Enjoy complimentary customisation on priority with our Enterprise License!
The abaca fiber market size is estimated to grow at a CAGR of 13.7% between 2022 and 2027. The market size is forecast to increase by USD 314.09 million. The growth of the market depends on several factors such as increasing demand for abaca fibers from the pulp and paper industry, increasing demand for abaca ropes in industrial applications, and increasing demand for natural fiber composites.
This abaca fiber market report extensively covers market segmentation by product (pulp and paper, cordage, fibercraft, textile, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the abaca fiber market growth is the increasing demand for abaca fibers from the pulp and paper industry. Abaca also known as Manila hemp is a type of plant fiber extracted from plant leaf stalks. there is an increasing adoption of the abaca cross pulp and paper industry due to its various properties such as high strength, low elongation, and resistance to saltwater decomposition compared to other fibers, like sisal fiber, vegetable fiber, and synthetic fibers.
Moreover, a major portion of abaca fiber is pulped and converted into specialty papers. Some of these specialty paper includes tea and coffee bags, the paper used for making sausage casings, cash (the Japanese yen bills contain up to 30% abaca), cigarette filter paper, the paper used for food preparation and disposal, high-quality writing paper, hoover bags, and more. Hence, such applications are positively impacting the market which in turn will drive the market growth during the forecast period.
A key factor shaping the abaca fiber market growth is the replacement of glass fibers with high-strength abaca products. The emerging trend in the global abaca fiber market is the use of high-strength abaca products in place of conventional glass fibers. There is an increasing adoption of abaca-reinforced composites across various industries such as construction and automotive to enhance structural integrity while lowering carbon footprint.
Moreover, there is increasing use of abaca-based polymers in automotive interior parts instead of glass fibers as they offer a similar level of strength with less of an environmental impact. As the use of abaca fibers supports sustainability objectives and regulations, it is expected to drive market growth during the forecast period.
The labor-intensive nature of the market is one of the key challenges hindering the abaca fiber market growth. The process of manufacturing abaca fiber includes careful removal, stripping, and preparation by hand. The labor-intensive nature of the abac fiber market makes large-scale cultivation a significant challenge which in turn is increasing the manufacturing costs.
Moreover, for instance, the Philippines is a leading producer of abaca which still relies on the traditional manual method of stripping and processing which is significantly impeding the expansion of the market. Hence such factors will negatively impact the market which in turn will hinder the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Abaca Fiber Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Celulosa de Levante SA: The company offers abaca fiber such as CELTEX which is well suited for the production of tea bags, meat casing, base papers for stencils, and industrial filters.
The research report also includes detailed analyses of the competitive landscape of the market and information about 7 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The pulp and paper segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of abaca fiber in manufacturing across specialist pulp and paper industries due to its properties such as long staple length, strength, and cellulose content.
Get a glance at the market contribution of various segments View the PDF Sample
The pulp and paper segment was the largest segment and was valued at USD 159.80 million in 2017. Therefore, such properties of abaca fiber make it suitable for the manufacturing of specialty papers including tea and coffee bags, sausage casing paper, electrolytic papers, currency paper, cigarette filter papers, food preparation and medical filter papers, stencil papers, and dictionary/bible paper. The main properties of abaca fiber that fuel its demand are its strength as well as its resistance to saltwater degradation than other vegetable fibers. Additionally, it possesses stronger tensile strength and lower elongation than synthetic fibers such as rayon and nylon.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 55% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors that is significantly contributing to the growth of the global abaca fiber market in APAC is due to the increasing adoption of these fibers in several end-user industries in the region, including healthcare, specialty paper, handicraft, automotive, and textile. The main reason for the increasing adoption is due to its unique properties such as high mechanical strength, durability, long length, and sustainability. The main leading producer of abac fiber is the Philippines which produces more than three-fourths of all abaca fiber.
Furthermore, there is an increasing preference for abac fiber over non-biodegradable plastics which is positively impacting the market growth in the region. The Philippines and Bangladesh are exporting huge volumes of abaca fibers to Europe and North America. Hence, such factors are expected to drive the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global abaca fiber market witnessed a significant slowdown due to the temporary halt in production and distribution of abaca fibers as well as distribution in supply chains in APAC. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the resumption of manufacturing activities. Such factors are expected to drive the market during the forecast period.
The abaca fiber market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Abaca Fiber Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
127 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 13.7% |
|
Market growth 2023-2027 |
USD 314.09 million |
|
Market structure |
Concentrated |
|
YoY growth 2022-2023(%) |
13.16 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 55% |
|
Key countries |
US, The Philippines, Japan, China, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Celulosa de Levante SA, Chandra Prakash and Co., Ching Bee Trading Corp., DGL Global Ventures LLC, Heayi Trading Co. Ltd., Specialty Pulp Manufacturing Inc., and Wigglesworth and Co. Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
