A report by Transparency Market Research, titled, “Abaca Fiber Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” sheds some light on this market and prophesizes it to depict a steady growth in the forthcoming years.
Expansion of end-user industries such as fiber craft, cordage, and paper & pulp where the abaca fibers finds extensive applications, is mainly responsible for driving the global abaca fiber market. The abaca fiber is prominently used in the production of specialty paper, and hence is anticipated to boost the market’s growth in next few years. Rising demand of cordage for production of ropes and their utilization in ships and other industrial applications has been propelling the global abaca fiber market’s growth too.
This fiber type also finds an extensive application in the automotive industry, especially as a filling material for various components. Thus, the rise of the automotive industry from a worldwide perspective has consequently proven to be beneficial for the abaca fiber market’s growth, as a higher demand for these fibers has notably occurred. Sales of automobiles in developing regions is also expected to fuel the abaca fiber market during the forecast period.
However, lack of quality abaca fibers in some regions has restricted the global abaca fiber market’s growth. Preference of alternatives by consumers due to easier availability and less costs is another significant factor restraining the market. The supply of abaca fibers might be hindered due to the fiber plants being affected by various types of deteriorating pathogens. Nevertheless, many companies are working on regulating prices as well as developing fibers with improved quality, which is expected to reduce the market’s restraints up to a certain level.
Geography-wise, the global abaca fiber market is spread across Europe, Latin America, North America, the Middle East and Africa, and Asia Pacific. Of these, an availability of cheap labor as well as an expansive presence of the raw materials in Asia Pacific has made this region hold a leading position in the global abaca market.
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The global abaca fiber market depicts a highly fragmented vendor landscape, which is characterized by an intense level of competition, mainly due to the presence of innumerable players. Most businesses operating in this market are focusing on improving product quality, expanding geographical reach, and regulating material prices. With briskly rising production of fiber material coupled with continuous influx of new players, the global abaca fiber market is expected to depict a fantastic growth in the upcoming years. Selinrail International Trading, The Fiber World, Italfil Expo Bags Company Limited, MAP Enterprises, Yzen Handicraft Export Trading, Ching Bee Trading Corporation, and Tag Fibers, Inc. are key players operating in the global abaca fiber market.