The Writing Instruments Market to sway through innovations at a CAGR of 3.9% between 2021 to 2031

In light of the above factors, global sales of writing instruments are expected to top US$ 21.6 Bn in 2021. According to the revised report by Persistence Market Research, the writing instruments market is estimated to register a steady CAGR of around 4% over the forecast period of 2021-2031.

In light of growing concerns regarding the environment, demand for products manufactured from biodegradable waste or recyclable material has increased across the globe. Manufacturers are emphasizing on recyclable polyethylene terephthalate pens that are manufactured from recycled polyethylene terephthalate bottles, and also pens manufactured from biodegradable material. This strategy has helped companies gain a competitive advantage in the market, and also to cater to the demand of consumers for sustainable and biodegradable products.

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Recycling of packaging materials has increased in recent years, but recycling rates for most plastic packaging have remained low. In response to this, Société BIC SA and TerraCycle have teamed up to develop a recycling initiative for writing instruments to help combat the issue of pen waste. Users can request an online label and send their used writing instruments to TerraCycle for recycling purposes. Apart from this, numerous regions have stepped up to help curb negative environmental impacts caused due to non-degradable writing instruments. For instance, the U.S. government, in coordination with socio-environmental agencies, has set up approximately 5,500 locations near different staples, libraries, schools, etc., where used instruments can be dropped off. Also, eco-friendly pens are being introduced as consumers become highly aware of environmental concerns.

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Key Takeaways from Market Study
• Trend of writing instruments being used as a promotional tool is gradually being adopted by SMEs along with enterprises that are largely dependent on promotional activities. Among the product types, pens will account for a significant share in the market.
• Increasing demand for luxury writing instruments as a status symbol and rising number of brand-conscious consumers in Western Europe are leading to increasing demand for writing instruments in the region.
• As per analysis, hypermarkets/supermarkets are the most popular distribution channel for writing instruments. However, online sales are expected to scale up over the coming years.
• The COVID-19 pandemic has posed temporary growth challenges for writing instrument manufacturers.
“Growing awareness about environment-friendly and bio-degradable material is revolutionizing manufacturers’ as well as customers’ preference toward the use of these products. Use of recyclable products is gaining traction with growing promotion of green industry, and has led to sustainable packaging methods, thus, appealing to consumers to adopt such instruments,” says an analyst at Persistence Market Research.

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Market Competition
The report underlines groundbreaking insights into the competitive scenario of the writing instruments market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include Société BIC SA, Faber-Castell, Mitsubishi Pencil Co., Ltd., Pilot Corporation, Schwanhäußer Industrie Holding GmbH & Co. KG, Newell Brands, Inc., Shanghai M & G Stationery Inc., Schneider Schreibgeräte GmbH, Kokuyo Camlin Limited, C Josef Lamy GmbH Srl, STAEDTLER Mars GmbH & Co. KG, Luxor Writing Instruments Private Limited, Linc Pen & Plastics Ltd., and Hindustan Pencils Private Limited.

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More Valuable Insights
Persistence Market Research released a revised market research on the writing instruments market, covering global industry analysis of 2016-2020 and forecasts for 2021–2031. The market study reveals compelling insights on the basis of product (pencils, pens, coloring instruments, highlighters & markers, and others), end user (students, independent professionals, institutions, and others), and sales channel (supermarkets/hypermarkets, specialty stores, multi-brand stores, online retailers, and other sales channels), across seven major regions of the world.

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This release was published on openPR.