Abaca Fiber Market Opportunities 2031
The abaca fiber market size is projected to reach US$ 1986.45 million by 2031 from US$ 666.19 million in 2023. The market is expected to register a CAGR of 14.6% during 2023–2031. Increasing demand of abaca fiber from textile, paper and pulp, and automotive industry are likely to remain key abaca fiber market trends.
Abaca Fiber Market Analysis
With growing awareness about environmental conservation, there is a rising demand for natural and biodegradable fibers such as abaca, which is known for its eco-friendly properties. This increasing demand, coupled with the limited availability of abaca fiber, could potentially drive up prices and create supply chain issues for industries that rely on this material. Additionally, the competition for land and resources for abaca cultivation may also pose a challenge, especially in regions where other crops are in high demand. Furthermore, the labor-intensive nature of abaca production could also be a potential restraining factor for the market. Harvesting and processing abaca fibers require skilled labor and can be time-consuming, which can add to the production costs and limit the scalability of the industry.
Abaca Fiber Market Overview
Abaca fiber, also known as Manila hemp, is derived from the leaf sheath of the Musa textilis plant. It is well known for its durability, exceptional strength, and environmentally friendly attributes. As a sustainable and versatile natural material, abaca fiber has gained prominence across numerous industries such as textiles, pulp & paper, and cordage. In the textile industry, abaca fiber has emerged as an eco-friendly and distinctive alternative to traditional materials. Owing to its inherent strength, abaca fiber is considered an ideal choice for manufacturing durable and robust fabrics. Also, abaca textiles are celebrated for their flexibility, lending themselves well to a variety of applications. From clothing and accessories to home furnishings, the versatility of the material has positioned it as a sought-after choice for designers and manufacturers alike. Moreover, the increasing emphasis on sustainable fashion and the rising inclination of consumers toward environmentally friendly options propel the demand for abaca textiles.
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Abaca Fiber Market: Strategic Insights
Market Size Value in US$ 591.11 million in 2022 Market Size Value by US$ 1,710.17 million by 2030 Growth rate CAGR of 14.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Abaca Fiber Market: Strategic Insights
| Market Size Value in | US$ 591.11 million in 2022 |
| Market Size Value by | US$ 1,710.17 million by 2030 |
| Growth rate | CAGR of 14.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Abaca Fiber Market Drivers and Opportunities
Growing Demand for Sustainable Materials
Abaca fibers are natural and biodegradable, making them highly desirable in industries aiming for sustainability. With increasing environmental consciousness, there is a growing preference for products made from renewable resources. Thus, the growing demand for sustainable and biodegradable materials is a major driver of the global abaca fiber market.
Application Versatility of Abaca Fiber
This natural fiber is renowned for its high tensile strength, resistance to saltwater, and ability to withstand heavy loads, making it a popular choice for a wide range of applications. One of the primary uses of abaca fiber in cordage is in the production of fishing nets. The strength and flexibility of the fiber make it well-suited for withstanding the harsh conditions of marine environments, providing fishermen with reliable and long-lasting nets. Additionally, abaca fiber is commonly used in ship rigging, where its resistance to saltwater and superior strength make it an essential material for securing sails and supporting the masts of ships. Application versatility is seen to leave a positive impact on the abaca fiber market.
Abaca Fiber Market Report Segmentation Analysis
Key segment that contributed to the derivation of the abaca fiber market analysis is application.
- Based on application, the abaca fiber market is divided into ropes & yarns, cordage, textiles, paper & pulp, handicrafts, fiber craft, and others. Ropes & yarns and paper & pulp are two prominent subsegments under the application segment. The ropes & yarns segment held the largest market share in 2023.
Abaca Fiber Market Share Analysis by Geography
The geographic scope of the abaca fiber market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Asia Pacific has dominated the abaca fiber market. In APAC, abaca fiber is primarily used for cordage production, including fishing nets, ropes, and twines. The strength and durability of abaca fiber make it well-suited for these applications, especially in industries such as fishing, shipping, and construction. The demand for abaca fiber in APAC is driven by the growing need for high-quality cordage in various industries and the increasing focus on sustainable and environmentally friendly materials. As a natural and renewable resource, abaca fiber is seen as a more eco-friendly alternative to synthetic fibers in many applications. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Abaca Fiber Market Report Scope
Abaca Fiber Market News and Recent Developments
The abaca fiber market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for abaca fiber:
- Glatfelter Corporation, a global supplier of engineered materials, has entered into an agreement with Ekman & Co. to market Glatfelter’s high quality, specialty Abaca pulp exclusively through Ekman’s global sales agency platform. (Source: Glatfelter Corporation, Press Release, 2023)
- Bananatex produces compostable jerseys made from Abacá banana plants. (Source: QWSTION International GmbH, Company Website, 2023)
Abaca Fiber Market Report Coverage and Deliverables
The “Abaca Fiber Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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