Global Abaca Fiber Market Size, Share, and Trends Analysis Report, 2021-2028, by Product (Pulp & Paper, Fiber Craft, Cordage, Textile), by Region (North America, Asia Pacific, Europe, Central & South America, MEA), and Segment Forecasts.
By 2028, the worldwide abaca fibre market is anticipated to be worth USD 1.7 billion. From 2021 to 2028, the market is estimated to grow at a CAGR of 15.1%. Growing government emphasis on the use of natural fibres as a substitute for hazardous synthetic fibres and metals in various industries is likely to boost market expansion.
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. Superior performance and strength offered by the product are expected to emerge as key factors prompting the demand for abaca fiber. Manufacturers operating in the market target Japan, the U.S., and European countries due to superior biodegradability and high consumer awareness.
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. Asia Pacific dominated the market in terms of revenue on account of wide high product demand in the manufacture of products such as ropes, currency notes, automotive, and food packaging.
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