ABACA FIBER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The Abaca Fiber Market is estimated to be valued at USD 713.0 Mn in 2024 and is expected to reach USD 1,921.1 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 15.2% from 2024 to 2031.

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Abaca fiber is majorly used in the production of industrial fabric and household decoration items. Its high tensile strength and flexibility makes it a suitable substitute for fiber crops like jute and sisal in various industrial applications. The market growth is driven by increasing demand from paper industry for manufacturing high quality writing and printing paper. Abaca fiber finds extensive usage in manufacturing ropes due to properties like high durability against seawater and rotting. The development of novel application areas such as technical textiles and non-woven materials will provide growth opportunities for abaca fiber producers.

Growing Demand from Paper Industry

The demand for abaca fiber is on the rise from the paper industry across the globe. Abaca fiber offers several advantages over wood pulp which is commonly used in paper manufacturing. It has higher wet strength compared to wood pulp which allows the paper manufactured using abaca to withstand moisture better. Hence, it is being increasingly used in production of banknotes, currency paper and other specialty papers. Banknotes manufactured from abaca paper last longer compared to conventional paper notes and don't get easily torn. Additionally, filtration and cigarette paper require higher wet strength which abaca fulfills very well. Abaca fiber provides smooth surface and superior printability to paper. The papers manufactured using abaca take ink very well and provides sharp images and prints. This property has increased its usage in printing and publishing industry. Magazines, brochures and catalogs are now adopting abaca paper to provide best print quality to readers. Abaca fiber also provides good opacity to paper allowing both sides of paper to be used for printing. Manufacturers are able to optimize paper usage and reduce wastage by utilizing both sides for printing output.

Another key driver propelling abaca fiber demand is expanding market for fiber-based composite materials. Fiber composites are becoming increasingly popular substitute for wood, plastic and other materials in variety of end-use industries. Abaca fiber exhibits valuable mechanical properties including high tensile strength, making it suitable reinforcement for composites. Composites reinforced with abaca fiber demonstrate better mechanical strength compared to other natural fibers like coir, sisal and bagasse. Its flexural properties allow fabrication of lightweight and impact resistance composites.