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According to a new report by EMR titled, ‘Global Abaca Fibre Market Report and Forecast 2021-2026’, the market is supported by the growth of the Philippines abaca fibre market as the Philippines produces three-fourth of the total abaca. The Philippines abaca industry is expected to grow in the forecast period of 2021-2026 at a CAGR of 6%.
The Asia Pacific region holds a significant share of the abaca fibre industry. The Philippines is the largest producer of abaca fibre. It is extensively used in the region in the textile industry and paper and pulp industry. Moreover, the rising popularity of various crafts and home decoration products manufactured using abaca fibre is propelling the market growth. Abaca fibre is also used in various currencies as in Japan. In addition, rapid industrialisation and the robust growth of the construction industry in the region are increasing the demand for ropes and finishing lines, hence augmenting the growth of the abaca fibre industry. The rising pollution levels and rapid climate change in the region are increasing the use of natural and sustainable fibre owing to the introduction of stringent government policies. This is also invigorating the market for abaca fibre. Moreover, the surging automotive manufacturing activities in India and China are increasing the demand for abaca fibre as a substitute for glass fibre. This is further fuelling the market growth, hence contributing significantly to the overall industry growth.
Sisal Farm (Pty) Ltd., one of the leading players in the market with the major end use in the paper industry, offers Manila Rope, which is made from abaca fibre. The rope is 20% stronger and cost-effective than hemp and is made from both nautical and industrial. It can be used for landscaping, industrial tools, and restoration, among others. The rope also provides aesthetic appeal while being ideal for applications where good grip is important. Due to the growing product range of abaca fibre companies, the market is expanding.
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The major players in the global market for abaca fibre are Ching Bee Trading Corporation, Swicofil AG, and Sisal Farm (Pty) Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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