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Abaca Fiber Market to Flourish due to High Demand

The abaca fiber or Manila hemp is a soft, lustrous and strong fiber extracted from the abaca plant.
Abaca Fiber Market

The abaca fiber or Manila hemp is a soft, lustrous and strong fiber extracted from the abaca plant that finds numerous applications in paper, textile, construction and other industries due to its versatility and durability. Abaca fibers have higher tensile strength than cotton and silk fibers and are an ideal alternative to glass fibers. The abaca fiber is known for its high tear and burst strength making it an essential component in manufacturing ropes, carpets, rugs, currency notes, high-quality handmade papers and reinforcement material in construction. The Global Abaca Fiber Market is estimated to be valued at US$ 1,921.1 Mn in 2024 and is expected to exhibit a CAGR of 14.% 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 rising demand for Abaca Fiber Market Demand from the paper industry is a significant market growth driver. The abaca fiber is used in manufacturing high-quality specialty papers including currency papers. Technological advancement in abaca fiber processing with new developments in extraction and spinning techniques are expanding the market potential of abaca fibers in specialty textiles and technical textiles.

Market Trends

One of the key trends witnessed in the market is growing replacement of synthetic fibers with abaca fibers in various end-use industries. Abaca fibers are increasingly replacing glass fibers in technical textiles and composites due to their high durability and sustainability. Another trend is the increasing application of abaca fibers in 3D printing filaments. Development of specialized abaca fiber-based filaments expand their use in additive manufacturing.

Market Opportunities

Rising application of abaca fibers in green construction is a major market opportunity. Abaca fibers used as reinforcement in cement, concrete help build sustainable and durable infrastructure. Another opportunity lies in leveraging abaca fiber’s low-cost production and processing to manufacture affordable yet high-quality alternative to paper pulp and viscose fibers.

Impact of COVID-19 on Abaca Fiber Market

The COVID-19 pandemic has significantly impacted the Abaca fiber market. With lockdowns imposed worldwide and travel restrictions in place, supply chains were disrupted heavily. As Abaca fibers are primarily exported from the Philippines, transportation of raw materials became challenging. With declining industrial activities, the demand from end use industries like pulp and paper, construction, and handicrafts also reduced sharply. This led to oversupply of Abaca fibers in 2020.

The Vietnamese Abaca fiber market is poised to be the fastest growing region during the forecast period. With suitable climatic conditions for Abaca cultivation, the government of Vietnam is undertaking various initiatives to promote Abaca farming and increase exports. It has announced incentives and subsidies for farmers as well as trade agreements with major importers like the EU and the US. As a result, Vietnam is rapidly emerging as a key supplier of Abaca fibers to cater to the growing demand from end users globally.

Geographic:

The Philippines accounts for the major share of the Abaca fiber market in terms of value. As the country is the largest producer and exporter of Abaca fibers in the world, it plays a pivotal role in the global supply chain. Abaca plants are extensively cultivated across Leyte, Samar, and other provinces of the Philippines, facilitated by the favorable tropical climate and soil conditions. The country meets over 95% of the global demand for Abaca fibers.

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