The global abaca fibre market is estimated to grow at a CAGR of 15.1% from 2021 to 2028, reaching $1.7 billion by the end of the forecast period. According to a Textile Value Chain study, the use of natural fibres as a substitute for dangerous synthetic fibres and metals in a variety of industries would boost market growth. The paper and pulp sector will emerge as the most important application category during the projection period. Japan, the United States, and European countries will be the primary target markets.
The pulp and paper product category will account for the largest revenue share of $347.3 million in 2020, owing to rising demand for non-wood fibres as raw materials for specialty paper applications. Asia Pacific dominated in terms of income due to strong demand for commodities like ropes, currency notes, automobiles, and food packaging. Over the projected period, the revenue share of the fibre craft product industry is expected to increase at a CAGR of 11.8 percent.
