The global abaca fiber market size is expected to reach USD 1.7 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 15.1% from 2021 to 2028. Growing emphasis by governments across various countries towards the adoption of natural fibers is expected to drive market growth as a substitute for hazardous synthetic fibers and metals in various industries.
Key Insights & Findings:
- The pulp and paper product segment accounted for the largest revenue share valued at USD 347.3 million in 2020 owing to rising demand for non-wood fibers as raw materials for specialty paper applications
- The fiber craft product segment is expected to witness a revenue-based CAGR of 11.8% over the forecast period owing to rising demand for sustainable and renewable materials for craft applications such as decorative items, gifts, floral wraps, textiles, bags, and toys
- The cordage product segment is expected to witness a notable revenue-based CAGR of 13.3% over the forecast period on account of rapidly growing opportunities in marine and offshore cordage application scope
- Asia Pacific dominated the market in terms of revenue and was valued at USD 270.3 million in 2020, on account of wide high product demand in the manufacture of products such as ropes, currency notes, automotive, and food packaging
- Manufacturers operating in the market target Japan, the U.S., and European countries due to superior biodegradability offered by the product coupled with high consumer awareness towards the use of naturally synthesized fibers
Read 133 page market research report, “Abaca Fiber Market Size, Share & Trends Analysis Report By Product (Pulp & Paper, Fiber Craft, Cordage, Textile), By Region (North America, Asia Pacific, Europe, Central & South America, MEA), And Segment Forecasts, 2021 – 2028“, by Grand View Research
The paper and pulp industry is expected to be the dominant application segment over the forecast period. Specialty papers made of abaca fibers are lightweight and possess high tensile strength. Due to these properties, companies in the pulp and paper industry prefer abaca fibers for applications such as tea bags, large sausage casings, currency and security papers, and cigarette and filter papers.
The abaca fiber industry is expected to gain importance over the forecast period driven by the rising impetus towards the adoption of natural fibers. Superior performance and strength offered by the product are also expected to emerge as the key factors prompting the demand for abaca fiber over the forecast period.
Grand View Research has segmented the global abaca fiber market on the basis of product and region:
- Abaca Fiber Product Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- Pulp & Paper
- Fiber Craft
- Abaca Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- North America
List of Key Players of Abaca Fiber Market
- M.A.P. Enterprises
- Yzen Handicraft Export Trading
- Specialty Pulp Manufacturing, Inc. (SPMI)
- Ching Bee Trading Corporation
- Peral Enterprises
- Sellinrail International Trading Company
- DGL Global Ventures LLC
- Terranova Papers
Browse through Grand View Research’s coverage of the Global Specialty Glass, Ceramic & Fiber Industry:
- High Performance Fibers Market – The global high performance fibers market size was estimated at USD 12.2 billion in 2018, and is expected to exhibit a revenue-based CAGR of 11.0% from 2019 to 2025. Increasing usage of high performance fibers (HPF) in reinforcement of composites for applications in military vehicles, aircraft, electronics, and sports goods is projected to drive the industry growth over the forecast period.
- Eco Fiber Market – The global eco fiber market size was valued at USD 40.58 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2020 to 2027. Rising concerns regarding the harmful impacts of using synthetic fibers on the environment are projected to benefit the growth of the market over the forecast period.
- Clothing Fibers Market – The global clothing fibers market size was valued at USD 190.59 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 3.7% from 2020 to 2027. Rising demand for functional fabrics for manufacturing high-performance sportswear and outdoor wear is expected to drive the market over the forecast period.