The global writing and marking instrument market is expected to reach $24 billion by 2022, according to Technavio, a global technology research and advisory firm. The key factors driving the growth of the market are the increase in demand for multi-functional pens—features and functions such as erasers, highlighters, styluses, laser pointers, flashlights, etc.—and eco-friendly products, according to the company’s Global Writing and Marking Instruments Market 2018-2022 report.

Technavio attributes eco-friendly products’ appeal to growing environmental consciousness and consumers’ concern for a healthy environment. In response, vendors in the writing and marking instruments market have introduced eco-friendly alternatives to plastic such as recycled paper, sustainable bamboo and FSC-certified wood.

Segmenting the global writing and marking instruments market by product—pens, pencils, coloring and writing instruments, marker and highlighters, and writing accessories—and by geographical regions— Asia-Pacific (APAC); Europe, the Middle East and Africa (EMEA) and the Americas—Technavio found that pens accounted for the largest share of the market with more than 54 percent in 2017. Pens’ share of the market is expected to increase further over the forecast period while the pencils, coloring and writing instruments, and markers and highlighters segments will lose some ground. The company attributes this shift to the rising demand for luxury pens.

APAC generated strong growth, accounting for 36 percent of the market in 2017 in Technavio’s study. It was followed by EMEA and the Americas, respectively. The market in APAC is expected to exhibit the fastest growth due to factors such as increased emphasis on education and the growing demand for quality writing instruments.