According to a new market research report by Technavio, the global abaca fiber market is projected to reach a size of USD 356.6 million by 2028. The market is expected to grow at a CAGR of almost 13.76% during the forecast period from 2024 to 2028. Abaca fiber, also known as Manila hemp, is a high-demand non-wood fiber that is used in the textile industry and papermaking sectors.
The increasing demand for abaca fiber is driven by its unique pulping characteristics and productivity gains. The fiber is known for its superior quality and high pulp yields, making it valuable for specialty paper applications, including currency and security papers. Additionally, the market is experiencing a surge in demand due to its revenue share in specialty paper applications and its environmental sustainability.
The market expansion opportunities for abaca fiber lie in eco-friendly textiles, handicrafts, and agricultural commodities. The fiber’s properties and fabric production technologies contribute to its versatility and growth. In particular, its use in eco-friendly textiles aligns with the industry’s sustainability goals and environmental concerns.
The demand for bio-based materials is growing, which further drives the growth of the abaca fiber market. With its remarkable properties, such as high mechanical strength and resistance to salt-water damage, abaca fiber is being used in various industries, including automotive, textile manufacturing, and papermaking. It is expected that the market will continue to expand in the coming years as the demand for sustainable and eco-friendly products increases.
Key companies operating in the abaca fiber market include Celulosa de Levante SA, Chandra Prakash and Co., Ching Bee Trading Corp., DGL Global Ventures LLC, Heayi Trading Co. Ltd., PALTEX COMPANY LTD, SAMATOA, Simor Abaca Products, Specialty Pulp Manufacturing Inc., Wigglesworth and Co. Ltd., and TERRANOVA PAPERS SA. These companies are competing with each other to gain a greater market share and are focusing on product launches, sustainability, and prospects to stay competitive in the market.
The global abaca fiber market operates within the textile industry and papermaking sectors. Abaca fiber, also known as Manila hemp, is a non-wood fiber that is highly sought after for its unique pulping characteristics and high productivity gains. It is widely used in specialty paper applications, such as currency and security papers, due to its superior quality and high pulp yields.
According to a market research report by Technavio, the global abaca fiber market is expected to reach a size of USD 356.6 million by 2028, growing at a CAGR of almost 13.76% during the forecast period from 2024 to 2028. This growth is driven by the increasing demand for abaca fiber in specialty paper applications and its environmental sustainability.
The market expansion opportunities for abaca fiber lie in eco-friendly textiles, handicrafts, and agricultural commodities. The fiber’s properties and fabric production technologies contribute to its versatility and growth. Its use in eco-friendly textiles aligns with the industry’s sustainability goals and addresses environmental concerns.
The demand for bio-based materials is also fueling the growth of the abaca fiber market. Abaca fiber’s remarkable properties, including high mechanical strength and resistance to salt-water damage, make it suitable for various industries such as automotive, textile manufacturing, and papermaking. As the demand for sustainable and eco-friendly products continues to increase, it is expected that the abaca fiber market will expand further.
Key companies operating in the abaca fiber market include Celulosa de Levante SA, Chandra Prakash and Co., Ching Bee Trading Corp., DGL Global Ventures LLC, Heayi Trading Co. Ltd., PALTEX COMPANY LTD, SAMATOA, Simor Abaca Products, Specialty Pulp Manufacturing Inc., Wigglesworth and Co. Ltd., and TERRANOVA PAPERS SA. These companies are actively competing to gain a greater market share by focusing on product launches, sustainability, and prospects to stay competitive in the market.
For more information on the global abaca fiber market, you can visit the Technavio website at Technavio.