- Marker pen is growing in popularity, owing to the expansion of the end-use industry. Marker pens are used as highlighters, whiteboard markers, security markers, etc.
- Rise in their demand from educational institutions and corporate offices is driving the marker pen market.
- Manufacturers are also focusing on product development and innovations to boost their share of the global market. Growing demand for eco- friendly and recyclable products is fueling the demand for marker pens.
- Asia Pacific and South America regions are expected to be major contributors to the market growth, owing to the expansion of academic institutions and corporate offices. Moreover, the demand for non-permanent marker is also growing. This is likely to drive the global marker pen market.
- Economic condition of developing countries is improving due to rapid industrialization and urbanization. This is anticipated to fuel the demand for Market Pen during the forecast period.
Increase in Demand from Educational Institutions and Corporate Offices to Drive the Global Marker Pen Market
- Schools, colleges, and other educational institutions account for a significant share of the total demand for marker pens across the globe. Blackboards in educational institutes are being replaced with whiteboards that use marker pens. Moreover, rise in use of marker pens in corporate offices during conferences and meetings is expected to drive the global marker pen market. Furthermore, growth of the service sector and surge in the number of academic institutions in developing countries are creating a steady demand.
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Development in Distribution Channels and Adoption of Different Business Strategies
- Development of modern distribution channels such as e-commerce, hypermarket or supermarket are expected to drive the global marker pen market. Manufacturers are expanding their customer base by adopting online channels for marketing their products. Additionally, companies are using different marketing strategies, such as offering promotional products, which include T-shirts, calendars, diaries, etc., along with their products, to increase their customer reach.
North America to Hold a Leading Share of Global Marker Pen Market
- Geographically, the global Market Pen market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the Market Pen market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the Market Pen market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America Market Pen market is segmented into Brazil, and Rest of South America.
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- North America dominates the market share due to prevalence of writing with marker pen has increased. Increasing in number of foreign students in countries like such as U.S. and Canada has boosted the sales of the marker pen.
- However, Asia Pacific is anticipated to grow at a fastest CAGR growth rate during the forecast period. Increase in number of student and improvement in the quality of education in the region.
Key Players Operating in the Marker Pen Market:
Companies manufacturing marker pens are focusing on expanding their footprint in emerging economies. They aim at geographical expansion to cater to the high demand across different regions. Developing countries of the Asia Pacific region are expected to witness significant demand for market pens.