Abaca Fiber Market Size, Share & Trends Analysis Report By Product (Pulp & Paper, Fiber Craft, Cordage, Textile), By Region (North America, Asia Pacific, Europe, Central & South America, MEA), And Segment Forecasts, 2021 - 2028
New York, Sept. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Abaca Fiber Market Size, Share & Trends Analysis Report By Product, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06134852/?utm_source=GNW
Abaca Fiber Market Growth & Trends
The global abaca fiber market size is expected to reach USD 1.7 billion by 2028. The market is expected to expand at a CAGR of 15.1% from 2021 to 2028. Growing emphasis by governments across various countries towards the adoption of natural fibers is expected to drive market growth as a substitute for hazardous synthetic fibers and metals in various industries.
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.
Due to these properties, companies in the pulp and paper industry prefer abaca fibers for applications such as tea bags, large sausage casings, currency and security papers, and cigarette and filter papers.
The abaca fiber industry is expected to gain importance over the forecast period driven by the rising impetus towards the adoption of natural fibers. Superior performance and strength offered by the product are also expected to emerge as the key factors prompting the demand for abaca fiber over the forecast period.
Abaca Fiber Market Report Highlights
• 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 owing to rising demand for sustainable and renewable materials for craft applications such as decorative items, gifts, floral wraps, textiles, bags, and toys
• The cordage product segment is expected to witness a notable revenue-based CAGR of 13.3% over the forecast period on account of rapidly growing opportunities in marine and offshore cordage application scope
• Asia Pacific dominated the market in terms of revenue and was valued at USD 270.3 million in 2020, on account of wide high product demand in the manufacture of products such as ropes, currency notes, automotive, and food packaging
• Manufacturers operating in the market target Japan, the U.S., and European countries due to superior biodegradability offered by the product coupled with high consumer awareness towards the use of naturally synthesized fibers
Read the full report: https://www.reportlinker.com/p06134852/?utm_source=GNW
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