.
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.
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