Pencil Market Is Anticipated To Grow Witnessing A Steady CAGR During The Forecast 2021-2027

Precision Business Insights published a research report on “Global Pencil Market By Product Type (2H-2B, 96-3H, 3B-6B, 9H-7H, 7B-9B), By End User (Students, Professionals, Institutions, and Others), and Geography- Global/Region/Country Forecast to 2027”

Growing Development of more Eco-friendly Pencils hugely contributes Towards the Global Pencil Market Growth
Pencil is used for different purposes like in writing, coloring, sketching and drawing. It has several applications. Different customized and eye-catching pencils are available in the market and getting popularity amid children. Markings done by pencil can be easily erased but markers done by sketch pens and pens cannot be erased. There are several stationary items such as markers and pens are made using plastic, which is not biodegradable, but pencils are made using wood, which is totally biodegradable and do not cause environmental pollution too. Furthermore, the global pencil market is growing due to the factors such as concern for a healthy environment and growing environmental consciousness. Both these factors greatly contribute towards increasing the demand for eco-friendly items.

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There are several factors that fuel the global pencil market growth such as growing popularity of the attractive and customized items amid the customers, technological developments in the pencil and increase in the development of more eco-friendly pencils. Frequent acquisitions, collaborations and novel product launchings by the industry players of the market greatly contribute towards the growth of the global pencil market. For example, Derwent launched “the Derwent Precision” first mechanical pencil in July 2017.

Asia Pacific witnessed larger revenue share in global pencil market experiencing significant CAGR rate because of the growing popularity amid the kids and its user friendliness. Another market driving factors for pencil market growth in Asia pacific is developing countries of the region. Furthermore, technological advancement is also contributing towards the market growth in Asia Pacific region. Pencil market in Africa and Middle East is also experiencing significant growth as people living there have the practice of using pencils than pens and other writing materials because of low price of the pencils. North America and Europe pencil market witnessed small growth because people living there are more inclined towards using pen and markers and other writing materials because of their fascination towards expensive and noticeable pens due to their high disposable earnings.

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Competitive Analysis
A few major key players operating in Global Pencil Market are Derwent (UK), Kokuyo Camlin (India), Prismacolor (USA), Staedtler (Germany), Lyra, Faber-Castell (Germany), Tombow (Japan), Creatacolor (Austria) and Caran D’ache (Switzerland). Key players in pencil market mainly focus on following strategies to reinforce their position in the market.

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