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

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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.

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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.