Pencil Market Emerging Growth Opportunity 2022-28

According to Precision Business Insights (PBI) latest report the global pencil market was valued at USD 13,393.9 million in 2021, growing at a CAGR of 7.7% during 2022-28. The growth in sales of commercial and school supplies, which are utilized as an educational tool for children all over the world, as well as technological developments in pencils and the development of more eco-friendly pencils, are driving demand for drawing pencils. Moreover, the increasing popularity of attractive and customized products among consumers is also driving the growth of the global pencil market in the forecast period. The innovations offered by key market players create an opportunity for the growth of the global pencil market. For instance, the graphite pen & pencil company offers personalized pencils, promotional pens, and custom imprinted golf pencils, while the Musgrave Pencil Company offers custom-designed and printed pencil boxes.

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Students Segment Dominates the Pencil Market:
In 2021, students accounted for the most applications and generated the greatest amount of revenue. This rise can be attributed to people worldwide being more aware of the importance of education. Government initiatives and legislation aimed at encouraging more students, particularly women, to pursue higher education in underdeveloped or developing economies like India, China, and Brazil are likely to fuel category development. Shortly, all of these elements are expected to broaden the reach of writing instruments.

North America Leads Pencil Market:
Due to rising awareness of the value of education, as well as the rise of the corporate sector in China, Japan, South Korea, and India, Asia Pacific dominated the market, accounting for the majority of overall revenue. Furthermore, the expanding middle class in developing countries such as China and India is providing fresh chances for manufacturers to expand their operations in these areas. Europe has a large part of the market and is predicted to grow at a faster rate from 2022 to 2028. France, Germany, the United Kingdom, and Spain are all important markets in this region.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
The global pencil market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In April 2020, BIC, a world leader in stationery, lighters and shavers, has partnered with international recycling leader TerraCycle® to offer consumers a free and easy way to recycle their fully-used pens, mechanical pencils, markers and other stationery products and parts of packaging nationwide. In November 2021, Tombow Pencil Co., Ltd. announced the launch of the "ippo! Easy Erase KAKIKATA Pencil," a dark pencil for schoolchildren that erases cleanly and completely with an eraser. It will be rolled out sequentially at stationery stores, the stationery sections of volume sellers, and other retailers across the country starting November 12. Available in dark lead of 2B, 4B, and 6B, this pencil is an industry first for its ability to erase cleanly and completely, leaving notebooks clean.

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The pencil market is segmented based on product type, end-user, and geography.
Based on the Product Type, the market is segmented into the following:
• 2H-2B
• 96-3H
• 3B-6B
• 9H-7H
• 7B-9B

Based on the End-user, the market is segmented into the following:
• Students
• Professionals
• Institutions
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key player's profiles in the pencil market report are Derwent, Kokuyo Camlin, Prismacolor, Staedtler, Lyra, and Faber-Castell.

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