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Global Abaca Fiber Market: Overview

Abaca, also called as manila hemp, is extracted from the leaf sheath around the trunk of Musa textilis, a type of banana plant that is mostly found in the Philippines and humid tropics. Harvesting and cultivating abaca is a labor-intensive process as the pulp is removed by cutting strips and scraping stalks. Fibers obtained from the process are then dried and removed. Abaca fiber has high strength and is used in the paper industry for making mimeograph mats and teabags. It is also used to make handicraft such as carpets, furniture, clothing, and bags. Abaca fiber is used in fishing nets, hawsers, and shipping lines due to beneficial properties such as flexibility, durability, and saltwater resistance. It is classified as a hard fiber along with sisal, coir, and henequin. In addition, abaca fiber is used in gifts, toys, and housewares. Furthermore, it is used as an alternative to glass fiber reinforced plastics components. Various local textile manufacturers use 30% to 50% of abaca in the production of maong (denim).

Global Abaca Fiber Market: Drivers and Restraints

Abaca is used in end-user industries such as fiber craft, paper & pulp, and cordage. In terms of consumption, pulp & paper was the largest end-user of abaca fiber followed by cordage and fiber craft industries in 2014. Wide application range of abaca fiber in the production of specialty paper is anticipated to be one of the key factors driving demand for abaca fibers in the paper & pulp industry. Increasing demand for cordage in the production of ropes used in ships and other industrial applications is expected to boost demand for abaca fiber during the forecast period. The automotive industry also uses natural rubber as filling material in hat racks, bolster, damping, interior trim parts, and parcel trays. Therefore, rising demand for natural fiber in the automotive industry and increasing automobile sales in developing nations such as China, India, and Brazil are anticipated to fuel the abaca fiber market during the forecast period. Combining abaca with silk has resulted in the production of an acceptable textile for wearing purposes.

Global Abaca Fiber Market: Geographical and Competitive Dynamics

Asia Pacific was the fastest-growing and largest market for abaca fibers in 2014. More than three-fourth of the total abaca is produced in the Philippines. Initiatives are taken by the Philippine Rural Development Program (PRDP) to increase usage of abaca fibers and gain economic benefits for the nation. Additionally, abaca is rapidly replacing non-biodegradable polymers. More than half of the total abaca produced is exported from Philippines and Bangladesh to Europe, North America, China and Japan. The abaca plant is vulnerable to a number of pathogens. Hence, supply of abaca fibers fluctuates, thus acting as restraint for growth of the abaca fiber market.

Growth in the furniture industry is expected to drive the abaca fiber market in Asia Pacific during the forecast period. However, increasing environmental restrictions regarding the usage of non-biodegradable polymeric fibers is likely to act as an opportunity for the abaca fibers market during the forecast period. Research and development is being carried out to improve physical properties of abaca fibers. Abaca is mostly used in making teabags and cordage in Europe. Negligible amount of abaca fiber is used in Latin America and Middle East & Africa due to average demand from the end user industry.

Key players in the abaca fiber market include Tag Fibers, Inc., Ching Bee Trading Corporation, MAP Enterprises, Selinrail International Trading, The Fiber World, Italfil Expo Bags Company Limited and Yzen Handicraft Export Trading.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Abaca Fiber Market

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