ABACA FIBER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Abaca fiber, also known as Manila hemp, is a natural fiber extracted from the sheaths surrounding the stem of Musa textilis, a species of banana. Native to the Philippines and primarily cultivated there, abaca fiber has exceptionally high tensile strength and resilience making it a desirable alternative to glass fiber for various industrial applications. It is often used in rope, carpet backing cloth, paper pulp substitutes and more recently as a recyclable substitute for wood or sand in composites. The abaca plant is considered environmentally friendly as it requires minimal agrochemicals or fertilizers for growth. Southeast Asia remains the dominant producer and consumer of abaca fibers with the Philippines accounting for over 90% of global supply.

 Market Dynamics:

The global abaca fiber market growth is driven by factors such as rising environmental consciousness leading to increased demand for natural and sustainable alternatives to synthetic fibers. Abaca fibers' high strength and durability coupled with low density makes it suitable for various composites replacing glass fiber and contributing to lightweighting of end products. This is boosting its adoption in automotive and aerospace industries. However, supply constraints arising from erratic weather conditions affecting abaca plantations as well as shortage of farm labor pose challenges. Meanwhile, growing research on the development of new products and applications using abaca fiber such as in construction and infrastructure industries are opening up new opportunities for market expansion.

 Key Features of the Study:

• This report provides in-depth analysis of the global abaca fiber market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global abaca fiber market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include 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, Terranova Papers
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global abaca fiber market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global abaca fiber market

Detailed Segmentation

• By Type:
• • Fine Abaca Fiber
  • Rough Abaca Fiber
• By Application:
• • Pulp & paper
  • Fiber Craft
  • Cordage
  • Textile
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa 
• Company Profiles:
• • 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
  • Terranova Papers