Abaca Fiber Market Size to Reach USD 1958.19 Million at a CAGR of 15% by 2032 | Reports and Data
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.
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Top Lading Players: 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.
Segments covered in the report:
Product Outlook (Volume, Tons; Revenue, USD Million, 2019 – 2032)
- Pulp & Paper
- Fiber Craft
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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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