New York, NY -- (SBWIRE) -- 09/06/2018 -- Marker pens have come a long way as key components of stationery across educational institutions and business establishments. The two main types of marker pens – permanent and non-permanent – find wide application across industries. Marker pens come in both refillable and disposable categories and disposable pens are the most preferred, registering high Year-on-Year growth rates – as indicated in a new market research study by leading research firm Persistence Market Research.
According to the report on the global marker pen market, revenue from the sales of marker pens is projected to reach US$ 397.9 Mn by 2026 end from an estimated US$ 317.0 Mn in 2018. This reflects a CAGR of 2.9% during the eight year period from 2018 to 2026. A key driver of revenue growth in the global marker pen market is the increasing demand from manufacturing units, companies, educational institutions, and the services sector especially in developing countries.
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Product Differentiation to Rule Global Marker Pen Market; Production and Raw Material Cost Optimization to Drive Demand for Writing Instruments
Writing instruments are easy to manufacture and coupled with rising imports of raw material at cheaper prices, the supply of writing instruments such as marker pens has increased considerably, and this is anticipated to boost revenue in the global market for marker pens in the coming years. Product differentiation is a key strategy adopted by players in the global marker pen market. The Asia Pacific region is witnessing a growing demand for marker pens, and local manufacturers are focusing on differentiating their product offerings by launching innovative and designer marker pens with multipurpose functionalities.
Some of the innovative products launched in the global marker pen market include scented markers, refillable markers, xylene free markers, twin tip markers, neon permanent markers, coloring markers, specialized markers for artistic purposes, markers with UV resistant ink (to prevent fading), markers in ultra-vivid and fluorescent colors, and markers manufactured from recyclable material.
Consumer Penchant for Marker Pens Manufactured from Biodegradable and Recyclable Material and Preference for Multifunctional Pens Trending the Global Market
Consumers in the markets of Europe and Asia Pacific are increasingly demanding writing instruments manufactured from biodegradable waste and recyclable material. Recyclable PET pens – manufactured from recycled PET bottles – are in great demand in these regions. This has pushed manufacturers of marker pens to bring in sustainability in their product offerings by using environmentally friendly raw material to manufacture marker pens.
Demand for marker pens with multiple uses is another trend being observed in the global market. To compete in this market, companies are launching marker pens in different colors as a single pack to provide diverse color options to consumers. Further, to sustain in a market where electronic gadgets backed by latest technologies are being preferred over conventional products, manufacturers based in Europe are offering writing instruments with add-ons. European manufacturers are innovating in their product offerings and are launching products such as a combination of pens and markers with a stylus or a highlighter. The main objective of these dual-purpose writing instruments is to offer users the convenience of a single instrument that can be used for writing purposes and as a stylus for tablets and smartphones.
Global Marker Pen Market Plagued by Pricing Challenges and Unorganized Distribution Channels
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The marker pen market in the Asia Pacific is a volume driven market, with companies offering products at reduced prices, owing to the low commodity pricing for writing instruments in the region. The unorganized sector is relatively strong in this region, with several smaller players offering marker pens at low prices. This factor is impacting revenue in the Asia Pacific marker pen market, in turn restraining revenue growth of the global market.
Modern retail formats are the key revenue spinners in certain regional markets of developing countries, as a large part of sales revenue is generated from these distribution channels. However, traditional distribution channels such as brick-and-mortar commerce and convenience stores still hold sway in some of the markets in these regions, where consumers prefer conventional retail channels to purchase writing instruments such as marker pens. The presence of fragmented distribution channels is expected to impact revenue generation in the marker pen market in certain developing regions, thereby challenging revenue growth of the global market.