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Marker Pens Market Segmented By Permanent, Non-Permanent Type in Refillable, Disposable with Fabric, Paper, Plastic and Whiteboard, Metal, Glass, Wood, Leather Usages
Marker pens endure lucrative opportunities across countries on the backdrop of an increasing number of academic institutions and commercial offices worldwide. Moreover, growth in the pervasiveness of presentation across corporates has influenced the demand for marker pens. This has encouraged manufacturers to come up with innovative products in the market.
A recent Persistence Market Research study predicts the marker pen market to record an expansion at 2.9% CAGR over the forecast period (2018-2026). Marker pens continue to witness increased traction in academic institutions and associated end-use sectors. However, growth in the commercial end-use sector is also expected to be impressive.
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Schools account for a significant share of the overall demand for marker pens. Use of writing instruments such as notebooks, pens, whiteboards, etc. in schools has been a significant contributor to the marker pen market. Use of chalk and blackboards are witnessing a steady replacement with marker pens and marker boards.
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Get a Customized VersionA growing demand for promotional products such as T-shirts, outerwear, and calendars offered by companies to both employees and customers is expected to boost the marker pen market. Companies are expected to employ writing instruments such as marker pens for several promotional aspects that are likely to benefit the global marker pen market.
Increasing use of innovative and environmentally friendly technologies by marker pen manufacturers and rising demand for ecological and recyclable plastic products are factors expected to fuel demand for marker pen market, specifically in regions such as Europe and North America, over the forecast period. In addition, manufacturers also have options to use environmentally safe packaging, as companies have become more conscious towards sustainable products.
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Permanent marker pen segment is expected to be valued at US$ 241.8 Mn by 2028 and is projected to register a CAGR of 2.6% over the forecast period. Furthermore, the segment is also the primary revenue generator in the global marker pen market. This segment accounts for 62% market share in overall marker pen market in terms of product type and is anticipated to continue to maintain its significant market share in the forecast period.
In terms of value, academic institutions end use segment is anticipated to register a CAGR of 3.2% over the forecast period. The commercial end-user segment is also growing rapidly owing to the rise in business environment and number of corporate business ventures.
Disposable marker pens are expected to remain the fastest-growing category during the forecast period. Refillable marker pen category accounted for a market share of 35% in terms of value in 2017.
Hypermarket/supermarkets are expected to remain the preferred sales channels for marker pens. The online sales channel is estimated to grow at a high CAGR of 3.5% over the forecast period. This is attributed to the increasing number of people using internet and smartphones for shopping for various products such as groceries and fast moving consumer goods, including stationery products.
On the basis of region, Asia Pacific region is projected to remain dominant in the global marker pen market throughout the forecast period. Permanent marker pen segment is estimated to account for a significant market share of 58% in the APAC market by 2018 end.
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