According to the report titled ‘Global Abaca Fiber Market Size study, by Product (Pulp & Paper, Fiber Craft, Cordage, Textile and Others), and Regional Forecasts 2021-2027’ available with MarketStudyReport, global abaca fiber market was valued at USD 420.9 million in 2020 and is expected to grow at a healthy rate of 15.1% over the analysis timeframe, reaching a valuation of USD 1126.44 million by the year 2027.
 

Soaring demand for natural fibers in automotive sector, widespread usage in industries such as paper & pulp, fiber craft, and cordage, and expanding use in the production of textiles, drapes, and other products are all driving growth of global abaca fiber market. In this regard, Statista estimated that the global paper & pulp market will be valued at USD 370 billion by 2027, up from USD 348.43 billion in 2019.
 

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Notably, abaca fiber is a kind of vegetable leaf fiber derived from the plant's leaf stalks. This fiber has become more prominent given the low elongation, high strength, and tolerance to saltwater decomposition as compared to sisal and synthetic fibers.
 

Surging abaca production, and rising export activities are expected to drive the global abaca fiber industry forward during the forecast period. However, gap in supply and demand will pose as a challenge for market partakers.
 

Speaking of regional terrain, Asia Pacific currently dominates the worldwide market and is predicted to grow at a significant rate during the forecast period. Growing adoption in various end-use industries such as automotive, textile, handicraft, and others, as well as the presence of major abaca producing regions, such as the Philippines, are positively swaying the industry dynamics.
 

The competitive landscape of global abaca fiber market includes companies like Italfil Expo Bags Co., Ltd., M.A.P. Enterprises, Selinrail International Trading Company, DGL Global Ventures LLC, Tag Fibers Inc., Yzen Handicraft Export Trading, Terranova Papers, Specialty Pulp Manufacturing Inc. (SPMI), Peral Enterprises, and Ching Bee Trading Corporation.