CHICAGO, October 17, 2018 /PRNewswire/ --
According to the new market research report "Washable Markers Market by Washability (Basic washable, Super washable), End user (Children, Professionals) and Region (North America, Europe, Asia Pacific, Middle East and Africa, South America) - Global Forecast to 2023", published by MarketsandMarkets™, the Washable Markers Market is projected to reach USD 507.0 million by 2023. The Washable Markers Market size is projected to grow from USD 425.5 million in 2018 to USD 507.0 million by 2023, at a CAGR of 3.57%. The marks of washable markers are easily washable from the wall, skin, and clothing; moreover, they are non-toxic and thus are considered safe for use by children. The major factor driving the growth of the Washable Markers Market is the increase in the number of school-going children coupled with increasing disposable income of households.
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The super washable segment is projected to grow at a higher rate during the forecast period.
The super washable segment is projected to grow at a higher CAGR during the forecast period. One of the key advantages of super-washable markers is that they do not require any additional solvent for the ink to be removed. The ink from super-washable markers and water-based ink markers can be cleaned from non-porous laminate surfaces found on most classroom desks by simply using water.
In terms of end user, the children segment is projected to grow at a higher rate during the forecast period.
The children segment is projected to be faster-growing in the next five years. Coloring and drawing supplies, as a means of exploring creativity and curiosity, are mainly targeted at children, especially those under the age of 14. These supplies would include washable markers. Among all the felt-tip markers and pens available, washable markets will be preferable among parents as children tend to draw on walls and other places where people would not like to retain them permanently.
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North America accounted for the largest market share in 2018 while the Asia Pacific is projected to grow at the highest CAGR during the forecast period.
North America accounted for the largest market share in 2018. The region is a significant and growing market for washable markers, owing to the growing demand for writing instruments from schools, households, and corporates. Crayola LLC, headquartered in the US, is a major player operating in North America. According to Crayola LLC, it has 99% name recognition in the US. Other writing instrument manufacturers operating in North America include Bic Corp and Faber-Castell USA, with a significant market share in the North American Washable Markers Market.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. The standard of living is improving in this region, which, in turn, fuels the per-capita spending on education and on creative expression products. Countries considered under the Asia Pacific region for the study of washable markers include China, Japan, Australia, and the Rest of Asia Pacific which includes India, South Korea, Vietnam, Singapore, and Malaysia. The rising demand for writing instruments such as washable markers in corporate offices is expected to boost the growth of the Washable Markers Market in the Asia Pacific region.
The major players in the Washable Markers Market include Crayola LLC (US), Faber-Castell (Germany), F.I.L.A. - Fabbrica Italiana Lapis ed Affini S.p.A (Italy), BIC Group (France), Newell Brands (US), Carioca S.p.a (US), Liqui-Mark (US), Stabilo International GMBH (Germany), Dri Mark Products Inc. (US), and Luxor Group (India).
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