Global Abaca Fibre Market To Be Driven By The Extensive Use Of Abaca Fibre In The Automotive Industry In The Forecast Period Of 2023-2028
- April 6, 2023
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The new report by Expert Market Research titled, ‘Abaca Fibre Global Market, Size, Share, Price, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global abaca fibre market, assessing the market based on its segments like application and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 6%
The market for abaca fibre has seen substantial growth due to factors such as the rising demand for green and sustainable products around the world is significantly increasing owing to surging environmental consciousness, rapid climate change, and the growing global waste problem. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the abaca fibre market. Furthermore, abaca fibre products and the creation of abaca fibre composites are both energy-efficient. As a result, it has no impact on carbon emissions. As a result, abaca fibre is being more widely used in a variety of applications. It is one of the strongest natural fibres, and as a result, it is utilised in a variety of industries, including the automotive, furniture, textile, and paper and pulp industries.
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The market is growing because abaca fibre’s durability, mechanical strength, flexibility, and length may be exploited as a renewable resource for a variety of industrial and non-industrial applications. Furthermore, abaca-reinforced polymers are becoming more popular as a synthetic polyester replacement, which is driving up demand for abaca fibre and boosting market growth. Because of its high strength, abaca fibres are also used in the production of caps, ropes, finishing lines and nets, and twines, among other things. Speciality papers, such as tea bags, coffee filter paper, sausage skins, and cash papers, are the most common uses. Abaca fibre permits the production of thin, robust, and recyclable paper; as a result, it is widely employed in the pulp and paper industry, boosting the industry’s growth.
Abaca Fibre Industry Definition and Major Segments
Abaca fibre, also known as Manila hemp, is a fibre manufactured from the leaves of the abaca plant. The Philippines and Ecuador are the primary producers of the fibre. Because it is the strongest natural fibre, it is employed in a variety of applications. It is widely utilised in the manufacturing of ropes and specialty papers, as well as in the automobile industry.
Based on the application, the industry is divided into:
- Ropes and Yarns
- Paper and Pulp
- Fibre Craft
The regional markets for abaca fibre include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Abaca Fibre Market Trends
The growing use of abaca fibre in the automotive industry is fueling market expansion. It is utilised as a substitute for glass fibres in the outside of many automobiles since it has similar qualities. Furthermore, because abaca fibre has a low heat conductivity, it can be used as a roofing material for public utility vehicles to keep them cool in the summer. Abaca fibre is also employed in semi-structured components as a composite material. Natural fibres, such as abaca fibre, also help to improve fuel efficiency by reducing the weight of car parts.
This also promotes sustainability and recyclability while facilitating ecologically friendly manufacture. Abaca fibre’s strong mechanical strength makes it ideal for usage in a variety of industries. Abaca cultivation can help minimise soil erosion while also promoting biodiversity. Furthermore, the fiber’s waste elements are used as an organic fertiliser to improve soil fertility. Although the manufacturing of abaca fibre requires numerous steps and is a time-consuming process, it is profitable, which is why it is widely used. This also contributes to the market’s expansion. Furthermore, increasing study into abaca’s genetic information is expected to contribute to the development of a better abaca fibre that may be used for a variety of applications. This is expected to boost market expansion in the next years.
Key Market Players
The major players in the market are Ching Bee Trading Corporation, Swicofil AG, Sisal Farm (Pty) Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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