Abaca Fiber Market size is poised to grow with a lucrative CAGR from 2023 to 2032 propelled by an increase in the demand for advanced & sustainable fibers in line with growing environmental concerns.
Abaca fiber is a significant choice for items such as ropes, twines, and other cordages that are needed to be tough and durable. As a result, the need for abaca fiber has expanded in the nautical, construction, and transportation industries. Notably, the need for natural superior-quality and enduring material for utilization in these applications has encouraged R&D projects in the field.
A 2023 research study by the Department of Science and Technology, Philippines, tested the influence of abaca fiber on the performance of abaca-glass fiber-reinforced polymer composites. They found that the hydrophilic nature of abaca fiber increases the water absorbability with each layer of the fiber in abaca-glass material.
Furthermore, favorable trade policies of the European countries for importing abaca and other natural fibers are also poised to support the abaca fiber market growth. To reduce the weight of the entire vehicle and increase fuel efficiency, major German automakers are employing abaca fibers for automotive elements like headliners, trunk components, rear cargo shelves, and thermal insulation.
The COVID-19 pandemic impacted the market severely as a result of governments’ number of precautionary lockdowns to stop the spread of disease, which caused considerable delays in manufacturing and supply-chain operations. However, as per PHILFIDA, the export of abaca fiber increased by nearly 10% in 2021 compared to a decline of 18% during 2019-2020. One of the major factors restraining market expansion is the majority of the production of abaca fiber is limited to the Philippines and other Southeast Asian countries.
The abaca fiber market size from the pulp & paper segment is slated to amass significant gains by 2032. The increased usage of abaca fiber in pulp and paper production for products, including disposable food and medicine, tea and coffee bags, and cigarette filters, is fueling segment growth. Recently, Greenbutts, a California-based cigarette manufacturer, patented an abaca fiber-based filter bound with a starch-based mix, making it 100% biodegradable and non-toxic for the environment. Its exceptionally high mechanical strength, long fiber length resistance to salt-water damage, and rising demand for the product in the manufacturing of clothing, curtains, paper production, screens, and furniture are set to boost product adoption.
Regionally, the Asia Pacific abaca fiber market is slated to capture a sizable market share over the analysis period as the largest abaca producer in the world, the Philippines, exports most of its material to developed countries such as the U.S., Japan, and other European nations of which a small amount is consumed domestically. The Philippine government is pursuing supportive measures to enhance the production of premium abaca fiber for both national and global use, improving opportunities for new participants in the region.
To cite an instance, the Philippine Fiber Industry Development Authority launched Abaca Tuxy Buying Special Project which encourages abaca producers and farmers across the country to generate their own abaca fiber firm, giving them a chance to achieve better quality, mass production, and competitive costs of sales
Some of the key players profiled in the abaca fiber market are Yzen Handicraft Export Trading, Italfil Expo Bags Co., Ltd., Selinrail International Trading, MAP Enterprises, Fiber World, Tag Fibers, Inc., and Ching Bee Trading Corporation, among others. These firms mainly engage in effective R&D tactics, product innovations, and strategic partnerships to stay ahead in the competitive landscape.