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Worldwide abaca fiber market is expected to rise at $1.7 billion by 2028

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abaca-fiberFrom 2021 to 2028, the worldwide abaca fiber market is expected to rise at a CAGR of 15.1%, reaching $1.7 billion by the end of the forecast period. According to a Textile Value Chain research, the adoption of natural fibers as a substitute for harmful synthetic fibers and metals in many sectors would promote market growth. During the projection period, the paper and pulp sector will emerge as the most important application category. The major target markets will be Japan, the United States, and European nations. Due to growing demand for non-wood fibers as raw materials for speciality paper applications, the pulp and paper product category will account for the biggest revenue share of $347.3 million in 2020. Due to strong demand for items like as ropes, currency notes, automobiles, and food packaging, Asia Pacific dominated in terms of income. The revenue share of the fiber craft product sector is anticipated to rise at a CAGR of 11.8 percent over the forecast period.