Global Abaca Fiber Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Abaca Fiber Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Abaca Fiber refers to the leaf fiber extracted from coke hemp petiole. The outermost and oldest petiole produces the most solid fiber and the darkest color. The fiber length can reach 0.9-2.7 meters and is firm and buoyant. Can be used in mooring indexing, fishing line, carpet, and paper industries.

Market Overview:

The latest research study on the global Abaca Fiber market finds that the global Abaca Fiber market reached a value of USD 210.69 million in 2022. It’s expected that the market will achieve USD 513.84 million by 2028, exhibiting a CAGR of 16.02% during the forecast period.

Russia and Ukraine, as important suppliers of global energy and industrial raw materials and important transport routes connecting Eurasia, are important participants in major global industries. The conflict between Russia and Ukraine and the resulting economic sanctions have brought more storms to the already unstable global industrial chain supply chain. For Abaca Fiber Market, the fluctuation of the exchange rate and the obstruction of shipping and land are undoubtedly the major constraints faced by foreign trade enterprises. The most direct impact is the increase in transportation costs, as well as the supply of raw materials and price fluctuations.

The manufacture of Abaca Fiber mainly depends on the supply of raw materials. The raw material of Abaca Fiber is Abaca, which is mostly produced in tropical Asia such as Philippines. Russia, as the core trade channel connecting Asia and Europe, faces great challenges in the supply of raw materials of Abaca Fiber. On the other hand, although the main producer of raw materials is not in Russia or Ukraine, the conflict between Russia and Ukraine has caused global economic turmoil and soaring prices, which will inevitably cause the price fluctuation of Abaca and increase the production cost of enterprises. Enterprise supply chain security needs to be solved urgently. After this attack, Enterprises realize that it is very important to master the ownership of energy and technology, by realizing supply chain security, enterprises can effectively prevent risks in key links of the industrial chain. When faced with the impact of supply and chain disruptions such as external products, components or technologies, which can also rely on the stable local supply chain of the industrial chain or the decentralized international supply chain to provide corresponding products and services.

In addition to the impact on production, the logistics and transportation costs and risks of products are also greatly increased. Abaca Fiber has been widely used in specific areas around the world. The difficulties in logistics and transportation further hinder the cooperation and development of new projects. Therefore, the transfer or diversification of the supply chain is often part of the company's solutions.

Abaca Fiber possesses higher tensile strength and lower elongation

Abaca is one of the important raw materials of hard fiber, which has high fiber strength, resistance to water and humidity, especially resistance to immersion in seawater, and good buoyancy. It is a good fiber for ropes. Pseudostem is rich in fiber, hard fiber, strong tensile force, and is mostly used to make ropes.

Potential as an alternative material
The characterization result of abaca fiber showed the abaca fiber has the potential to develop as alternative material based on chemical, physical and thermal properties. Abaca is one of the natural fiber that has high mechanical properties because supported by the architecture of its cell walls. The mechanical properties of abaca fiber are very influenced by the cell walls structure, cellulose, hemicellulose and lignin composition.
For example, in the manufacture of automobile parts, Abaca Fiber has great potential to replace glass fiber.

Region Overview:

In 2022, the share of the Abaca Fiber market in Southeast Asia stood at 70.75%.

Company Overview:

Ching Bee Trading Corporation is one of the major players operating in the Abaca Fiber market, holding a share of 8.88% in 2022.

Ching Bee Trading Corporation

Ching Bee Trading Corporation was established as a sole proprietorship in Tabaco, Albay in the 1940s by its founder, Mr. Lim Cheng Bee, for the purpose of maximizing the abundant supply of abaca and copra in the Bicol Region. The company secured its presence in the trading of abaca and copra with local suppliers and buyers.

Dragon Vision Trading Company

Dragon Vision Trading Company produces abaca fiber for manufacturers of specialty paper, tea bags, insulating paper, medical fiber, etc. As a newcomer to the market, it is important to combine sustainability with equitable growth. They work with rural farmers and producers to address the needs of a wide range of fiber products with responsible farming and progress in mind.

Segmentation Overview:


By type, Fine Abaca Fiber segment accounted for the largest share of market in 2021.

Fine Abaca Fiber

Fine abaca fiber can be used for textile and clothing accessories, such as hats, bags, and clothing decoration. And because of its good buoyancy, it can be made into tea bags.

Rough Abaca Fiber

Rough abaca fiber can be used to produce pulp, fiber crafts, ropes, etc. Because of its elasticity, super toughness, and strong salt water resistance, it is also the main production material of anchor rope and other related application products in navigation.

Application Overview:

The market's largest segment by application is the segment Paper & Pulp, with a market share of 81.90% in 2021.

Key Companies in the global Abaca Fiber market covered in Chapter 3:

MAP Enterprises
Tag Fibers, Inc.
Dragon Vision Trading Company
Selinrail International Trading
Ching Bee Trading Corporation

In Chapter 4 and Chapter 14.2, on the basis of types, the Abaca Fiber market from 2018 to 2029 is primarily split into:

Fine Abaca Fiber
Rough Abaca Fiber

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Abaca Fiber market from 2018 to 2029 covers:

Paper & Pulp
Fiber Craft
Cordage
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)