Download free PDF

Writing Instruments Market Size & Share 2026-2035

Report ID: GMI7724
   |
Published Date: October 2026
 | 
Report Format: PDF/Excel/Dashboard/Platform
Explore Our Licensing Options:

Writing Instruments Market Size

The writing instruments market was valued at USD 24.5 billion in 2025, is projected to reach USD 25.9 billion in 2026, and is expected to advance at a 4.3% CAGR (2026-2035) to USD 37.9 billion by 2035.

Writing Instruments Market Key Takeaways

2025 Market Size
$ 24.5 Billion
2026 Market Size
$ 25.9 Billion
2035 Forecast Market Size
$ 37.9 Billion
CAGR (2026–2035)
4.3%
Regional Dominance
Largest Market
Asia Pacific
Fastest Growing Region
Middle East & Africa
Key Players
  • Market Leader: Newell Brands led with over 7.0% market share in 2025.

  • Leading Players: Top 5 players in this market include Newell Brands, Shanghai M&G Stationery, Pilot Corporation, BIC Group, Faber-Castell, which collectively held a market share of 24.3% in 2025.

The writing instruments market combines recurring, high-volume demand for essential school and workplace supplies with more discretionary spending on creative, collectible, and gift-oriented products. Its outlook depends on the interaction between education-led replenishment, price-tier migration, and the resilience of physical writing and drawing in a more digital work environment.

GMI Analyst View

Our engagements with leading brand manufacturers and category distributors indicate that the market entered the current forecast period from a USD 20.5 billion 2022 base, reflecting a sustained recovery in institutional, retail, and gifting channels that established a stronger demand foundation for the current expansion cycle.

Writing Instruments Market Trends, Growth Drivers & GMI Forecast Outlook

Education-driven volume demand in developing economies and lifestyle-led spending on art and craft supplies are expanding the revenue pool, while digital workflows continue to narrow routine office consumption. The forecast therefore reflects a changing mix: resilient entry-level replenishment alongside a greater contribution from higher-value creative and premium formats.

Key Drivers

Driver Evidence signal Market-demand implication GMI forecast condition
Rising global school enrollment 109 million more children and youth entered school globally since 2015 [1] Sustained high-volume demand for economy and mid-range writing instruments across primary and secondary education in emerging economies Emerging-market school enrollment growth is expected to underpin writing instrument consumption through 2035, particularly across Asia Pacific, Middle East & Africa, and Latin America
Art & craft lifestyle expansion Art & Craft application projected at 7.3% CAGR (2026-2035), the fastest of all application segments Expanding adult hobbyist and social media-led craft communities are driving demand for premium markers, coloring instruments, and specialty pens Demand-mix migration toward higher-margin categories is expected to support blended average selling prices and improve overall market revenue realization
GCC Vision 2030 education investment and premiumization in gifting channels GCC member states are pursuing national education-infrastructure programs while heritage brands target premium gifting channels across East Asian and Gulf markets Institutional school demand in Middle East & Africa is complemented by revenue-intensive gifting demand across premium instrument channels Geographic diversification is expected to broaden the demand base and reduce reliance on a single end-use segment

Evidence anchors use cited external data; demand implications and forecast conditions represent GMI analysis.

Enrollment growth matters because the most frequent users of basic pens, pencils, crayons, and markers are embedded in school procurement and household back-to-school cycles. The expansion of formal education enlarges the installed base of recurring buyers, particularly where institutional budgets favor dependable products that can be purchased at scale. UNESCO reported that global adult literacy reached 88% in 2024, reinforcing the broader long-run expansion of educational participation that supports stationery consumption [2].

Creative use adds a different form of demand. Journaling, hand lettering, illustration, and adult coloring reward performance attributes such as ink behavior, pigmentation, nib precision, and refillability rather than simply low unit cost. This creates room for brands to use assortments, limited editions, and specialized formats to move consumers from functional replenishment toward higher-value purchases. In the Gulf and East Asian gifting markets, premium writing instruments also benefit from their role as personal and corporate presentation items.

Key Restraints

Restraint Evidence signal Market-demand implication GMI forecast condition
Digital device adoption in office environments Global PC and tablet shipments reached 403.5 million units in 2024 [3] Reduced writing instrument consumption in office and corporate settings as tablet and laptop penetration substitutes for pen-and-paper workflows Office & Corporate demand is expected to grow below the market-wide pace through 2035, with pen and correction-tool volumes facing structural displacement risk in mature economies
Structural demand erosion in correction instruments Correction Instruments projected at 2.3% CAGR (2026-2035), the lowest growth rate among all product segments Sustained substitution by digital editing reduces the need for correction fluid, correction pens, and erasers in office and academic settings Correction Instruments are expected to lose share of total market revenue, creating a persistent headwind to the overall revenue mix
Regulatory pressure on single-use plastics Packaging and material requirements are raising redesign and compliance burdens for mass-market products Compliance costs weigh most heavily on high-volume commodity formats, where pricing flexibility is limited Eco-compliance investment is expected to favor refillable and recyclable formats while constraining economy-tier unit-margin expansion

Evidence anchors use cited external data; demand implications and forecast conditions represent GMI analysis.

Digital substitution is concentrated rather than universal. Enterprise workflows increasingly favor keyboards, cloud collaboration, and editable digital documents, reducing the routine use of office pens and physical correction products. The effect is less acute in foundational education, where handwriting remains central to classroom practice and where instruments are consumed through repeated daily use rather than occasional professional annotation.

Regulatory and material pressures add a separate challenge for mass-market suppliers. Producers must balance affordability with expectations for lower-waste packaging, recyclable barrels, and refillable formats. This favors companies that can spread product-development and compliance costs across broad portfolios, while smaller commodity-oriented suppliers may face more limited room to protect margins.

GMI Analyst View

We see the category separating into two complementary demand systems: education sustains recurring volume, while creative expression and gifting lift revenue quality. Digital substitution is meaningful in office workflows, but it does not eliminate the physical, developmental, and expressive uses that support the broader market. The principal strategic question is how effectively suppliers can protect value in mature channels while participating in creative and emerging-market demand.

Writing Instruments Market Segment Analysis

By Product Type

The writing instruments market's Pens segment generated USD 10.29 billion in 2025 and is projected to represent 40% of market revenue by 2035. Ballpoint products remain central to institutional and everyday use, while gel, rollerball, and fountain formats give suppliers avenues to differentiate through writing feel, design, and gifting appeal.

Writing Instruments Market Size, by Product Type, 2025 & 2035 (USD Billion)
Writing Instruments Market Size, by Product Type, 2025 & 2035 (USD Billion)

Pencils accounted for 18% of the market in 2025 and are projected to generate USD 6.44 billion by 2035. Their relevance is reinforced by primary education, technical drawing, and art instruction, with mechanical formats also serving users who value precision and refillability.

Markers & Highlighters generated USD 3.92 billion in 2025 and are forecast to grow at a 5.3% CAGR (2026-2035). The category benefits from its unusually broad role across academic annotation, workplace presentation, industrial marking, and consumer creative activity, allowing suppliers to address both utility and lifestyle demand.

Coloring Instruments are projected to generate USD 6.06 billion by 2035, after representing 14% of market revenue in 2025. Demand increasingly extends beyond children's products into hobbyist, illustration, and premium art-supply uses, making color quality, product range, and brand credibility important commercial differentiators.

Correction Instruments generated USD 1.47 billion in 2025 and are projected to reach USD 1.90 billion by 2035. Erasers retain a practical role in pencil-based learning and drawing, but correction fluid and correction pens face greater exposure to digitally editable workflows.

By Application

Education & Academic applications generated USD 11.03 billion in 2025 and are projected to account for 42% of the market by 2035. School-led demand maintains a large base for essential instruments, although the mix gradually broadens as faster-growing discretionary applications capture a greater share of spending.

Writing Instruments Market Share, by Application, 2025
Writing Instruments Market Share, by Application, 2025

Office & Corporate applications represented 30% of the market in 2025 and are projected to generate USD 10.23 billion by 2035. Corporate demand is increasingly concentrated in signature, presentation, meeting-room, and branded-gifting uses as everyday documentation shifts toward digital platforms.

Art & Craft applications generated USD 3.68 billion in 2025 and are projected to represent 20% of the market by 2035. The segment's importance lies in its ability to convert stationery from a routine consumable into a creative tool, increasing the value placed on color range, precision, and format innovation.

Personal Use generated USD 2.45 billion in 2025 and is forecast to grow at a 4.8% CAGR (2026-2035). Journaling, collecting, correspondence, organization, and gift purchases create demand that is less dependent on institutional procurement cycles and more responsive to design, brand heritage, and product discovery.

By End User

Students generated USD 10.54 billion in 2025 and are projected to account for 40% of market revenue by 2035. This cohort anchors volume demand through school lists, parental purchasing, and classroom replenishment, especially in markets with expanding enrollment and improving access to education.

Working Professionals represented 31% of the market in 2025 and are projected to generate USD 10.61 billion by 2035. Digital work practices restrain routine consumption, but premium pens, executive gifting, and client-facing applications preserve demand for products that convey reliability and professional identity.

Artists & Designers are projected to generate USD 7.20 billion by 2035, after accounting for 14% of the market in 2025. The user group drives specialized demand for fine liners, colored pencils, brush markers, pastels, and technical tools, with product performance and brand trust carrying greater weight than entry-level pricing.

Institutions generated USD 2.94 billion in 2025 and are forecast to grow at a 4.8% CAGR (2026-2035). Bulk procurement by schools, government bodies, and corporate buyers gives this segment a distinct purchasing logic centered on availability, consistency, and supplier reliability.

By Price Point

Premium instruments generated USD 3.19 billion in 2025 and are projected to represent 17% of market revenue by 2035. Heritage, craftsmanship, collecting, and gifting support the tier's revenue intensity, while its buyers are less dependent on the everyday replacement cycles that characterize mass-market products.

Mid-Range instruments represented 35% of the market in 2025 and are projected to generate USD 13.64 billion by 2035. This tier is well positioned for consumers who seek visibly better design and performance without entering luxury price territory, particularly as online discovery expands access to differentiated products.

Economy instruments generated USD 12.74 billion in 2025 and are projected to account for 47% of market revenue by 2035. The tier remains indispensable to schools and cost-sensitive households, making manufacturing efficiency, broad distribution, and reliable quality essential to supplier competitiveness.

By Distribution Channel

Online channels generated USD 7.35 billion in 2025 and are projected to represent 42% of market revenue by 2035. Digital storefronts broaden access to specialist art products, premium brands, and bulk purchases, while reviews and visual merchandising improve discovery for products whose differentiation may not be immediately apparent in traditional retail.

Offline channels represented 70% of the market in 2025 and are projected to generate USD 21.98 billion by 2035. Stationery stores, supermarkets, department stores, and wholesale outlets remain important for immediate replenishment, school-season shopping, tactile product evaluation, and mass-volume distribution.

GMI Analyst View

We believe the most consequential segment shift is not simply from one product format to another, but from functional replacement toward purposeful selection. Suppliers serving low-cost essentials retain scale, yet brands that connect technical performance with creative identity, giftability, or channel-native discovery are better placed to capture the market's higher-quality revenue pools.

Writing Instruments Market Regional Analysis

Writing Instruments Market Share, by Region, 2025 & 2035
Writing Instruments Market Share, by Region, 2025 & 2035

North America Writing Instruments Market Analysis

The Writing Instruments Market in North America generated USD 5.64 billion in 2025 and is projected to represent 20.0% of global revenue by 2035. Mature school, office, and mass-retail channels provide a stable base, while premium gifting, specialized art supplies, and online product discovery are increasingly important sources of mix improvement.

United States

The United States generated USD 5.02 billion in 2025 and is forecast to grow at a 2.8% CAGR (2026-2035). The country's demand profile combines deep mass-market brand penetration with durable niche demand for premium pens, markers, and artist supplies.

Canada

Canada is projected to generate USD 910 million by 2035 and is forecast to grow at a 4.0% CAGR (2026-2035). Education demand, population growth, and a well-developed retail environment support a more favorable trajectory than the broader mature-market profile might suggest.

Europe Writing Instruments Market Analysis

The Writing Instruments Market in Europe represented 22.5% of global revenue in 2025 and is projected to generate USD 7.58 billion by 2035. The region's established manufacturing heritage and quality-conscious consumers support demand for school, professional, and art-oriented products, even as overall consumption remains relatively mature.

Germany

Germany generated USD 1.21 billion in 2025 and is projected to reach USD 1.59 billion by 2035. Its importance rests on institutional demand, a strong domestic manufacturing base, and enduring consumer appreciation for technical, educational, and premium instruments.

United Kingdom

The United Kingdom is projected to generate USD 1.29 billion by 2035 and is forecast to grow at a 2.5% CAGR (2026-2035). Specialist e-commerce and broad access to imported brands support premium and hobbyist demand despite slower expansion in routine office use.

France

France generated USD 770 million in 2025 and is projected to reach USD 1.06 billion by 2035. The market benefits from school procurement and a well-established art-supply culture that supports demand beyond basic stationery replacement.

Italy

Italy is projected to generate USD 760 million by 2035 and is forecast to grow at a 2.1% CAGR (2026-2035). Traditional stationery retail and an affinity for premium writing products provide a stable, though measured, demand base.

Spain

Spain generated USD 500 million in 2025 and is forecast to grow at a 3.3% CAGR (2026-2035). Improving education expenditure and a gradual recovery in mid-range consumer spending support the market's development.

Rest of Europe

Rest of Europe is projected to generate USD 2.20 billion by 2035 and is forecast to grow at a 4.5% CAGR (2026-2035). Expanding organized retail, rising disposable incomes, and growing interest in creative supplies create comparatively stronger momentum across several Eastern and Southern European markets.

Asia Pacific Writing Instruments Market Analysis

The Writing Instruments Market in Asia Pacific generated USD 9.92 billion in 2025 and is projected to represent 44.0% of global revenue by 2035. Its scale reflects the combination of large student populations, extensive manufacturing capability, growing middle-income consumption, and strong demand for both economy instruments and premium stationery.

China

China generated USD 3.72 billion in 2025 and is projected to reach USD 5.92 billion by 2035. Large-scale educational demand remains important, while premiumization, gifting, and retail development provide additional opportunities even as major urban markets mature.

India

India is projected to generate USD 4.17 billion by 2035 and is forecast to grow at a 6.4% CAGR (2026-2035). A large school-age population, expanding education participation, and consumer trade-up from entry-level products underpin one of the market's most important long-term demand opportunities.

Japan

Japan generated USD 1.04 billion in 2025 and is projected to reach USD 1.50 billion by 2035. The market's quality orientation and specialized stationery culture support demand for precision pens, premium formats, and differentiated creative products.

South Korea

South Korea is projected to generate USD 920 million by 2035 and is forecast to grow at a 6.3% CAGR (2026-2035). A strong student culture, design-conscious consumers, and high engagement with branded stationery strengthen the outlook for premium and specialized formats.

Australia

Australia generated USD 300 million in 2025 and is forecast to grow at a 3.1% CAGR (2026-2035). Education, gifting, and online access to specialist international products support steady demand in a mature market.

Rest of Asia Pacific

Rest of Asia Pacific is projected to generate USD 3.75 billion by 2035 and is forecast to grow at a 5.4% CAGR (2026-2035). Expanding literacy, school enrollment, and access to organized and online retail make the subregion important for both volume-led and mid-range demand.

Latin America Writing Instruments Market Analysis

The Writing Instruments Market in Latin America represented 8.5% of global revenue in 2025 and is projected to generate USD 3.41 billion by 2035. Education procurement and expanding retail access support underlying demand, although currency volatility can moderate reported revenue performance in U.S. dollar terms.

Brazil

Brazil generated USD 980 million in 2025 and is projected to reach USD 1.53 billion by 2035. Organized retail, school demand, and broader e-commerce reach are increasing access to branded mid-range products beyond major metropolitan markets.

Mexico

Mexico is projected to generate USD 850 million by 2035 and is forecast to grow at a 5.2% CAGR (2026-2035). Modern retail expansion, education spending, and close links to North American brand ecosystems support demand growth.

Argentina

Argentina generated USD 210 million in 2025 and is forecast to grow at a 3.4% CAGR (2026-2035). Student and institutional demand remains meaningful, but exchange-rate conditions can constrain the conversion of underlying unit growth into reported U.S. dollar revenue.

Rest of Latin America

Rest of Latin America is projected to generate USD 720 million by 2035 and is forecast to grow at a 5.9% CAGR (2026-2035). Improving retail infrastructure and wider online access are helping increase the availability of both education-oriented and creative product ranges.

Middle East & Africa Writing Instruments Market Analysis

The Writing Instruments Market in Middle East & Africa generated USD 1.35 billion in 2025 and is forecast to grow at a 6.5% CAGR (2026-2035). Demographic expansion, education investment, and a widening retail base provide a strong volume foundation, while Gulf gifting markets add a premium-oriented component.

UAE

The UAE is projected to generate USD 370 million by 2035 and is forecast to grow at a 7.1% CAGR (2026-2035). Expatriate purchasing power, education reform, and premium gifting demand distinguish the market from more volume-driven regional peers.

Saudi Arabia

Saudi Arabia is projected to generate USD 400 million by 2035 and is forecast to grow at a 7.4% CAGR (2026-2035). Education infrastructure investment, a young population, and growing stationery retail penetration support sustained demand.

South Africa

South Africa generated USD 140 million in 2025 and is forecast to grow at a 5.3% CAGR (2026-2035). Its established retail and wholesale networks give it a meaningful role in distributing branded instruments across the wider Southern African corridor.

Rest of Middle East & Africa

Rest of Middle East & Africa generated USD 840 million in 2025 and is projected to reach USD 1.64 billion by 2035. School enrollment growth, demographic expansion, and improving market access create a substantial runway for basic writing and drawing instruments across underpenetrated markets.

GMI Analyst View

We view regional momentum as increasingly multipolar. Asia Pacific remains the market's central growth engine, but Middle East & Africa and selected Latin American markets are becoming more consequential as education systems, retail access, and household purchasing power develop. Winning strategies will need to align local affordability with selective premiumization rather than rely on a single regional playbook.

Writing Instruments Market Share & Competitive Landscape

The writing instruments market share structure remains fragmented, with the five largest companies collectively accounting for 24.3% of revenue in 2025. Scale matters in mass retail and institutional procurement, but regional specialists and focused premium brands retain meaningful competitive space through local distribution, category expertise, and differentiated product positioning.

Newell Brands held a 7.0% share in 2025. Its portfolio spans mainstream writing products, markers, premium pens, and professional coloring instruments, providing exposure across price points and applications. The company's breadth is particularly valuable in channels where retailers seek established brands that can serve multiple category roles.

Shanghai M&G Stationery held a 6.5% share in 2025. Its competitive position is rooted in manufacturing scale, cost efficiency, and a growing brand presence in China's mid-range stationery market, with expansion opportunities in price-sensitive institutional markets across Asia and Africa.

Pilot Corporation held a 4.2% share in 2025. Precision ink technology and strong recognition in gel, rollerball, and erasable formats enable the company to compete on writing performance rather than price alone, reinforcing its relevance in mid-range and premium segments.

Societe BIC S.A. remains a major mass-market competitor through its globally recognized ballpoint products and broad distribution reach. Its position is strongest where institutional buyers and household consumers prioritize dependable, accessible instruments supplied at scale.

Faber-Castell competes across education, art, and premium writing categories, with brand heritage and sustainability positioning supporting differentiation in quality-conscious markets. Its ability to serve both entry-level learning and higher-value creative use gives it a strategically balanced portfolio.

Mitsubishi Pencil, Staedtler, Montblanc, Crayola, Zebra, Koh-i-Noor Hardtmuth, Deli Group, Linc, Luxor Writing Instruments, Kokuyo Camlin, Stabilo, Tombow, Caran d'Ache, Kaweco, A.T. Cross, Sheaffer, and Pentel each occupy distinct positions across precision writing, school supplies, creative tools, luxury gifting, and regional-volume channels. Competitive advantage increasingly depends on matching a credible product proposition with the right channel model, whether mass retail, specialist stores, direct digital sales, institutional procurement, or authorized luxury distribution.

Recent Industry Developments

In October 2025, Faber-Castell accelerated its ONE Faber-Castell strategy amid challenging macroeconomic conditions. The initiative included plans to close its Austrian production plant and realign parts of its European manufacturing footprint, with a stated focus on efficiency and innovation-led product segments [4].

In July 2026, DOMS Industries completed the acquisition of selected Reynolds writing instruments and school-supplies assets from Reynolds Pens India and Newell Brands affiliates. The transaction expands DOMS' presence in pens, markers, and highlighters within India's education-oriented stationery market [5].

Need a specific section of this report?

Purchase regional analysis, country-level analysis, company profiles, or any other segment-level insights separately
based on your research needs.

Authors:  Avinash Singh, Amit Patil

Frequently Asked Questions (FAQs):

The Writing Instruments Market size was estimated at USD 24.5 billion in 2025 and is expected to reach USD 25.9 billion in 2026.
The market is projected to reach USD 37.9 billion by 2035, growing at a CAGR of 4.3% from 2026 to 2035.
Asia Pacific currently holds the largest share of the Writing Instruments Market in 2025.
Middle East & Africa is projected to be the fastest-growing region during the forecast period.
Some of the major players in Writing Instruments Market include Newell Brands, Shanghai M&G Stationery, Pilot Corporation, BIC Group, Faber-Castell.

Research methodology, data sources & validation process

This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.

Our 6-step research process

  1. 1. Research design & analyst oversight

    At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.

    Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.

  2. 2. Primary research

    Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.

  3. 3. Data mining & market analysis

    Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.

  4. 4. Market sizing

    Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.

  5. 5. Forecast model & key assumptions

    Every forecast includes explicit documentation of:

    • ✓ Key growth drivers and their assumed impact

    • ✓ Restraining factors and mitigation scenarios

    • ✓ Regulatory assumptions and policy change risk

    • ✓ Technology adoption curve parameter

    • ✓ Macroeconomic assumptions (GDP growth, inflation, currency)

    • ✓ Competitive dynamics and market entry/exit expectations

  6. 6. Validation & quality assurance

    The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.

    Our triple-layer validation process ensures maximum data reliability:

    • ✓ Statistical Validation

    • ✓ Expert Validation

    • ✓ Market Reality Check

Trust & credibility

10+
Years in Service
Consistent delivery since establishment
A+
BBB Accreditation
Professional standards & satisfaction
ISO
Certified Quality
ISO 9001-2015 Certified Company
150+
Research Analysts
Across 20+ industry verticals
95%
Client Retention
5-year relationship value

Verified data sources

  • Trade publications

    Industry journals, trade publications, and specialized media.

  • Industry databases

    Proprietary and third-party market databases

  • Regulatory filings

    Government procurement records and policy documents

  • Academic research

    University studies and specialist institution reports

  • Company reports

    Annual reports, investor presentations, and filings

  • Expert interviews

    C-suite, procurement leads, and technical specialists

  • GMI archive

    13,000+ published studies across 20+ industry verticals

  • Trade data

    Import/export volumes, HS codes, and customs records

Parameters studied & evaluated

Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →

Authors:  Avinash Singh, Amit Patil
We use cookies to enhance user experience. (Privacy Policy)