Abaca Fiber Market
Abaca Fiber Market - Global Industry Assessment & Forecast
- By Type Fine Abaca Fiber, Rough Abaca Fiber
- By Product Pulp & Paper, Fiber Craft, Cordage, Textile
- By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 515.2 Million|
|Revenue 2030:||USD 1362.1 Million|
|Revenue CAGR (2023 - 2030):||14.9%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
- Cross-segment Market Size and Analysis for Mentioned Segments
- Additional Company Profiles (Upto 5 With No Cost)
- Additional Countries (Apart From Mentioned Countries)
- Country/Region-specific Report
- Go To Market Strategy
- Region Specific Market Dynamics
- Region Level Market Share
- Import Export Analysis
- Production Analysis
- Others Request Customization Speak To Analyst
GPT is here !!! Ask questions about Abaca Fiber Market
The global Abaca Fiber Market was valued at USD 515.2 Million in 2022 and is projected to reach a value of USD 1362.1 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 14.9% between 2023 and 2030.
The vegetable leaf fiber abaca, called Manila hemp, is taken from the plant's leaf stalks. Due to its superior strength, minimal elongation, and resistance to saltwater breakdown when compared to sisal fibers, vegetable fibers, and synthetic fibers, the product has been gaining popularity. The global Abaca Fiber market is expected to grow during the forecast period due to various driving factors. Three nations, Costa Rica, the Philippines, and Ecuador dominate Abaca Fiber production. The United Kingdom, Germany, the United States, Canada, and France are among the biggest importers of Abaca Fiber in various industries, including currency notes, tea/coffee bags, automotive, and textile.
Due to qualities such as outstanding high mechanical strength, long fiber length resistance to salt-water damage, and significant demand for the product in the past few years from the manufacture of apparel, curtains, paper, screens, and furnishings, the business is predicted to grow. The market is also anticipated to expand as a result of rising product usage over the world. While natural fibers are increasingly used in the production of cars, the use of Abaca Fiber in the automotive industry is also developing. These fibers are used in various applications in the automotive sector, including as filler for bolster and interior trip elements and as an alternative to glass fiber in reinforced plastic components for external semi-structured components.
Abaca Fiber Market Size, 2022 To 2030 (USD Million)
Due to soaring environmental consciousness, rapid climate change, and the expanding global waste problem, there is a huge increase in the demand for green and sustainable products worldwide, driving up the price of natural fibers like Abaca Fiber. Also, the creation of Abaca Fiber composites and its products are energy-efficient. As a result, it does not increase carbon emissions. As a result, more applications are using Abaca Fiber. Because it is one of the strongest natural fibers, it is utilized in various industries, including Furniture, Textiles, Automobiles, Paper & Pulp.
It is expected that the conflict that has been going on between Russia and Ukraine throughout this year will get even more severe as time goes on. Wars are difficult and often result in societal unrest, the destruction of infrastructure, and severe impacts on the world's economy. This is true regardless of the reason that they break out. Although it is too soon to forecast the disruption's effects accurately, it is predicted that many healthcare sectors will suffer badly. The COVID-19 epidemic creates the most regressive condition ever on the planet. It is anticipated that this state will continue for a few more years. The graph of the global economy from 2022 to 2022 displayed some of the most noteworthy reductions during that period. But, the proactivity shown by various governments, in the form of stimulation and coercive vaccination, made it possible for the majority of countries and nations throughout the globe to clean up after the worst and experience rekindling.
Top Market Trends
1. Rising Awareness Regarding Abaca Fiber: Abaca Fiber can be a renewable resource for various industrial and non-industrial purposes thanks to its durability, mechanical strength, flexibility, and length, which boosts the market growth. Moreover, the demand for Abaca Fiber is rising due to the growing use of abaca-reinforced polymers as a synthetic polyester replacements, fueling the market's expansion. Because of its high strength, Abaca Fiber are also used to produce caps, ropes, finishing lines and nets, and twines, among other things. The production of specialty papers, including money papers, sausage skins, coffee filter paper, and tea bags, makes up most of its use. Paper that is recyclable, thin, and robust paper can be produced with Abaca Fiber.
2. Increasing Utilization of Abaca Fiber Within the Automotive Industry: The market is expanding due to the growing use of Abaca Fiber in the automobile industry. Since it has similar characteristics to glass fibers, many automobiles' exteriors use it instead of the latter. Abaca Fiber is also suited as a roofing material for public utility vehicles to keep the cars cool in the summer due to its low heat conductivity. Abaca Fiber is also used as a composite material in semi-structured components. Moreover, natural fibers like Abaca Fiber lighten components of cars to improve fuel efficiency. This encourages sustainability and recycling while facilitating environmentally friendly production. The usage of Abaca Fiber in various sectors has much potential due to its high mechanical strength.
3. Organic Growth: Abaca farming can boost biodiversity and reduce soil erosion. Also, fiber waste is utilized as an organic fertilizer to improve soil fertility. Abaca Fiber is manufactured widely because, even though it is a hard, multi-step process, it boosts profitability. This is also promoting market expansion. Also, it is anticipated that a growing study into the genetics of abaca will contribute to developing a better Abaca Fiber with a wider range of applications. This is expected to stimulate market expansion in the ensuing years.
The global Abaca Fiber market can be categorized into Type, Product, and Region. Based on Type, the market can be categorized into Fine and Rough . Furthermore, by Product, the market can be segmented across Pulp & Paper, Fiber Craft, Cordage, and Textile. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Below tree is interactive. You can click the nodes to get more information.
Based on Product
Pulp and Paper to Dominate Market Owing to Rising Demand for Non-Wood Fibers
During the forecast period, the Pulp & Paper segment will dominate the global Abaca Fiber market. The increased demand for non-wood fibers as raw materials for specialist paper applications is to blame for this. The exceptional strength-to-weight ratio of specialty paper manufactured with Abaca Fiber makes it highly practical for making tea bags, money, and security papers. Active research and development efforts are taking place to properly grasp the features of pulping, the yield of pulp, and the quality of Abaca Fiber. The findings from the experiments might give a solid notion of the potential and uses of Abaca Fiber for pulp and paper manufacture. The textile segment is expected to grow with the fastest-growing CAGR during the forecast period. The most recent fashion in interior decorating techniques for residential and commercial spaces is also anticipated to increase demand for Abaca Fiber in the textile industry. Environmental issues have prompted several business executives to concentrate on creating "green" products over the last few years. Manufacturers have begun using biomaterials in their production processes to meet their sustainability aims.
Based on Region
Asia Pacific to Accommodate Global Sales Owing to the Presence of Dominant Players
The global Abaca Fiber market is expected to be dominated by the region of Asia Pacific during the forecast period. Due to their high mechanical strength, durability, extended length, and sustainability, these fibers are increasingly used in various end-use industries, such as healthcare, specialty paper, handicraft, automotive, and textile. With the Philippines holding a market share of more than 85% worldwide, the region is the world's largest producer of Abaca Fiber. Public spending in the Philippines and Japan to support abaca farming methods and boost fiber production capacity is also anticipated to have a favorable impact on market expansion in the future.
The region of Europe is expected to grow with the fastest-growing CAGR during the forecast period. Factors include the fibers' expanding use in various application industries, such as the food and beverage, automotive, and specialty paper industries, as well as their high mechanical strength, long length, durability, flexibility, and length. Additionally, it is anticipated that the expansion of the fiber market will be aided by the European nations' favorable trade policies for importing abaca and other natural fibers. Major German auto manufacturers use Abaca Fiber for automotive elements like headliners, rear cargo shelves, trunk components, and thermal insulation to lighten the entire vehicle's weight and improve fuel economy.
The Abaca Fiber market comprises small and medium-sized businesses with a constrained geographic reach. As a result, these players face several difficulties, including a lack of financing from major players for strategic expansion. Also, they show a lack of financial resources to carry out research and development tasks to improve the subject. Leading companies are well established in the Philippines and export their goods to the United States, Japan, and Europe. Producers located in the Philippines strive to meet the demand from both domestic and international markets.
The key players in the global Abaca Fiber market include - Simor Abaca Products (Philippines), SAMATOA (Cambodia), Terranova Papers (Spain), Wiggleswort& Co. Limited (UK), S&P Global (U.S.) among others.
Recent Market Developments
• September 2022: An innovative partnership between Mondi, a pioneer in packaging and paper worldwide, and the German manufacturer Heiber + Schröder has produced high-speed automated packing equipment that satisfies the process, efficiency, and safety criteria of eCommerce fulfilling operations. • June 2021: In the Philippines, Abaca Corporation and KenDor Textiles collaborated to develop cutting-edge yarns and fabrics from Abaca Fiber. By combining the technological expertise of KenDor Textiles with the production expertise of Abaca Corporation, the partnership aims to produce high-quality products.• July 2021: To ensure sustained growth and boost farmer income through intercropping abaca, the PCA (Philippine Coconut Authority) Region VIII collaborated with the PhilFIDA (Philippine Fiber Industry Development Authority) and LGUs (local government units) to introduce the abaca-coconut intercropping project.
Segmentation of the Global Abaca Fiber Market
|Regions & Countries Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|
Frequently Asked Question
What is the global demand for Abaca Fiber in terms of revenue?
The global Abaca Fiber valued at USD 515.2 Million in 2022 and is expected to reach USD 1362.1 Million in 2030 growing at a CAGR of 14.9%.
Which are the prominent players in the market?
The prominent players in the market are Simor Abaca Products (Philippines), SAMATOA (Cambodia), Terranova Papers (Spain), Wiggleswort& Co. Limited (UK), S&P Global (U.S.).
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 14.9% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Abaca Fiber include
- Growing usage across different application industries
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Abaca Fiber in 2022.