WASHINGTON, May 22, 2023 (GLOBE NEWSWIRE) -- Global Abaca Fiber Market is valued at USD 515.2 Million in 2022 and is projected to reach a value of USD 1362.1 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 14.9% over the forecast period 2023-2030.
Market Overview
The rapidly rising usage of Abaca Fiber in the expanding pulp and paper sector is predicted to boost the demand for disposable items including tea and coffee bags, medical and food papers, and cigarette filter papers. The demand for the product has increased recently in the production of curtains, paper, garments, screens, and furniture due to its outstanding high mechanical strength and long fiber length resistance to salt-water damage. It is projected that this necessity will keep fueling market expansion. Furthermore, as more individuals worldwide use products, the market is anticipated to grow.
We forecast that the pulp and paper category in Abaca Fiber market sales will account for more than 46% of the market share by 2030. This explains why there is a growing need for non-wood fibers as raw materials for specialty paper applications. Making money, tea bags, and security papers is made much easier by the superior strength-to-weight ratio of specialty paper created with Abaca Fiber.
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Market Dynamics
Growing Demand from End-User will Support Market Expansion
The rising usage of Abaca Fiber is probably pushing the market in the pulp and paper sector for products including disposable medical and food papers, tea and coffee bags, and cigarette filter papers. The sector is expected to grow in part because of characteristics including exceptionally high mechanical strength, long fiber length resistance to salt-water damage, and rising demand for the product in the production of clothing, curtains, paper, screens, and furniture. It is anticipated that widespread adoption and strong utilization across different end use sectors will pave the way for market expansion. Furthermore, the market for Abaca Fiber will expand faster due to the rising demand for sustainable fibers with enhanced features. The product's enhanced strength and performance will also spur an increase in market value. The adoption of natural fibers is expected to receive increasing attention from governments in various nations, which is expected to support the market's expansion.
Rising Demand for Abaca Fiber in Automotive Industry to Boost Market Expansion
The automobile industry has expanded significantly over the past ten years and is predicted to continue growing gradually during the projection period. The Organization Internationale des Constructeurs d'Automobiles (OICA) reports that the American countries produced more than 16.2 million commercial and passenger vehicles in 2010. This production rate increased by more than 23% to reach more than 20 million vehicles in 2019. Abaca is currently employed in the automotive industry for softer applications like filler for bolster and interior trim parts. Yet, because of its high tensile strength, it can also be utilised as a substitute for glass fiber in reinforced plastic components for exterior semi-structures. As a result, the market for Abaca Fiber is being driven by the growth of the automobile industry.
Top Players in the Global Abaca Fiber Market
- Rhode Island (U.S.)
- Simor Abaca Products (Philippines)
- SAMATOA (Cambodia)
- Terranova Papers (Spain)
- Wiggleswort& Co. Limited (London, UK)
- S&P Global (U.S.)
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Top Trends in Global Abaca Fiber Market
- One trend that Vantage Market Research (VMR) expects to see in the Abaca Fiber industry is its extreme toughness and longevity. Abaca Fiber is a great option for ropes, twines, and other cordage because of its high strength and durability. This has increased demand for Abaca Fiber in the building, nautical, and transportation industries.
- Another trend that VMR predicts will continue in the Abaca Fiber industry is increasing investment in R&D projects. The market players will have more lucrative opportunities throughout the projection period as a result of the ongoing research and development efforts to better understand the pulping properties, pulp output, and quality of Abaca Fibers.
Top Report Findings
- Based on the Type, most of the Abaca Fiber market's revenue is controlled by the Fine Abaca Fiber category. A type of processed Abaca Fiber called fine Abaca Fiber has undergone additional processing to give it a finer, softer feel. Luxury paper, textile textiles, and specialized handicrafts are just a few examples of high-end products that use fine Abaca Fiber.
- The Pulp & Paper category controls most of the Abaca Fiber market's revenue based on Product. The expansion of this market is being fueled by the rising use of Abaca Fiber in pulp and paper production for goods including disposable food and medication, tea and coffee bags, and cigarette filters. Greenbutts, a cigarette manufacturer with headquarters in California, recently obtained a patent for an Abaca Fiber-based filter that is 100% biodegradable and non-toxic to the environment.
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Recent Developments in the Global Abaca Fiber Market
- September 2022: An innovative partnership between Mondi, a pioneer in packaging and paper worldwide, and the German manufacturer Heiber + Schröder has produced high-speed automated packing equipment that satisfies the process, efficiency, and safety criteria of eCommerce fulfilling operations.
- June 2021: Abaca Corporation, situated in the Philippines, and KenDor Textiles collaborated to develop cutting-edge yarns and fabrics from Abaca Fiber. By combining the technological expertise of KenDor Textiles with the production expertise of Abaca Corporation, the partnership aims to produce high-quality products.
Pulp & Paper Category of the Product Segment of the Global Abaca Fiber Market Anticipated to Generate Nearly Half the Total Product Segment Revenue
For better understanding, based on the Product, the Abaca Fiber market is divided into Pulp & Paper, Fiber Craft, Cordage and Textile.
The Pulp & Paper segment is expected to dominate the Abaca Fiber market. One of the key elements driving demand for Abaca Fibers in the paper & pulp sector is anticipated to be an increase in the usage of Abaca Fiber in the production of specialty paper. During the coming years, demand for cordage is anticipated to increase due to its increasing use in industrial applications, such as the manufacture of ship ropes.
On the other hand, the Textile category is anticipated to be the fastest growing category in the Abaca Fiber market driven by a growing demand for sustainable and natural textiles. Abaca Fiber is used to produce traditional textiles, including bags, mats, and clothing. The unique texture and durability of Abaca Fiber also contribute to its expanding use in producing high-end luxury fabrics.
Asia Pacific Region in Abaca Fiber Market Forecast to Generate Over Half the Total Global Market Revenue
The Asia Pacific dominated the market and is anticipated to grow at the fastest rate over the forecast period due to their high mechanical strength, durability, extended length, and sustainability. These fibers are increasingly being used in a variety of end-use industries, such as healthcare, specialty paper, handicraft, automotive, and textile. Increased population, the need for high-quality goods, and the expansion of end-use sectors have all stimulated market innovation and growth. The manufacturing sector's ongoing expansion drives the region's need for Abaca Fiber.
With the Philippines holding a market share of more than 85% worldwide, the region is the world's largest producer of Abaca Fibers. Public spending in the Philippines and Japan to support abaca farming methods and boost fiber production capacity is also anticipated to have a favorable impact on market expansion in the future. The Philippine Rural Development Program (PRDP) is taking steps to promote the use of Abaca Fibers and improve the country's economy. Abaca is also quickly displacing non-biodegradable plastics. The Philippines and Bangladesh sell more than half of the total abaca produced to China, Japan, Europe, and North America.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Abaca Fiber Market Forecast Report (2023-2030).
Global Abaca Fiber Market Segmentation
By Type
- Fine Abaca Fiber
- Rough Abaca Fiber
By Product
- Pulp & Paper
- Fiber Craft
- Cordage
- Textile
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 515.2 Million |
| Revenue Forecast by 2030 | USD 1362.1 Million |
| CAGR | 14.9% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Simor Abaca Products, SAMATOA, Terranova Papers, Wiggleswort& Co. Limited, S&P Global |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/abaca-fiber-market-2131/request-sample |
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