Global Abaca Fiber Market, By Type (Fine Abaca Fiber, Rough Abaca Fiber), Product (Pulp and Paper, Fiber Craft, Cordage, Textile) – Industry Trends and Forecast to 2029.
Market Analysis and Size
Over the last few years, there has been immense growth in the natural fiber industry due to the high demand. Additionally, there has been strong development in manufacturing sector have significantly contributed to the abaca fiber market, which further increases the overall growth for the market.
Global abaca fiber market was valued at USD 592.62 million in 2021 and is expected to reach USD 1969.81 million by 2029, registering a CAGR of 16.20% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Abaca (often referred as Manila hemp) is basically a plant leaf fiber derived from the stalks of the plant. When compared to sisal fibers, vegetable fibers, and synthetic fibers, the product has gained widespread popularity due to its high strength, minimal elongation, and resistance to saltwater breakdown. It's also a good raw material for making high-quality papers, napkins, diapers, medicinal fabrics, machinery filters, electrical conduction cables, and other completed goods.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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By Type (Fine Abaca Fiber, Rough Abaca Fiber), Product (Pulp and Paper, Fiber Craft, Cordage, Textile)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Rhode Island (U.S.), Simor Abaca Products (Philippines), SAMATOA (Cambodia), Terranova Papers (Spain), Wiggleswort& Co. Limited. (London), S&P Global (U.S.)
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Market Opportunities
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Abaca Fiber Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers:
- High Demand Across End Users
The market is likely to be driven by the increased use of abaca fiber in the pulp and paper industry for applications such as cigarette filter papers, tea and coffee bags, and disposable medical and food papers. Additionally, due to qualities such as exceptional high mechanical strength, long fiber length resistance to salt-water damage, and increasing demand for the product in the manufacture of garments, curtains, paper producing, and screen and furnishings, the industry is predicted to rise. The high utilization and adoption across various end use industries is estimated to carve a way for the market's growth.
The increasing demand for sustainable fibers having advanced properties will further propelled the growth rate of abaca fiber market. Additionally, the superior performance and strength offered by the product will also drive market value growth. The growing emphasis by governments across various countries towards the adoption of natural fibers is also projected to bolster the market's growth.
Opportunities
- Research and Development and Trends
Furthermore, active research and development operations are underway to better understand the pulping characteristics, pulp production, and quality of abaca fibers, further extending profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the latest trend in interior designing practices for both residential and commercial spaces will further expand the future growth of the abaca fiber market.
Restraints/Challenges
- Limitation of Abaca Fibres
However, because of its inherent qualities, abaca fibers may not blend consistently with polymer composites, which could limit market expansion.
- Fluctuations in Supply
Furthermore, because the abaca plant is toxic to many diseases, fluctuations in the supply of abaca fibers is anticipated to be a demerit for the abaca fiber market. Therefore, this will challenge the abaca fiber market growth rate.
Moreover, the factors such as the higher price of abaca fiber and availability of substitute products may hamper the market growth.
This abaca fiber market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the abaca fiber market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Abaca Fiber Market
The recent outbreak of coronavirus had a negative impact on the abaca fiber market. Due to numerous precautionary lockdowns imposed by governments to control the spread of disease, substantial interruptions in various production and supply-chain processes have resulted in significant financial losses for the market. The food and beverage industry is also suffering significant losses along with the transportation infrastructure, which has also been severely interrupted combined with the supply of raw materials. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.
On the brighter side, as people are buying goods through online retailers, demand for abaca fibre is expected to climb as economies prepare to restore their operations. Also, to combat the coronavirus, food and beverage producers minimize direct contact with delivery people and guests, reinforce and communicate proper hygiene practices, execute comprehensive sanitations, and eliminate personnel contact during shift changes.
Global Abaca Fiber Market Scope
The abaca fiber market is segmented on the basis of type and product. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Fine Abaca Fiber
- Rough Abaca Fiber
On the basis of type, the abaca fiber market has been segmented into fine abaca fiber and rough abaca fiber.
Product
- Pulp and Paper
- Fiber Craft
- Cordage
- Textile
On the basis of product, the abaca fiber market is segmented into pulp and paper, fiber craft, cordage and textile.
Abaca Fiber Market Regional Analysis/Insights
The abaca fiber market is analyzed and market size insights and trends are provided by country, type and product as referenced above.
The countries covered in the abaca fiber market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the abaca fiber market because of the increasing initiatives taken to increase the usage of abaca fibers and gain economic benefits and the growing environmental restrictions regarding the usage of non-biodegradable polymeric fibers within the region.
On the other hand, North America is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the escalating production of papers and paperboards and the increasing rate of commercial and recreational fishing activities within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Abaca Fiber Market Share Analysis
The abaca fiber market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to abaca fiber market.
Some of the major players operating in the abaca fiber market are
- Rhode Island (U.S.)
- Simor Abaca Products (Philippines)
- SAMATOA (Cambodia)
- Terranova Papers (Spain)
- Wigglesworth & Co. Limited. (London)
- S&P Global (U.S.)
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