August 14, 2019 by Steve Blade
In an era filled with touchscreen computers, tablets and smartphones, buying actual art supplies could be a rare sight. However, this is far from the truth as art supplies market can never truly be completely replaced by modern technology as true art lovers will always prefer real art as opposed to the virtual one. The art supplies market is projected to cross US$ 40 billion by 2028.
Art supplies continue to witness lucrative opportunities across countries on the backdrop of increasing number of independent art professionals worldwide. Moreover, growth in the prevalence of recreational arts sector has influenced the demand for art supplies. This has encouraged manufacturers to come up with innovative products in the market. The trending convergence of pens, which have more adoption rate, are further anticipated to create remunerative growth opportunities for the art supplies market.
Increasing popularity of auctions, exhibitions and arts shows, and the money associated with them has impacted the art supplies manufacturing sectors, creating demand for luxury and premium art supplies. Increasing demand for colors’ segment is creating opportunity for pencil colors and crayons.
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Art supplies analysis, by product type
Pens segment is expected to be valued at US$ 31,668.0 Mn by 2028 and is projected to register a CAGR of 4.5% over the forecast period. Furthermore, the segment is also the leading contributor to the overall art supplies market. This segment accounts for 74.3% market share in overall art supplies market in terms of product type and will continue to maintain its significant market share in the forecast years.
Art supplies analysis, by end-user
In terms of value, residences segments is anticipated to register CAGR of 5.2% over the forecast period. Independent professional end-user segment is also growing rapidly owing to the rise in art auctions, exhibitions and shows.
Art supplies analysis, by sales channel
Stationery shops are expected to remain the fastest growing sales channel even during the forecast period. Online sales channel is estimated to grow at a high CAGR of 4.4% among others. This is attributed to the increasing number of people using internet and smartphones for shopping varied products, such as groceries and fast moving consumer goods (art supplies).
Art supplies analysis, by region
On the basis of region, Asia Pacific except Japan (APEJ) region is projected to remain dominant throughout the forecast period. Pens segment is estimated to account for the highest market share of 78% in the APEJ market by 2018 end.
The APEJ region is estimated to account for the highest market share in the art supplies market in 2017 and this share is expected to grow at a massive rate, causing the APEJ market to grab even higher market share in art supplies market by the end of 2028. This highly populous continent is spearheaded by the rapid economic growth in China, India, and Indonesia and customers in these countries will continue to demand maximum art supplies.
Fact.MR has profiled some of the most prominent companies active in the art supplies market such as Faber-Castell Aktiengesellschaft, Kokuyo Camlin Ltd., F.I.L.A. (Fabbrica Italiana Lapis ed Affini S.p.A.), Société BIC SA, Hallmark Cards, Inc., Maped, STAEDTLER Mars GmbH & Co. KG, Pedilite, Pentel Co., Ltd., Pilot Corporation, Newell Brands Inc, ITC Limited, Pelikan International Corporation Berhad, Linc Pen & Plastics Ltd., and Mitsubishi Pencil Co., Ltd. Some of the major strategies adopted by key players in the market include product innovation, mergers & acquisitions and expansion. For example, in 2015, Cello group sold its remaining equity in Cello Pens to BIC. Pursuant to acquisition, BIC holds 100% equity in Cello pens.
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