Linc Ltd Management Discussions

Global writing instruments industry overview

The global writing instruments market was valued at US$ 25.61 billion in 2024. The market is estimated to expand from US$ 26.23 billion in 2025 to US$ 32.53 billion by 2034, growing at a compound annual growth rate of 2.4% between 2025 and 2034.

The pen category is poised to dominate the writing instrument market, projected to grow at a CAGR of approximately 4.5%. Pens have maintained their widespread popularity globally, driven by their versatility and adaptability in various settings, including professional, academic, and institutional environments. With a significant market share of 61% in 2024, pens continue to be the preferred writing instrument, catering to diverse needs across segments, from affordable options for students and emerging markets to premium and luxury options for professionals and collectors. Their enduring appeal lies in their dual utility, serving both everyday writing tasks and executive functions, and their popularity in corporate gifting, executive use, and institutional requirements.

The APAC region continues to be a major growth engine for the global market, maintaining its estimated contribution of around 57% to global market expansion during 2024-2028. East Asia is projected to hold a significant market share of approximately 39.8% by 2034, fuelled by the cultural importance of handwriting and rising demand for personalised writing instruments.

The writing instrument market is expected for significant growth, driven by rising investments in education, particularly in developing nations, which is fuelling demand among students and institutions. The expansion of hybrid learning models in emerging markets is also creating a need for affordable and durable writing tools. Moreover, the introduction of innovative smart pens and technology-integrated writing instruments is opening up substantial growth opportunities. The pen segment, in particular, is expected to grow at a CAGR of 4.5% through 2031, driven by a rising preference for premium and collectible products. Online retailers are also expected to thrive, with a projected CAGR of 5.8% by 2031, thanks to increasing e-commerce penetration and consumer demand for convenience. Regionally, the US is expected to dominate the North American market, while India is poised for significant growth, with a CAGR of 6.9% by 2031, driven by expanding literacy rates and government education investments.

The Indian writing and creative instruments industry is poised for robust growth, with its market value projected to reach US$ 140-145 billion by FY2027-28, driven by a strong compound annual growth rate of 7.7% to 8.4%.

The marker and highlighter segment, favoured by office workers and students alike, is anticipated to grow at a CAGR of 5% - 6.5%, reaching H6.5 - 7 billion in FY2027-28.

In fiscal year 2023, the ballpoint pen category trailed behind, securing a 68% market share during the same period. The pen industry presents a diverse range of options, catering to various consumer segments across different price levels. Mass market pens are driven by volume sales, offering affordable options for budget-conscious consumers. In contrast, premium pens rely on brand reputation and leverage, targeting discerning customers willing to pay a premium for high-quality writing instruments.

Indias vast population, with a substantial portion in the 5-24 age group, is a significant driver of the writing instrument markets growth. The governments initiatives, such as ‘Sarva Shiksha and increased educational spending, with an allocation of H1.12 lakh crore for education in FY2023-24, signal promising growth prospects.

With over 250 million school-going students and a rising literacy rate, the sector is poised to benefit from policies like the National Education Policy 2020. This policy aims for a 100% Gross Enrolment Ratio (GER) by 2030 and increased public investment in education to 6% of GDP by FY2023-24. The writing instrument market is expected to grow at a CAGR of 4.1% from 2024 to 2031, driven by rising demand for premium and luxury writing instruments, increasing educational investments, and the growing popularity of online retailers.

(Source: Economic Times, Business Standards, Statista)

The global stationery and supplies market size is estimated at US$ 151.35 billion in 2025, and is expected to reach US$ 186.19 billion by 2030, at a CAGR of 4.23% during the estimated period (2025-2030). The stationery and supplies market has exhibited a steady upward trajectory, driven by a convergence of factors. While the market is susceptible to fluctuations in consumer preferences, technological advancements and economic conditions, the demand for stationery products has remained remarkably consistent. Key growth drivers include rising literacy rates globally, an increasing propensity among young individuals to pursue higher education, and a growing workforce of professionals.

The accelerating pace of globalisation and industrialisation has also provided a significant impetus to the markets expansion, highlighting the importance of stationery and supplies in both personal and professional contexts.

The stationery and supplies market faces a significant challenge from rapid digitisation, as initiatives such as green schooling and digital learning platforms reduce the demand for traditional stationery products. Nevertheless, the persistent belief in the importance of pen-and-paper education is likely to sustain market growth, as many educators and students continue to value the tactile and cognitive benefits of handwriting.

In emerging markets like India, government support for international companies has created a favourable business environment, fostering growth and investment in the sector. To remain competitive, market players must adapt to evolving consumer preferences and technological advancements, leveraging innovation and flexibility to drive continued expansion.

(Source: Mordor intelligence, Times of India)

Rising population: Indias population is projected to reach 1.45 billion by 2025, with a significant portion in the 5-24 age group. This demographic trend ensures a steady demand for writing instruments.

Education spending: The Indian government allocated H1.28 lakh crore for education in FY2024-25, a significant increase of 6.22% from previous years. This increased spending is expected to boost demand for writing instruments. Urbanisation: Indias urban population is expected to reach 40% of the total population by 2030. Urbanisation leads to increased demand for premium and branded writing instruments.

Premiumisation: The premium writing instrument market in India is expected to grow at a CAGR of 12-15% from 2020 to 2025. This trend is driven by increasing consumer preference for high-quality and branded products.

Demographic dividend: Indias demographic dividend, with over 65% of the population below 35 years, presents a significant opportunity for the writing instrument industry.

Joint ventures: Collaborations between Indian and international companies have led to the introduction of new products and technologies, driving growth in the writing instrument industry.

Rising literacy: Indias literacy rate has increased from 64.8% in 2001 to 77% in 2023. Rising literacy rates lead to increased demand for writing instruments.

(Sources: UN Department of Economic and Social Affairs, World Bank, Euromonitor International, Business Standard, Census of India)

Revenues for the year increased to H531 crore compared to H502 crore in the previous financial year. PAT for the year was H38.66 crore compared to H34.1 crore in the previous financial year. The Company is projected to generate profitable and sustainable growth in the foreseeable future.

Change in operating profit / Net profit margin and return on net worth as compared to the preceding year was due to higher earnings from operations and reduction in finance cost. Change in debtors and inventory turnover as compared to the preceding year was due to an increase in revenue. Change in interest coverage ratio as compared to the preceding year was due to higher earnings from operations and reduction in finance cost.

The internal control and risk management system is structured and applied in accordance with the principles and criteria established in the corporate governance code of the organisation. It is an integral part of the general organisational structure of the Company and involves a range of personnel who act in a coordinated manner while executing their respective responsibilities. The Board of Directors offers its guidance and strategic supervision to the Executive Directors and management, monitoring and support committees. The control and risk committee and the head of the audit department work under the supervision of the Board-appointed Statutory Auditors.

At Linc, our workforce is the cornerstone of our competitive edge. We value our employees diverse industry expertise, technological prowess, and domain knowledge, recognising that their unique perspectives drive innovation and growth. Our human resources culture is built on a commitment to challenging conventional norms, fostering a dynamic and competitive work environment. We prioritise aligning professional goals with personal aspirations, ensuring an optimal work-life balance that instils pride and fulfilment among our team members. As of 31 March, 2025, our team comprised 1,061 dedicated employees.

This statement made in this section describes the Companys objectives, projections, expectation and estimations which may be ‘forward looking statements within the meaning of applicable securities laws and regulations. Forward– looking statements are based on certain assumptions and expectations of future events. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised by the Company. Actual result could differ materially from those expressed in the statement or implied due to the influence of external factors which are beyond the control of the Company. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements on the basis of any subsequent developments.