Writing instruments distributed as promotional products to spur global market demand
A 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 writing instruments market. A survey conducted by the Advertising Specialty Institute in 2016 estimated that 50% of all U.S. consumers owned promotional writing instruments. Companies are anticipated to use writing instruments for a number of promotional purposes that should benefit the global writing instruments market.
Product differentiation important in the writing instruments market
Key stakeholders in the writing instruments market are focusing on product differentiation by offering innovative, designer writing instruments that have multipurpose use cases. Companies have begun to offer ballpoint pens with a stylus, pens with multiple colored inks, different pen body styles, and pens with customized clips that may have a famous designer’s touch or influence. Another major factor is the shift towards biodegradable or recyclable materials. Many manufacturers have invested in recyclable PET pens that are made from recycled PET bottles and even pens created from biodegradable raw materials. These organizations are able to appeal to environmentally conscious customers and help their products stand out in the writing instruments market.
Luxury writing instruments serve as status symbols for customers
Luxury writing instruments are seen as a strong status symbol especially amongst customers in North America, Europe, and the MEA regions. Montblanc, Lamy, STAEDTLER are some of the most famous companies that specialize in luxury pen making in the global writing instruments market because they have a longstanding heritage in this industry. For the creation of unique designer writing instruments, C. Josef Lamy GmbH has entered into an alliance with a few globally renowned design studios. In 2017, the company collaborated with GR Industrial Design, a design studio based in Barcelona that provides customized design solutions to Lamy GmbH for new product development.
Focus on profit over volumes may restrain the writing instruments market
Writing instruments makers in a few regions such as Europe have decided to prioritize profitability over volumes by catering to the demand of wealthier and more discerning customers. They produce high-end, luxury pens that can only be afforded by the ‘1 percent’ population as the profit margins on these products are extremely high. However, ignoring the middle and low income groups entirely in favor of the high net worth individuals can negatively impact the growth prospects of the writing instruments market.
Rise of touchscreens biggest challenge in the writing instruments market
The millennial generation and Generation Z have grown up surrounded by touchscreen technology and hardly remember an era before that. They are extremely comfortable typing on touchscreen devices, be it computers, tablets, and smartphones. New technologies that blur the line between conventional writing instruments and touchscreen typing have come into the foray now in the form of smart pens, stylus, etc. Key players in the writing instruments market need to market their pens to this important demographic to ensure sustained growth in the global writing instruments market.
Pens dominate the writing instruments market by product type
The pen segment accounts for more than 75% market share in the writing instruments market and it is highly likely to retain this commanding position throughout the forecast period. The pen segment is predicted to grow from under US$ 15 Bn in 2017 to more than US$ 19 Bn by the end of 2025, recording a CAGR of 3.5% from 2017-2025. The pen segment is estimated to create absolute $ opportunity of US$ 494.3 Mn in 2017 over 2016 and an incremental $ opportunity of US$ 4,562.3 Mn between 2017 and 2025.
We may be in the digital age where email and printed documents are dominant but that doesn’t mean that the good old fashioned pen and paper have completely gone out of vogue. Writing instruments are used by professionals, students, educational institutions, and many others. Persistence Market Research has studied the writing instruments market extensively in an upcoming report titled ‘Writing Instruments Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025’.
Research methodology that stands tall in the industry
Persistence Market Research has devised a research methodology that is considered to be amongst the leading in the industry. Our team of knowledgeable analysts have years of experience under their belt and begin their study on the writing instruments market with exhaustive primary and secondary research. They prepare a market player list that helps them extract all the necessary data pertaining to the writing instruments market. This data is then extensively scrutinized by way of a triangulation method that combines primary and secondary research with our analysts’ opinions. Lastly, the data is thoroughly validated using advanced company tools to gain all the required insights into the writing instruments market, both qualitative and quantitative.
The writing instruments market report begins with the executive summary that gives a perfect first glance at the global writing instruments market. It comprises an overview coupled with an analysis of the writing instruments market. The executive summary highlights a few key metrics such as CAGR, Y-o-Y growth rate, and absolute and incremental dollar opportunity. The expert analysts have assessed the writing instruments market for a period of eight years and made their recommendations that take the form of an overall market approach to adopt, products to focus on, and region to target. Our readers would be advised to take the report recommendations into account while making their long-term strategic decisions. The Wheel of Fortune is the perfect graphical representation of the global writing instruments market in a simple, easy-to-understand format.
The market introduction chapter follows the executive summary and can be considered complementary to it. This is where we have provided a comprehensive definition as well as the taxonomy of the writing instruments market.
Global Writing Instruments Market: Taxonomy
The writing instruments market has been around for a very long time and there are a number of companies that have decades of experience in this industry. It would be well-worth your time to conduct a SWOT analysis of your immediate competition so that you can try to be one step ahead of them. The competition dashboard section of the writing instruments market report serves this very purpose and profiles some of the most prominent companies actively involved in the writing instruments market. A few examples are Faber-Castell, Schneider, STAEDTLER, Luxor, and Pentel. We have included a general overview, recent company developments, key financials, and strategies adopted in the writing instruments market.
As a key stakeholder in the writing instruments market, it is vital that you have a firm grasp of the dynamics that shape the writing instruments market. The market dynamics section highlights the macroeconomic factors that impact the writing instruments market and we mention the important drivers, restraints, opportunities, and threats in this critical section of the writing instruments market report.
The writing instruments market has been divided into five geographic regions in our study and every region has a dedicated section wherein we analyze the factors that pertain to that specific region on the basis of the taxonomy. We have compared and contrasted the historical market size of the largest countries in every region with their expected growth during the forecast period. The market attractiveness and impact analysis conclude this portion of the writing instruments market report.