Abaca Fiber Market Business Opportunities and Future Scope Till 2028

Abaca Fiber Industry Overview

The global abaca fiber market size was estimated at USD 420.9 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 15.1% from 2021 to 2028.

Rapidly rising usage of abaca fiber in the growing pulp and paper industry for applications such as cigarette filter papers, tea, and coffee bags, and disposable medical and food papers is expected to drive the market.

The production of abaca fiber is dominated by three countries including Costa Rica, the Philippines, and Ecuador. The lockdown regulations imposed in the abaca fiber-producing economies due to subsequent waves of COVID-19 impacted the production activities for a brief period, thus restricting the overall market growth in 2020 – 2021.

Gather more insights about the market drivers, restrains and growth of the Global Abaca Fiber Market

U.S. abaca fiber market size, by product, 2018 - 2028 (USD Million)

European and North American countries such as the U.K., Germany, the U.S., Canada, and France are among the largest importers of abaca fibers for applications across various industries such as currency notes, tea/coffee bags, automotive, and textile. The lockdown regulations in these countries also led to transport restrictions thus disrupting the supply chain of the market.

High demand for the product in the manufacture of clothing, curtains, paper making, and screen and furnishings, over the past few years owing to the properties such as superior high mechanical strength, long fiber length resistance to salt-water damage is expected to drive the industry growth. In addition, the market is also expected to grow on account of increasing product adoption across the globe.

The usage of abaca fibers is also rising in the automotive industry with the growing adoption of natural fibers in car manufacturing. These fibers are utilized in several applications in the automotive industry such as filling material for bolster and interior trip parts and exterior semi-structure components as a substitute for glass fiber in reinforced plastic components.

The demand for abaca fibers has grown internationally over the past few years owing to its growing adoption within several industries including paper, automotive, medical fabric, and handicraft. However, the market has witnessed low productivity, which has not been enough to fulfill the demand. For instance, the demand-supply gap was about 25,000 metric tons in 2019.

Browse through Grand View Research’s Specialty Glass, Ceramic & Fiber Industry Research Reports.

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Key Companies profiled:

Some of the prominent players in the global abaca fiber market include:

  • A.P. Enterprises
  • Yzen Handicraft Export Trading
  • Specialty Pulp Manufacturing, Inc. (SPMI)
  • Ching Bee Trading Corporation
  • Peral Enterprises
  • Sellinrail International Trading Company
  • DGL Global Ventures LLC
  • Terranova Papers

Order a free sample PDF of the Abaca Fiber Market Intelligence Study, published by Grand View Research.  

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