NEW YORK, Dec. 17, 2020 /PRNewswire/ -- Increase in literacy rate shows a positive attitude of people toward education. As per the UNESCO Institute for Statistics (UIS), around 258 million children and youth passed school in 2018. This total includes 59 million children of primary school age, 62 million of lower secondary age, and 138 million of upper secondary age. Global literacy rate has increased to 86.47% in 2019 for the population aged 15 years and older. This shows the importance of education and an opportunity for the writing instrument industry, which further generates demand for pencil products.
As per PMR analysis, theglobal graphite colored pencil market will witness steady growth over the coming decade, to cross a valuation of US$ 2 Bn by the end of 2030.
Key Takeaways from Graphite Colored Pencil Market Study
- Among the regions, North America and Europe together account for more than 60% of the global graphite colored pencil market. Among these two regions, North America represented a higher share in 2019, owing to significant number of manufacturing companies and ascending literacy rate in the region.
- Writing instrument manufacturers are investing significantly in R&D to cater to the needs and demands of customers. They are executing functional tests before and after the development and production of writing instruments, to ensure attractiveness, comfortable grip, long-lasting impact, and better writing experience.
- Colorful custom pencil box packaging with cartoon characters has been identified as one of the latest trends in the graphite colored pencil market. Currently, most companies offer custom pencils. Biodegradable packing boxes to pack pencils are in high demand.
- 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.
- As a result of the COVID-19 pandemic, the supply chain of the graphite colored pencil market has been affected, which will result in impeding market growth in the short term.
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"Prominent players in the graphite colored pencil market should focus on combining organic and acquisition-led growth. These initiatives would help making contact with end consumers to understand their specific needs, and boost their sales/distribution channel by increasing their product portfolio," says A PMR analyst.
Ascending Number of Online Shoppers
Increasing trend of online shopping among consumers has influenced pencil manufacturers to collaborate with online service providers, brand consultants, and marketing agencies to offer products through online sales channels. In addition, pencil manufacturers such as Paper Mate and others are investing significantly in e-Commerce. Paper Mate has partnered with most online retailer giants such as Amazon, Walmart, Target, Staples, etc., which provides a competitive edge over its rivals. Thus, companies are trying to increase their presence on online platforms to gain a significant market foothold, along with brand awareness among consumers.
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PMR's report underlines groundbreaking insights into the competitive scenario of the graphite colored pencil market, along with highlights of differential strategies used by manufacturers. Some prominent players in the global graphite colored pencil market include F.I.L.A.- Fabbrica Italiana Lapis ed Affini S.p.A, Societe BIC SA, Faber-Castell, Mistsubishi Pencil Co., Ltd., Pilot Corporation, Schwanhäußer Industrieholding GmbH & Co. KG, Newell Brands, Inc., Shanghai M&G Stationery Inc., Schneider Schreibgeräte GmbH, Kokuyo Camlin Limited, C. Josef Lamy GmbH Srl, Staedtler Mars GmbH & Co. KG, Luxor Writing Instruments Private Limited, Linc Pen & Plastics Ltd., Hindustan Pencils Private Limited, Musgrave Pencil Company, Maped, Crayola, Graphite Pen & Pencil Company, and others.
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More Valuable Insights on Graphite Colored Pencil Market
Persistence Market Research released a new market research on the graphite colored pencil market covering global industry analysis of 2015-2019 and forecasts for 2020-2030. The graphite colored pencil market study reveals compelling insights on the basis of product (colored pencils, graphite pencils), end user (independent professionals, institutions, students, and other end users), sales channel (modern trade, specialty stores/stationers, departmental stores, franchise's outlets, online stores, and other sales channels), and price range (mass, premium), across seven major regions.
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