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AI-Driven Transformation, Arts and Crafts Tools Market to Grow by USD 1.68 Billion (2024-2028) with Rising Demand Among School Children

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NEW YORK, Oct. 29, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global arts and crafts tools market  size is estimated to grow by USD 1.68 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.4%  during the forecast period.  High demand for arts and crafts tools among school children is driving market growth, with a trend towards advancements in crafting tools. However, financial constraints involved in purchasing arts and crafts tools for students  poses a challenge. Key market players include 3M Co., ACCO Brands Corp., Colart International Ltd, Copic, Crayola, DA Vinci Paint Co., Fabbrica Italiana Lapis ed Affini S.p.A., Faber Castell Aktiengesellschaft, General Pencil Co. Inc, Hindustan Pencils Pvt. Ltd., ITC Ltd., KOKUYO Co. Ltd., Maped, Newell Brands Inc., Pentel of America Ltd., Sakura Color Products Corp., Schwanhausser Industrie Holding GmbH and Co. KG, Staedtler Mars GmbH and Co. KG, tomatotomatocreative, and XTool.

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Distribution Channel (Offline and Online), Material (Wood, Metal, Plastic, and Composite materials), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

3M Co., ACCO Brands Corp., Colart International Ltd, Copic, Crayola, DA Vinci Paint Co., Fabbrica Italiana Lapis ed Affini S.p.A., Faber Castell Aktiengesellschaft, General Pencil Co. Inc, Hindustan Pencils Pvt. Ltd., ITC Ltd., KOKUYO Co. Ltd., Maped, Newell Brands Inc., Pentel of America Ltd., Sakura Color Products Corp., Schwanhausser Industrie Holding GmbH and Co. KG, Staedtler Mars GmbH and Co. KG, tomatotomatocreative, and XTool

Key Market Trends Fueling Growth

The arts and crafts tools market has experienced notable growth due to the increasing number of individuals engaging in crafting as a pastime. In 2023, approximately 26% of Americans participated in arts and crafts activities. This significant demand for arts and crafts tools presents an opportunity for innovation. One challenge faced by crafters is limited workspace. To address this issue, companies like xTool are developing multifunctional and compact crafting tools. XTool, a leading player in the laser engraving and craft machine sector, holds over 240 patents and continues to advance crafting technology. Their latest innovation, the xTool M1 Ultra, combines the functions of a laser machine, die-cutting machine, inkjet printer, and automated drawing tool into a single, compact unit. This device caters to the varied requirements of home crafters and DIY enthusiasts, handling over 1,000 different materials and offering capabilities such as printing, cutting, embossing, engraving, and transferring. By integrating multiple functions into one machine, xTool minimizes the need for multiple devices, optimizing workspace and reducing clutter. This trend towards multifunctional and space-efficient tools will contribute to the expansion of the global arts and crafts tools market. 

The Arts and Crafts Tools market is thriving due to the growing DIY culture and demand for handcrafted goods. Eco-friendly products and sustainable materials are trending, as consumers seek to reduce their carbon footprint. The therapeutic activity of crafting continues to attract those with disposable income, leading to increased sales of tools and supplies. Crafting workshops offer accessibility and knowledge to those with accessibility issues or knowledge barriers. Cultural diversity is celebrated through handmade gifts and unique designs. Technology integration, such as digital art and mobile phone functionalities, expands the market. Brick-and-mortar retailers and online platforms sell a wide range of tools, from drawing and painting to cutting and paper crafts. Decorative items, art exhibitions, and DIY projects drive demand for art supplies. Intellectual property concerns arise for traditional and recycled materials, while mixed media and children’s, adult, and senior crafts cater to diverse audiences. Art therapy and e-commerce platforms provide access to art activities and artwork demand. Craft video content and social media platforms showcase creative activities, while mass-produced alternatives face competition. Art supplies for household use, educational institutes, hypermarkets, supermarkets, and online stores cater to various markets. 

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Market Challenges

The cost of arts and crafts tools poses a significant financial challenge for college students, particularly those from low-income backgrounds. Art students face higher expenses for specialized supplies and materials compared to their peers in other disciplines, such as business or political science. These costs can vary greatly depending on the institution and program requirements, with art students needing to purchase items like paints, brushes, canvases, sketchbooks, and other crafting tools. This inconsistency in additional educational expenses can be especially burdensome for art students at institutions like the University of Georgia, where the cost of supplies can significantly exceed those in other fields. This financial strain can hinder the growth of the global arts and crafts tools market during the forecast period.The Arts and Crafts Tools Market faces several challenges in today’s dynamic business environment. Recycled materials and mixed media are becoming popular trends, requiring suppliers to adapt and offer a wide range of eco-friendly products. Children’s, adult, and senior crafts each present distinct opportunities and demands. Brick-and-mortar retailers compete with online platforms, reaching customers through various channels. Drawing and painting tools, cutting tools, paper crafts, decorative items, and art supplies are essential categories. Art exhibitions and DIY projects drive artwork demand, while social media platforms and e-commerce sites facilitate online purchasing. Digital art, householder demand, educational institutes, and art therapy are growing sectors. Hypermarkets, supermarkets, and online stores expand accessibility. Unique designs, customized packaging, and creative activities are key differentiators. Art therapy, craft video content, and mobile phone functionalities cater to diverse needs. E-commerce platforms and DIY culture fuel the market, with traditional art activities and raw materials maintaining their relevance. The market requires agility and innovation to meet the evolving needs of customers.

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Segment Overview 

This arts and crafts tools market report extensively covers market segmentation by

Distribution Channel1.1 Offline1.2 OnlineMaterial 2.1 Wood2.2 Metal2.3 Plastic2.4 Composite materialsGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Offline-  The offline distribution segment holds a substantial position in the global arts and crafts tools market. Brick-and-mortar stores, including specialty craft shops, hobby stores, and large retail chains, cater to a diverse customer base, ranging from hobbyists to professional artists. These stores offer a tangible shopping experience, allowing customers to physically interact with tools and materials, which significantly influences their purchasing decisions. The growing DIY culture, particularly in regions with a strong craft heritage, fuels the demand for offline channels. Older demographics, who may be less inclined towards online shopping, also favor offline stores. Impulse buying, seasonal promotions, workshops, and in-store events further boost sales in these channels. These factors contribute to the continued growth of the offline distribution segment in the global arts and crafts tools market.

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Research Analysis

The Arts and Crafts Tools market is thriving in today’s DIY culture, with an increasing demand for handcrafted goods and eco-friendly products made from sustainable materials. This therapeutic activity appeals to individuals with disposable income, seeking unique creations for personal use or as handmade gifts. Crafting workshops and cultural diversity add to the allure, offering opportunities to learn new skills and explore various art forms. Technology integration allows for digital art and customized packaging, while mass-produced alternatives and accessibility issues continue to be addressed. Drawing tools, painting tools, cutting tools, paper crafts, decorative items, and art supplies are essential for creating art, with art exhibitions showcasing the demand for these creations. Social media platforms provide a space for artists to showcase their work and connect with customers, driving online purchasing and sales for both brick-and-mortar stores and manufacturing plants.

Market Research Overview

The Arts and Crafts Tools market is thriving in today’s world, fueled by the growing DIY culture and the demand for handcrafted goods. With an increasing focus on eco-friendly products and sustainable materials, artisans are turning to natural and recycled materials for their creations. The therapeutic activity of crafting is also gaining popularity among people with disposable income, leading to a growth in demand for crafting workshops and classes. Cultural diversity is another driving factor, with unique designs and traditional materials from around the world being showcased in art exhibitions and online platforms. Technology integration is transforming the industry, with digital art, craft video content, and mobile phone functionalities offering new ways to create and share art. Despite these opportunities, accessibility issues and knowledge barriers can be a challenge for some, with intellectual property concerns and mass-produced alternatives also impacting the market. Brick-and-mortar retailers and online platforms are competing to offer the widest range of art supplies, from drawing tools and painting supplies to cutting tools and paper crafts. Decorative items, art exhibitions, and DIY projects are also popular, with art therapy and educational institutes also contributing to the market’s growth. The market for arts and crafts tools is diverse, catering to children’s crafts, adult crafts, and senior crafts. Household items, e-commerce platforms, and art therapy are also significant contributors. With the rise of online purchasing, customized packaging and unique designs have become essential to stand out from the competition. Social media and art activities continue to be popular, with demand for artwork and art supplies remaining strong. Overall, the Arts and Crafts Tools market is a vibrant and dynamic industry that continues to evolve with the changing needs and preferences of consumers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

Distribution ChannelOfflineOnlineMaterialWoodMetalPlasticComposite MaterialsGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Miami Startup BOB Raises $5.5M To Build An AI-Powered Banking Platform

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35 minutes ago

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October 23, 2026

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The Miami-based company is building the most useful small business finance agent and banking platform in the world, with participation from Codie Sanchez, Mark Pincus,  and others.

MIAMI, Oct. 23, 2026 /PRNewswire/ — BOB AI Holdings Corp. (“BOB”), the AI finance employee for small business, today announced it has raised $5.5 million in seed funding. The round was led by Mischief (founder of Plaid, Zak Perret), with funding from Peter Thiel and participation from Codie Sanchez, Mark Pincus, Karman Ventures, and a group of additional investors and operators. BOB will use the capital to expand its product, grow its team in Miami, and bring a free AI finance agent to more of the small business owners who keep the American economy running.

The seed round brings together investors who share a conviction that small businesses deserve the same caliber finance department g that large companies take for granted. Mischief led the round, and Peter Thiel joined as a backer alongside Codie Sanchez, the investor and operator known for championing Main Street business ownership.

The funding follows BOB’s private beta launch in September 2026 and will support three priorities: deepening the product’s financial capabilities, scaling customer onboarding, and growing BOB’s team in Miami.

BOB is an AI finance employee that works alongside small business owners to handle the annoying but necessary financial work that usually eats their nights and weekends. Owners talk to BOB the way they would talk to a trusted bookkeeper or CFO, over WhatsApp, text message, Slack, Microsoft Teams, email, or the BOB app. BOB keeps the books, sends invoices, accepts payments, holds funds in a deposit account, and helps owners see where their cash is headed so they can make decisions with confidence.

BOB’s long-term goal is to be the most useful banking product in the world, and a banking product specifically built for this new world of AI agents, robots, and drones. But they are getting started by building the most useful and safe financial agent for small business owners. And instead of handing owners another dashboard to learn, BOB just does the work for them and communicates in plain language.

BOB’s wedge has been particularly effective because the company is laser-focused on small business owners who have largely been underserved by the wave of financial technology built over the last five to ten years. Many of those products were designed for the general market or for enterprise finance teams, and they assume the owner has time, training, or staff to run them. BOB starts from the opposite assumption. The owner of a roofing company, a restaurant, or a local services firm should be able to get real financial help without hiring a department to get it.

“Small business owners have been an afterthought for most of the financial technology built over the last decade,” said Adam Wininger, CEO of BOB. “They are running the business, doing the work, and then staying up late trying to make sense of their books. We built BOB to take that work off their plate entirely. Our goal is simple: to be the most useful banking platform in the world, and this funding lets us put our free CFO agent, BOB, in the hands of many more owners.”

“We invest in infrastructure that becomes indispensable, and a financial layer for autonomous agents is one of the clearest examples we’ve seen,” said Dustin Moring, General Partner at Mischief. “BOB is attacking an immense market at the exact moment AI is moving from advising on transactions to executing them. We’re proud to lead this round and back Adam and the team as they build the foundation agent banking will run on.”

About BOB

BOB AI Holdings Corp. is a Miami-based company building BOB, the AI finance employee and banking platform for small business. BOB handles bookkeeping, invoicing, payments, and cash flow for small business owners through the channels they already use, including WhatsApp, text message, Slack, and Microsoft Teams. BOB’s mission is to build the world’s most useful banking product in the world. Learn more at joinbob.ai. Disclaimer: BOB AI Holdings Corp is a financial technology company, not a bank.

Media contact

Joel Strauss – joel@strausscomms.com 

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SOURCE BOB AI Holdings Corp

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Union Home Mortgage unveils AI and automation advancements during 2026 Annual Partner Celebration

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35 minutes ago

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October 23, 2026

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The mortgage lender continues to make major technology investments going into 2027

STRONGSVILLE, Ohio, Oct. 23, 2026 /PRNewswire/ — Union Home Mortgage (UHM), a high-growth independent mortgage banking company with a world-class culture, recently unveiled an array of AI and automation-driven technological achievements during the company’s 2026 Annual Partner Celebration held Oct. 16-17 in Cleveland, Ohio. This world-class event brought over 850 UHM employees, known internally as Partners, together to highlight the lender’s year-to-date business results, set goals to multiply business success, and foster connection between colleagues. Most notably, technology took center stage, highlighting advancements made in 2026 and a sneak peek at what is coming next.

Attendees were given an inside look at the next phase of technology shaping the business, with demonstrations of both newly implemented tools and future-focused prototypes. These innovations, ranging from conversational voice agents for enhanced customer support to the elimination of tedious manual document review, showcased the transformative potential of technology and underscored the lender’s ongoing investment in smarter, more efficient workflows.

“What makes this event so meaningful is the chance to celebrate our Partners and the impact they have on our business and culture,” said Bill Cosgrove, CEO of Union Home Mortgage. “By creating opportunities for open dialogue and idea-sharing, we’re able to strengthen our culture and identify new ways to move our business forward. As we look ahead to 2027, we remain focused on our 3X initiative, empowering our Partners with the resources, technology, and support they need to achieve more while continuing to deliver a world-class experience for our borrowers. Technology will be the key to UHM’s future, and I can’t wait to see what new solutions are developed in time for our next Annual Partner Celebration.”

While this year’s Annual Partner Celebration was heavily focused on technology, the event also featured senior leadership across all departments and business channels taking the stage to share updates on critical areas such as sales performance, servicing, benefits, employee recognition, and more. UHM Partners also took part in a panel discussion and Q&A with CEO Bill Cosgrove and Sr. Vice President of Business Development Al Blank. In addition to those attending in-person, the rest of the mortgage lender’s 2,300 Partners streamed the event virtually across the country. Following the event, attendees were invited to attend a celebratory carnival featuring casino-style games, a golf simulator, Family Feud, a custom t-shirt press, and more – earning raffle tickets to win high-value prizes. The lender also raffled off tickets to the MLB American League Championship Series being played at Progressive Field, as Union Home Mortgage is the Official Mortgage Partner of both teams that played in the series – the Tampa Bay Rays and the Cleveland Guardians.

Throughout the week, Partners also attended individualized leadership summits specific to their department or role within the company, as well as a Hard Stops Summit aimed at examining existing hard stops in the loan process to streamline operational efficiency.

Internal loan officer coaching program Partners Coaching Partners (PCP), which pairs each participating loan officer with a high-performing mentor and an accountability partner at their production level, also held their Fall PCP Impact event on October 14-15. The group aims to equip members with the skills and knowledge to increase productivity, generate leads, finetune the origination process, improve teambuilding, and increase profit margins. Next year, the PCP program will celebrate its twentieth consecutive PCP Impact event, cementing its status as a pillar of Partner development at UHM.

About Union Home Mortgage
Union Home Mortgage Corp. (UHM) is a high-growth, full-service retail, wholesale, and consumer direct independent mortgage banking company with branches across the U.S. in 49 states + D.C. UHM is an in-house loan servicer offering world-class customer service through high touch communication & technology. A privately held family business, with a collaborative culture that stands out in the mortgage industry, UHM Partners (employees) are guided by a Code of Conduct that emphasizes respect, open communication, and accountability. All these principles translate to industry-leading customer retention and satisfaction. Some honors include being a Six-Year USA TODAY Top Workplace and a Twelve-Year Northeast Ohio Top Workplace. Learn more at www.uhm.com.

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SOURCE Union Home Mortgage

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Pew Funds 4 Biomedical Research Partnerships in Latin America

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35 minutes ago

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October 23, 2026

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Scientists will team up on interdisciplinary explorations

WASHINGTON, Oct. 23, 2026 /PRNewswire/ — The Pew Charitable Trusts announced today that four pairs of researchers from Latin America will receive funding to pursue collaborative biomedical research projects.

These eight esteemed scientists, all independent investigators in Latin America, will team up on interdisciplinary explorations that span plant biology, genetics, immunology, and more. Recipients will receive a combined $180,000 per pair—$90,000 annually over two years.

The Partnership Award was created to help advance scientific collaboration and networking among the biomedical research community in Latin America. Recipients include four alumni of Pew’s Latin American Fellows Program in the Biomedical Sciences, which has funded nearly 350 scientists from across the region since 1991. The Partnership awards were made possible by a grant from Biohub.

“Pew is proud to support these exceptional scientists from Argentina, Brazil, and Chile,” said Donna Frisby-Greenwood, Pew’s senior vice president for Philadelphia and scientific advancement. “Their creative ideas and pioneering approaches will undoubtedly lead to important discoveries that advance biomedical research across Latin America and the world.”

Recipients of this year’s Partnership Award are:

Luis F. Larrondo, Ph.D., Pontificia Universidad Católica de Chile, 2004 Pew Latin American Fellow

Gerardo Cárcamo-Oyarce, Ph.D., Pontificia Universidad Católica de Chile

Larrondo and Cárcamo-Oyarce will establish a new, light-based platform for studying the formation of biofilms by the bacterium Pseudomonas aeruginosa.

Priscilla Olsen, Ph.D., Universidade Federal do Rio de Janeiro (UFRJ), 2016 Pew Latin American Fellow

Beatriz Patricio, Ph.D., Universidade Federal do Estado do Rio de Janeiro (UNIRIO)

Olsen and Patricio will develop and test a new strategy to overcome antimicrobial drug resistance.

Paulo José P. L. Teixeira, Ph.D., Universidade de São Paulo, Escola Superior de Agricultura Luiz de Queiroz, 2013 Pew Latin American Fellow

Antonio Camargo, Ph.D., Universidade de São Paulo

Teixeira and Camargo will examine plant immune receptor specificity.

Marcelo Yanovsky, Ph.D., Fundación Instituto Leloir – CONICET, 2000 Pew Latin American Fellow

Esteban Beckwith, Ph.D., Instituto de Investigación en Biomedicina de Buenos Aires – CONICET – Partner Institute of the Max Plank Society

Yanovsky and Beckwith will study how organisms regulate gene expression in response to environmental stress.

Founded in 1948, The Pew Charitable Trusts uses data to make a difference. Pew addresses the challenges of a changing world by illuminating issues, creating common ground, and advancing ambitious projects that lead to tangible progress. Learn more at pew.org.

Press contact: Liz Lowe, 215-575-4812, elowe@pewtrusts.org

https://www.pew.org/en/about/news-room/press-releases-and-statements/2026/10/22/pew-funds-4-biomedical-research-partnerships-in-latin-america

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SOURCE The Pew Charitable Trusts

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