Published Date : 27 Apr 2023
The global abaca fiber industry revenue was appraised at USD 0.6 billion in 2022 and is estimated to hit USD 2.3 billion by 2032, growing at a CAGR of 14.38% from 2023 to 2032.
The rapidly increasing use of abaca fiber in the growing pulp and paper business is expected to push the industry for disposable items like tea and coffee sachets, medicinal and food papers, and cigarette filter papers.
Abacá is a leaf fiber from a legume. The plant's leaf stems are used to harvest the abaca fabric. Another name for abaca is Manila hemp. Although it has a comparable appearance to the banana plant, it has entirely distinct qualities and applications. It is a member of the Musasea genus and is grown throughout tropical regions of Asia, including the Philippines and East of Indonesia. Costa Rica and Ecuador both produce it economically as well. Ropes, woven textiles, tea bags, filter paper, cash, and other products are frequently made from abaca fibers. It goes by the names ecological fiber and compostable fiber.
The demand for abaca fibers has grown recently due to their increasing use in a variety of sectors, such as medicinal fabrics, automobiles, paper, and handicrafts. However, the industry has seen low output, which hasn't been enough to satisfy demand. Over the projection period, it is expected that the abaca fiber business will become more significant due to the rising demand for natural fibers. Superior quality and strength will be the main factors influencing customer demand for abaca fiber throughout the projection period.
Abaca fibers are becoming more popular due to their expanding use in several industries, including paper, handicrafts, medical materials, and cars. Low production, though, hasn't been enough to meet demand on the industry. The abaca fiber industry is anticipated to grow in importance over the forecast period as a result of the increasing demand for natural fibers. For the forecast period, superior quality and strength will be the primary factors affecting consumer demand for abaca fiber.
Due to the increasing use of fibers in a variety of application industries, such as food and beverage, automotive, and specialty papers, as a result of their high mechanical strength, durability, flexibility, and long length, the industry in Europe is anticipated to experience a significant increase in revenue from 2023 to 2032.
Abaca Fiber Industry Report Scope:
|Market Size in 2022||USD 0.6 Billion|
|Projected Forecast Value in 2032||USD 2.3 Billion|
|Growth Rate from 2023 to 2032||CAGR of 14.38%|
|Largest Market||Asia Pacific|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Abaca is currently used as a filler for bolster and internal trim components in the car industry for "soft" uses. However, because of its high tensile strength, it can also be used in "harder" uses, such as replacing glass fiber in reinforced plastic components for external semi-structured components. Abaca thread and polypropylene thermoplastic have both been used by Mercedes Benz in the creation of car body components. The weight of automotive parts can be reduced by swapping out glass fibers for natural fibers, which also makes it easier to produce and recycle the parts in a more ecologically responsible manner. Abaca fiber application even in highly stressed components provides tremendous promise for various industrial uses due to its length and exceptionally high mechanical strength.
The industryability of abaca fiber is constrained by the small size of its manufacturing. This is because abaca fiber output and availability are constrained. After all, abaca plantations are primarily located in the Philippines and other Southeast Asian countries.
In comparison to synthetic fibers like nylon and polyester, abaca fiber can be manufactured more inexpensively and effectively. The demand for abaca fiber has dropped as a result of its greater use and popularity in numerous applications. Due to its labor-intensive manufacturing process, abaca fiber is more costly than synthetic fibers, which limits its use in mass-produced products and reduces its industryability.
In former monoculture farms and jungle regions, intercropping abaca, especially with coconut trees, can help with erosion control and biodiversity restoration. Abaca planting can also lessen erosion and sedimentation issues in shoreline regions, which are crucial locations for marine fish reproduction. Floods and landslides will also be avoided as the soil's ability to retain water will be enhanced. Waste from the abaca plant is used as biodegradable manure.
The industry possibilities for abaca fiber are numerous and span a range of industries and applications. As more companies and customers search for safe and eco-friendly options for synthetic materials, abaca fiber is set to play a bigger role in the global fiber industry.
Ukraine-Russian war and the effects of COVID-19
Due to supply chain disruptions brought on by the COVID-19 pandemic and the continuing war between Russia and Ukraine, there may be a scarcity of products and resources. This might affect the capacity of B2B businesses to manufacture and transport goods to their clients. Consumer behavior has changed significantly as a result of the epidemic, with more people choosing to buy online and giving health and safety a top priority. Changes in desire for specific products and services could result from this, which could affect B2B businesses that provide those goods and services.
With over 85% revenue increase in 2022, the paper and pulp product segment led the business. This explains why non-wood fibers are increasingly needed as raw materials for specialized paper uses.
Abaca was frequently used in the 19th century to create strong manila bags and for ship rigging. Ropes, twines, fishing lines, nets, and coarse fabric for packing are still made with it today. Although there is a growing industry for abaca furniture, apparel, screens, and curtains, fiber is presently most commonly used to make paper.
Abaca fiber is primarily pulped and used to make specialized papers. Tea and coffee bags, sausage casing paper, money notes (up to 30% of Japanese yen bills are made of abaca), tobacco filter papers, papers used for food preparation and disposal, high-quality writing paper, vacuum bags, and more are among these items.
Major Key Players:
Buy this Research Report@ https://www.precedenceresearch.com/checkout/2640
You can place an order or ask any questions, please feel free to contact at email@example.com | +1 9197 992 333