Global Abaca Fiber Market to Reach USD 1.73 Billion by 2030 at 15.2% CAGR - Abaca Fiber Market Forecast

According to a new report by MaxiMize Market Research, the global abaca fiber market was valued at USD 643.47 million in 2023 and is projected to reach USD 1,732.60 million by 2030, growing at a CAGR of approximately 15.2% over the forecast period (2024-2030).

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♦ Key Highlights

Market size & CAGR: USD 643.47 million in 2023 to USD 1,732.60 million by 2030; CAGR of ~15.2%

Leading application/segment: Paper & pulp end-use segment holds the largest market share

Fastest-growing or largest regional market: Asia-Pacific leads in production and consumption, with the Philippines as the primary producer

Key drivers, restraints, or trends: Drivers include rising demand for natural fiber in automotive, paper, and cordage industries, plus supportive government initiatives; restraint from abaca's incompatibility with some polymer composites and supply vulnerability due to plant pathogens

Top companies: Tag Fibers, Inc.; Ching Bee Trading Corporation; MAP Enterprises; Selinrail International Trading; The Fiber World; Italfil Expo Bags Company Limited; Yzen Handicraft Export Trading; Peral Enterprises

♦ Market Outlook

The global abaca fiber market is expected to nearly triple in value from USD 643 million in 2023 to USD 1.73 billion by 2030, at a robust CAGR of ~15.2%. Growth is fueled by increasing demand from the paper & pulp sector, especially for specialty papers such as tea and coffee bags, currency notes, and filter papers. Additionally, demand for cordage in shipping and industrial applications contributes substantially. Government initiatives, especially in the Philippines, aim to boost production quality and capacity to meet both domestic and export markets .

♦ Regional Insights

Asia-Pacific stands out as the largest regional market in both production and absorption of abaca fiber. The Philippines remains the world's top abaca producer; government efforts and R&D into improving fiber qualities are expected to sustain its leadership position.

Other regions, including North America and Europe, serve primarily as importers, using abaca fibers in high-strength industrial and packaging applications. However, supply chain constraints and variations in production due to pathogen susceptibility may influence regional availability.

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♦ Key PlayersThe market features many established players active across the value chain, including Tag Fibers, Inc.; Ching Bee Trading Corporation; MAP Enterprises; Selinrail International Trading; The Fiber World; Italfil Expo Bags Company Limited; Yzen Handicraft Export Trading; and Peral Enterprises. These companies are pivotal in maintaining supply, engaging in R&D, and expanding end-use applications.

♦ Quote

"As industries increasingly prioritize sustainable and high-strength materials, abaca fiber's natural durability and biodegradability offer a compelling value proposition," said an analyst at MaxiMize Market Research. "With targeted government support and technological innovation, the market is positioned for strong growth through 2030."

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This release was published on openPR.