According to the report by Expert Market Research (EMR), the global abaca fibre market is supported by the growth of Philippines abaca fibre market as the country produces three-fourth of the total abaca. Aided by the heightened usage across various sectors, the Philippines abaca fibre industry is expected to grow in the forecast period of 2024-2032 at a CAGR of 3.7%.
Abaca fibre, often known as Manila hemp, is a natural fibre extracted from the leaves of the Abaca plant, which belongs to the banana family and is native to the Philippines. It is a strong, flexible, and durable material, widely known for its significant tensile strength and resistance to saltwater damage, making it ideal for products like ropes, twines, and fishing nets.
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The versatility of abaca fibre contributes significantly to its market demand. Its primary use in the production of ropes and twines, particularly for the shipping industry, remains a major market driver. Additionally, its application in making specialty papers, like tea bags, banknotes, and filter papers, has seen a consistent rise. The fibre’s durability and resilience make it ideal for these purposes.
Another factor propelling the abaca fibre market growth is the increasing awareness and demand for sustainable and eco-friendly products. Abaca fibre is completely biodegradable and renewable, which appeals to environmentally conscious consumers and industries. This trend is particularly evident in the textiles and fashion industry, where abaca is being explored as an alternative to synthetic fibres.
The automotive industry also presents a growing avenue for abaca fibre, used in manufacturing automotive parts like interior panels and underbody shields. This application leverages the fibre’s light weight and strength, contributing to the production of lighter and more fuel-efficient vehicles.
According to the abaca fibre market analysis, advancements in technology offer opportunities for enhancing the quality and applications of abaca fibre. Research in fibre treatment and processing could expand its usability in more industries, potentially opening new markets.
The Philippines accounts for a significant portion of the abaca fibre market share, being the largest producer and exporter. However, other countries in Southeast Asia, as well as regions in Latin America and Africa, are gradually increasing their production capacities. The diversification of production regions is likely to stabilise the supply chain and prices in the international market.
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The market for abaca fibre is growing due to its natural, sustainable characteristics aligning well with global trends towards eco-friendly materials. As the market navigates challenges and leverages opportunities, especially in technology and diversification of production, it is poised for significant growth and expansion into new applications and industries. This growth trajectory positions abaca fibre as a key player in the natural fibres market, offering a sustainable solution to a variety of industrial needs.
Abaca Fibre Market Segmentation
The market can be divided based on application and region.
Market Breakup by Application
- Cordage
- Ropes and Yarns
- Paper and Pulp
- Handicrafts
- Fibre Craft
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global abaca fibre market. Some of the major players explored in the report by Expert Market Research are as follows:
- Ching Bee Trading Corporation
- Swicofil AG
- Sisal Farm (Pty) Ltd.
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