Abaca Fiber Market To Grow Substantially At A CAGR Of 15.1% By 2028

Posted by rahul nikade on November 30th, 2022

Abaca Fiber Industry Overview

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.

Abaca Fiber Market Segmentation

Grand View Research has segmented the global abaca fiber market on the basis of product and region:

Based on the Product Insights, the market is segmented into Pulp & Paper, Fiber Craft, Cordage, Textile, Others.

• The pulp and paper product segment led the market and accounted for the largest revenue share of more than 82.0% in 2020.
• This is attributed to the rising demand for non-wood fibers as raw materials for specialty paper applications. Specialty paper made using abaca fiber exhibits superior strength to weight ratio thus offers high functionality in the manufacturing of tea bags, currency, and security papers.
• Active research and development activities are in progress for the proper understanding of pulping characteristics, pulp yield, and quality of abaca fibers. The outcomes of the studies can offer a good idea of the possibilities and potential use of abaca fibers for pulp and paper production.
• The textile product segment is also expected to witness a notable revenue-based CAGR of 12.2% over the forecast period on account of the rising demand for advanced biomaterials in fashion textiles.
• In the past few years, environmental concerns have compelled various industry leaders to focus on the development of ‘green’ products. In order to attain their sustainability goals, manufacturers have started employing biomaterials in their production technologies.

Abaca Fiber Regional Outlook 

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is composed of small and medium enterprises operating with a limited geographical reach. Thus, these players witness various challenges such as a lack of investment from global players for strategic expansion. In addition, they exhibit an insufficient financial backup to conduct research and development activities for advancements in the material.

Some prominent players in the global abaca fiber market include

• 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

Order a free sample PDF of the Abaca Fiber Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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