The global abaca fiber market has been witnessing strong growth over the past few years on account of increasing demand from the pulp manufacturing industry. The market is expected to witness considerable growth owing to continuous development in Philippine fiber craft industry. In addition, abaca fiber is employed in toys, gifts, and housewares. Increasing demand for these products is expected to augment the market growth over the forecast period. Abaca fiber is extensively used in the manufacturing of specialty paper. Strong demand from paper manufacturing industry is anticipated to complement market growth over the forecast period. In addition, increasing application scope of this fiber in ropes & yarns, textiles and handicrafts is likely to boost demand over the next seven years. The automotive industry use natural rubber as a filling material for bolster, interior trim parts, damping, parcel trays, and hat racks. Increasing demand for natural fiber from the automotive industry coupled with growing automobiles sale in emerging economies including India, China, and Brazil is expected to drive the market over the forecast period. Abaca fiber is employed as a substitute for glass fiber reinforced plastics components. This trend is expected to surge the abaca fiber market growth over the forecast period. Investor friendly initiatives taken by the fiber industry development authority of Philippines are anticipated to surge the market growth over the forecast period.
Major end-use industries include paper & pulp, fiber craft, and cordage. Paper & pulp industry was the largest end-use industry for abaca fiber followed by the cordage manufacturing and fiber craft industry. Increasing application scope of this product in the manufacturing of specialty paper is likely to be one of the key factors to drive demand for abaca fibers in the paper & pulp industry. Rising demand for cordage in industrial applications including the production of ropes for ships is expected to boost its demand over the next seven years.
Asia Pacific was the largest market for abaca fiber in terms of production and consumption over the past few years and the trend is expected to continue over the forecast period. Philippines being the world’s largest abaca producer holds the major market share in the Asia Pacific market. A considerable portion of produced abaca fiber in Philippines is internally consumes while a major portion is exported to various countries including the U.S., Japan, and other European countries. The government of Philippines is taking supportive initiatives to increase production levels of high-quality abaca fiber for domestic consumption and export. This is expected to further strengthen its market positioning and open market opportunities for new players over the next seven years.
Major players present in the abaca fiber market include Ching Bee Trading Corporation, Peral Enterprises, MAP Enterprises, Tag Fibers, Inc., Yzen Handicraft Export, and Selinrail International Trading.
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The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.