The global abaca fiber market size was USD 556.64 Million in 2022 and is expected to register a revenue CAGR of 15% over the forecast period, according to the latest report by Reports and Data.
The textile industry has a strong demand for abaca fiber, primarily because of its exceptional qualities such as high tensile strength, durability, and resistance to salt. This makes it a perfect material for producing specialized papers, ropes, and cordage. Additionally, the market revenue is increasing due to the rising need for natural and eco-friendly apparel materials. Manufacturers are utilizing abaca fiber to create innovative fabrics that offer improved comfort, toughness, and environmental sustainability.
The demand for abaca fiber in the packaging sector is on the rise due to the increasing need for eco-friendly packaging materials. Abaca fiber is a biodegradable, compostable, and renewable alternative to plastic and other non-biodegradable materials, making it an excellent option for creating bags, containers, and other packaging materials. As the focus on sustainability continues to grow, abaca fiber is becoming an increasingly popular choice for those seeking environmentally-friendly packaging solutions.
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Some major companies profiled in the global market report include Catanduanes Fibers Estate Corporation, KenDor Textiles, Syncot Plc, Raffia Tapes Labels Pvt. Ltd., Suzano S.A., International Fibers Group, Yusen Associates, Kuraray Co., Ltd., Campbell Rhea, Abaca Corporation, and District Fibers.
Some Key Highlights from the Report
- The demand for eco-friendly products and the rise of eco-tourism are expected to be major drivers of the demand for abaca fiber in the paper and pulp industry. This is because abaca fiber is known for its exceptional strength and durability, which make it an excellent choice for manufacturing items such as currency papers, filter papers, and tea bags.
- The growing desire for natural and sustainable textiles is predicted to drive demand for abaca fiber in the textile sector. Abaca fiber is commonly used in the production of traditional textiles such as bags, mats, and clothing. The unique texture and tenacity of abaca fiber also contribute to its increasing usage in the production of high-end luxury fabrics.
- The Asia Pacific market is expected to dominate the revenue share in the coming years, mainly due to the Philippines' significant abaca plant farming. The country is the leading producer of abaca fiber, accounting for over 80% of the world's production. The demand for abaca fiber is on the rise in various industries such as paper and pulp, textiles, and vehicles, which is contributing to the growth of the market revenue. The region's eco-tourism industry is also expanding rapidly, creating a robust demand for abaca fiber for handicrafts and souvenirs production.
- North America is estimated to have the leading revenue CAGR during the forecast period due to factors such as increased demand for natural and sustainable fibers across a variety of end-use industries. The United States imports a lot of abaca fiber for use in paper and pulp manufacture. The increased demand for green goods in the area is driving revenue growth in the abaca fiber market in North America.
- In 2021, KenDor Textiles and Abaca Company joined forces in the Philippines to create innovative yarns and fabrics using Abaca fiber. The alliance aims to produce high-quality goods by integrating KenDor Textiles' technology expertise with Abaca Corporation's manufacturing experience.
- In 2020, International Fibers Group announced plans to enhance its production capacity for Abaca fiber in the Philippines. The company aims to improve production efficiency and cater to the increasing global demand for Abaca fiber by investing in facility development.
- Catanduanes Fibers Estate Corporation: In 2021, the firm introduced a new range of abaca fiber products, including abaca twines, abaca ropes, and abaca yarns. The products are designed to meet the growing need for ecologically friendly and sustainable materials in a variety of industries, including textiles, construction, and agriculture.
- Syncot Plc: In 2020, Syncot Plc released a new range of abaca fiber nonwoven textiles. The fabrics are made from ecologically friendly and long-lasting Abaca fibers and are intended for use in a variety of applications such as filtration, geotextiles, and therapeutic textiles.
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For the purpose of this report, Reports and Data has segmented the global abaca fiber market on the basis of Product Outlook, and Regional Outlook:
Product Outlook (Volume, Tons; Revenue, USD Million, 2019 - 2032)
- Pulp Paper
- Fiber Craft
- Cordage
- Textile
- Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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