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Luxury Writing Material Market to Garner Massive Recognition in the Years to Come
Based on region, the global luxury writing material market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Prominent players operating in the global luxury writing material market are Montblanc, Cross Pens, Caran d’Ache, Diamond, S.T. Dupont, Newell Rubbermaid, and Machiyama. Various regional and international vendors compete intensely in the luxury writing material market based on several factors which include product portfolio, product differentiation, and pricing.
Pricing strategies and product extensions along with new product launches are anticipated to boost the fine writing pens industry growth in luxury writing material market over the forecast period. Manufacturers of luxury pens are majorly focusing on improving the ergonomics, product quality, and durability of the material used. Furthermore, these pen manufacturers are also engaged in expanding their operations in various developing countries. Additionally, in order to maintain their market share, vendors in the luxury pen industry in luxury writing material market are offering innovative pens to cater to the growing demand from consumers.
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Writing materials provide the surface on which writing instruments or materials are used for inscribing. Luxury writing materials include luxury products used for writing such as luxury pens and luxury paper. These writing materials are also used for representational or symbolic writing. The characterization of writing materials is done by the material constituting the writing surface such as paper, and the number, size, usage, and storage configuration of multiple surfaces such as paper sheets consolidated into a single object such as a notebook or notepad.
Increasing demand for multifunctional pens is considered as one of the factors driving the luxury writing material market over the forecast period. Growing trend of celebrating formal occasions such as appraisals, office birthdays, and formal meetings is also expected to drive the market in the coming years. Furthermore, the increasing preference or need for customized pens among consumers has encouraged manufacturers to design more personalized products i.e., by inscribing name, logo, or text on pens. This factor is also expected to push market growth. Additionally, business enterprises prefer to gift personalized luxury pens to their employees and business partners. Luxury pens and papers are also gifted to business partners and employees as giveaways at corporate events, conferences, trade shows, and seminars. These customized requirement of enterprises are likely to contribute to the augmented demand for luxury writing materials over the forecast period. Furthermore, increasing preference for personalization and customization of pens is considered to be the one of the major factors for the growth of the luxury writing material market over the forecast period.
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The global luxury writing material market can be segmented based on product, application, and region. The product segment of luxury writing material is segregated into luxury pens and luxury papers. Furthermore, luxury pens are segmented as ballpoint pens, fountain pens, fineliner pens, and rollerball pens. Fountain luxury pens segment is expected to hold significant market share in the coming years due to improvements in product design and variations of nibs in the pen. The nibs of these pens are made of strong material and consumers in various countries such as China and the U.S. purchase these fountain pens for gifting due to their long lasting nature. Based on application, the market can be categorized into personal use, office use, and collection.
Based on region, the global luxury writing material market can be segregated into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe is considered as the home for various prominent luxury pen vendors such as S.T. Dupont, and Montblanc International offering customized luxury pens. Growing demand for customized and specialized luxury pens of high durability is projected to contribute to the fine pens industry growth in luxury writing material market in the region.
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