Abaca Fiber Market Is Expected To Accomplish A Valuation Of Around USD 1.7 Billion By 2028: Grand View Research Inc.

 Abaca Fiber Market Growth & Trends

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.

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.

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Abaca Fiber Market Report Highlights

• 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

Access Press Release@ https://www.grandviewresearch.com/press-release/global-abaca-fiber-market

Abaca Fiber Market Segmentation

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
• Cordage
• Textile
• Others

Abaca Fiber Regional Outlook (Volume, Tons; Revenue, USD Million, 2017 - 2028)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • UK.
  • Germany
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Philippines
• Central & South America
• Middle East & Africa

List of Key Players of Abaca Fiber Market

• 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

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.