MARKET OVERVIEW
Abaca is also known as manila hemp, which is extracted from the leaf sheath present around the trunk of Musa textilis, that is mostly found in the Philippines also in humid tropics. Fibers recovered from the process are dried and removed. Abaca fiber holds high strength and is utilized in the paper industry mainly for making mimeograph mats with teabags. It is further used to make handicrafts, including carpets, clothing, furniture, and bags. Abaca fiber is applied in fishing nets, hawsers, and shipping lines owing to beneficial properties like flexibility, durability, also saltwater resistance.
MARKET SCOPE
The “Global Abaca Fiber Market Analysis to 2028” is a specialized and in-depth study of the food and beverage industry with a special focus on the global market trend analysis. The report aims to provide an overview of the abaca fiber market with detailed market segmentation by application, and geography. The report provides key statistics on the market status of the leading abaca fiber market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on application, the market is bifurcated into ropes and yarns, cordage, textiles, paper and pulp, handicrafts, fiber craft, and others
MARKET DYNAMICS
Drivers-
- Higher application of abaca fiber in pulp and paper industry
- Increasing demand for cordage in the production of ropes utilized in ships and other industrial applications
- Rising demand for natural fiber in the automotive industry
Restraints-
- Higher price of abaca fiber and availability of substitute products may restrict the market growth
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The abaca fiber market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the abaca fiber market in these regions.
IMPACT OF COVID-19 ON ABACA FIBER MARKET
As of June 2021, the US, India, Brazil, Russia, Spain, France, the UK, Turkey, and Italy, are some of the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 is affecting economies and several industries in different countries due to lockdowns, travel bans, and business shutdowns. The shutdown of various manufacturing plants and factories has also been affected the global supply chains also negatively impacted the manufacturing, delivery schedules, and sales of goods in the global market. In addition, the global travel bans further imposed by countries in Europe, Asia-Pacific, and North America are also affecting business collaborations as well as partnership opportunities.
Due to the Covid-19 pandemic, the food and beverage industry is also facing huge losses, which is further impacting the world economy. It has further disrupted the transportation system and disrupted the supply of raw materials. The disruptive value chain has had a negative impact on the raw material supply, which, in turn, is impacting the growth of the abaca fiber market. However, as the economies are planning to revive their operations, the demand for abaca fiber is presumed to rise since consumers are buying goods through online retailers. In addition, food & beverage producing companies are also taking some safety measures to fight the coronavirus, which include limiting direct contact with delivery person & visitors, strengthening & communicating proper hygiene practices, and conducting complete sanitations & eliminating personnel contact during shift changes. With all these factors, it can be presumed that in post-pandemic times, the demand for these products will take a hike.
KEY MARKET PLAYERS
The report covers key developments in the abaca fiber market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved the way for the expansion of business and customer base of market players. The market players from abaca fiber market are anticipated to witness lucrative growth opportunities in the future with the rising demand for abaca fiber in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the abaca fiber market. In addition, the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last 3 years, the key developments in the last five years.
- Ching Bee Trading Corporation
- MAP Enterprises
- Peral Enterprises
- Selinrail International Trading
- Tehaen UG
- Reade International Corp.
- ABC Services of Ithaca, Inc.
- Simor Abaca Products
- SAMATOA LOTUS TEXTILES
- Terranova Papers
The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.