Abaca Fiber Market 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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Global Market Insights, Inc.
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Toll Free: 1-888-689-0688
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