Abaca Fiber Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2236
Abaca Fiber Market size is anticipated to witness escalating gains from 2016 to 2024. The business growth is majorly driven by increasing application in end user industries such as pulp & paper, cordage, fiber craft etc.
It is kind of strong fiber extracted from banana leaf. This fiber is majorly used for making ropes and twines. Natural properties such as hard fiber enable them to be used by paper industry for manufacturing tea bags, decorative paper and banknotes. Further abaca ropes are durable, resistant to salt water damage and flexible which allows them to be used in ship line, hawsers and fishing net’s.
Rising demand from paper & pulp manufacturing industries as well continuous development of fiber craft industry in Philippine. In addition, increasing demand for toys, gifts and house wares products is estimated to augment market demand over the forecast timeframe. Abaca fiber is majorly used in a specialty paper manufacturing process. Strong demand from pulp & paper manufacturing industries is projected to complement growth of global abaca fiber market overcoming years.
Increasing application scope in various end-user industries such as textiles, for manufacturing yarns and ropes, handicrafts & fabrics will boost the demand over 2024. Automotive industry growing need for natural rubber to fill bolster, damping, interior trim parts, hat racks and parcel trays. Growing demand from automotive industry for strong and hard natural fibres along with increasing automobiles sale in developing economies like China, Brazil and India is forecasted to drive the market in coming years.
Abaca fiber are environment friendly in nature because of which government is promoting the application of abaca fibres in various end-user industries which will further enhance market growth in coming years. In addition rising global warming is further propelling the abaca fiber market in coming years.
The market growth is hindered by the disadvantages associated with the application of abaca fiber as reinforcement. As these fibres cannot be mixed uniformly with polymer composites due to its natural properties which complicates the composite fabrication process in textile industry. Hence this factor limits the usage of abaca fiber in textile industry.
Asia pacific is fastest growing region which is dominated by Philippines, this industry will complement abaca fiber market size over the forecast timeframe. These are extensively used in clothing’s, carpet, furniture, bags and printing products. It is also used in automotive industries which is going to boost market growth by 2024. In the recent years, paper & pulp industry has been experiencing inclining gains due to increasing application in newspaper and magazine and rapidly growing textile industry. Government of Philippines is promoting the production of abaca fiber as these are highly exported to Europe and Africa due to its increasing application in lifestyle products. Further, growing population along with growing industrialization will positively impact the upcoming abaca fiber market.
Europe, majorly led by U.K, dominated the abaca fiber market in 2016. The market growth was mainly driven by robust growth in paper & pulp industry. Increasing use of abaca for manufacturing ropes and tea bag in the region will propel industry growth. Europe is one of the largest consumer of abaca fiber and widely used in automotive industry for providing tensile strength. Additionally, the European government emphasis on the use of environment friendly products is growing the abaca fiber market that is witness significant gains due to the boost in automotive market post economic slowdown. Africa is estimated to be one of the fastest growing segment during forecast period. GCC countries product demand is slowly growing significantly due to increasing cordage application.
Global abaca fiber market was competitive in 2016. Major companies contributing the global share includes Ching Bee Trading Corporation, Tag Fibers, Inc., MAP Enterprises, The Fiber World, Selinrail International Trading, Yzen Handicraft Export Trading and Italfil Expo Bags Company Limited.
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