The Abaca Fiber Market is driven by rising demand from the paper industry
The Abaca fiber market consists of fibers derived from the abaca plant, which are known for their high cellulose content and tensile strength. Abaca fibers are lustrous and durable, resistant to saltwater and ultraviolet rays. They are widely used as an alternative to glass fibers in composite applications and finding increased usage in the manufacturing of high-quality paper, pulp and paper substitutes. Abaca Fiber Market Growth are blended with other materials to make high-quality paper with good tear strength used for currency paper, filtration products. The abaca plant is primarily cultivated in the Philippines and Ecuador.
The Global Abaca Fiber Market is estimated to be valued at US$ 713.0 Mn in 2024 and is expected to exhibit a CAGR of 15.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Abaca Fiber market are Wigglesworth & Co. Limited., M.A.P. Enterprises, Yzen Handicraft Export Trading, Specialty Pulp Manufacturing, Inc. (SPMI), Chandra Prakash & Company, Ching Bee Trading Corporation, Peral Enterprises, Sellinrail International Trading Company, DGL Global Ventures LLC, and Terranova Papers.
The demand for abaca fiber is growing owing to increasing demand from the paper industry as abaca fibers are used to manufacture high-quality specialty paper and currency paper. Abaca fibers are also finding increased usage in industrial filtration products due to their high tear strength.
The global abaca fiber market is expanding into new regions on account of the rising export of abaca fibers from major cultivating countries like the Philippines and Ecuador. New abaca plantations are being established in countries like India andAfrica to boost local production.
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