Abaca fiber, also known as Manila hemp, is a natural fiber extracted from the leaf sheaths or pseudostem of abaca plant. It is one of the hardest and strongest natural fibers. Abaca fiber finds wide use in paper production, cordage, textiles, and more recently, in composite materials due to its high strength, flexibility, density and biodegradable nature.
The Global Abaca Fiber Market is estimated to be valued at US$ 713.0 Mn in 2024 and is expected to exhibit a CAGR of 15.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Abaca Fiber Market are Wigglesworth & Co. Limited., M.A.P. Enterprises, Yzen Handicraft Export Trading, Specialty Pulp Manufacturing, Inc. (SPMI), Chandra Prakash & Company, Ching Bee Trading Corporation, Peral Enterprises, Sellinrail International Trading Company, DGL Global Ventures LLC, and Terranova Papers. The key players in the market are focusing on enhancing their production capacities and global footprint to cater to the growing demand for abaca fiber from emerging economies of Asia Pacific and South America.
The Abaca Fiber Market Growth provides multiple opportunities for players in the form of increasing applications in pulp and paper industry, composites industry, and emerging non-woven applications. Global expansion of key players through partnerships, joint ventures, and new production facilities in countries like Philippines, Indonesia, and Ecuador will help them gain market share in high growth regions.
Market drivers and restrain
The major driver for abaca fiber market is the rising demand from pulp and paper industry. Abaca fiber finds extensive usage in the production of high-quality paper such as currency paper, cigarette filters, and artwork paper due to its excellent pulpability and paper making characteristics. Another key driver is the increasing demand from composites industry. Abaca fiber is increasingly used as an alternative to glass fibers in manufacturing of composites used in automotive, aerospace and construction industries owing to benefits such as light-weight, high strength and flexibility.
The key restraint for abaca fiber market is availability of low-cost substitutes. Abaca fiber competes with other natural fibers as well as synthetic fibers. Synthetic fibers like nylon, polyethylene and polypropylene offer better mechanical properties and weather resistance at lower costs. Additionally, abaca plant diseases like Panama disease and lack of mechanized harvesting methods increase the production costs. This restrains the prices competitiveness of abaca fiber against alternatives.
Segment Analysis
The abaca fiber market is dominated by the textile segment which accounts for more than 70% of the total market share. Abaca fiber finds wide application in textiles owing to its inherent properties such as high durability, flexibility, and moisture absorption. Abaca textiles are breathable, windproof, water resistant and have excellent insulation properties which make them suitable for manufacturing ropes, twines, footwear, sackcloth, canvas and clothing. Abaca's textiles applications include clothing, footwear and industrial fabrics.
Global Analysis
Regionally, Asia Pacific dominates the global abaca fiber market and accounted for approximately 60% of the total market share in 2024. The large share of this region is attributed to countries like Philippines and India where abaca is mainly cultivated. Philippines is the largest producer and exporter of abaca fiber in the world. Other countries like Ecuador, Indonesia and China are also emerging producers of abaca. North America and Europe are other major consumers of abaca fiber and its products owing to the growing demand for environment friendly and sustainable textiles. However, the demand for abaca fiber is expected to increase at a higher pace in Asia Pacific region owing to growing population, rising incomes and expansion of abaca cultivation areas in countries like Philippines, Indonesia and China during the forecast period.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, co
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