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Abaca Fiber Market - What are the main factors that contributing towards industry growth?

Author : Rahul Varpe | Published Date : 2019-03-27 

Europe, majorly led by U.K, dominated the abaca fiber market in 2016. The market growth was mainly driven by robust growth in paper & pulp industry. Increasing use of abaca for manufacturing ropes and tea bag in the region will propel industry growth. Europe is one of the largest consumer of abaca fiber and widely used in automotive industry for providing tensile strength.

Additionally, the European government emphasis on the use of environment friendly products is growing the abaca fiber market that is witness significant gains due to the boost in automotive market post economic slowdown. Africa is estimated to be one of the fastest growing segment during forecast period. GCC countries product demand is slowly growing significantly due to increasing cordage application.

Abaca Fiber Market size is anticipated to witness escalating gains from 2016 to 2024. The business growth is majorly driven by increasing application in end user industries such as pulp & paper, cordage, fiber craft etc. It is kind of strong fiber extracted from banana leaf. This fiber is majorly used for making ropes and twines. Natural properties such as hard fiber enable them to be used by paper industry for manufacturing tea bags, decorative paper and banknotes. Further abaca ropes are durable, resistant to salt water damage and flexible which allows them to be used in ship line, hawsers and fishing net’s.

To access the table of contents or view the Abaca Fiber Market report in detail, please click the link below: www.gminsights.com/request-toc/upcoming/2236

Rising demand from paper & pulp manufacturing industries as well continuous development of fiber craft industry in Philippine. In addition, increasing demand for toys, gifts and house wares products is estimated to augment market demand over the forecast timeframe. Abaca fiber is majorly used in a specialty paper manufacturing process. Strong demand from pulp & paper manufacturing industries is projected to complement growth of global abaca fiber market overcoming years.

Increasing application scope in various end-user industries such as textiles, for manufacturing yarns and ropes, handicrafts & fabrics will boost the demand over 2024. Automotive industry growing need for natural rubber to fill bolster, damping, interior trim parts, hat racks and parcel trays. Growing demand from automotive industry for strong and hard natural fibres along with increasing automobiles sale in developing economies like China, Brazil and India is forecasted to drive the market in coming years.

Asia pacific is fastest growing region which is dominated by Philippines, this industry will complement abaca fiber market size over the forecast timeframe. These are extensively used in clothing’s, carpet, furniture, bags and printing products. It is also used in automotive industries which is going to boost market growth by 2024.

Global abaca fiber market was competitive in 2016. Major companies contributing the global share includes Ching Bee Trading Corporation, Tag Fibers, Inc., MAP Enterprises, The Fiber World, Selinrail International Trading, Yzen Handicraft Export Trading and Italfil Expo Bags Company Limited.
 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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