Paper & Pulp Industry to Dominate Philippines Abaca Fiber Market During Forecast Period
Increasing demand from
various end user industries to propel Philippines Abaca Fiber market
According
to TechSci Research report, “Philippines
Abaca Fiber Market By Fiber Size, By Strand, By End User Industry,
Competition, Forecast & Opportunities, 2024”, the Philippines abaca fiber market is forecast to grow at around
6% during 2019 - 2024 owing to the properties possessed by the abaca fibers
such as resistance against salt water, high tensile strength, lower elongation,
among others. Additionally, abaca fibers help in preventing soil erosion and
holding water. They are also sustainable and biodegradable, which is further propelling
their market demand. However, these fibers cannot be mixed uniformly with
polymer composites due to their natural properties, which complicates the
composite fabrication process in textile industry, thereby limiting their use
in textile industry.
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The Philippines abaca fiber market is segmented based on fiber size, strand
yarn, end user industry, company and region. Based on fiber size, the market
can be fragmented into up to 3mm, up to 4mm, up to 5mm, up to 6mm & above
6mm. The up to 5mm segment is expected to hold significant market share since
it is the most popular type of fiber size used for making ropes. Based on end
user industry, the market can be categorized into paper & pulp, fiber
craft, cordage, automotive and others. The paper & pulp industry is
expected to dominate the market during forecast period. This can be accredited
to the widespread use of abaca fibers in tea and coffee bags, sausage casing
paper, currency notes (Japan's yen banknotes contain up to 30% abaca),
cigarette filter papers, medical/food preparation/disposal papers, high-quality
writing paper, vacuum bags, among others.
Ching Bee Trading Corporation, Tag
Fibers Inc., MAP Enterprises Inc., Yzen Handicraft Export Trading, Peral
Enterprises, Selinrail International Trading, etc., are some of the
leading players operating in the Philippines abaca fiber market. Companies
operating in the market are using organic strategies such as product launches,
mergers and collaborations to boost their share.
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“Philippines abaca fiber market is
expected to witness substantial growth during the forecast period since it is
the world’s largest producer of abaca fibers. Considerable portion of produced
fiber in Philippines is internally consumed while a major portion is exported
to various countries including the US, Japan and other European countries.
Additionally, the government of Philippines is taking supportive initiatives to
increase production levels of high-quality abaca fiber for domestic consumption
as well as for exports. This is expected to further strengthen the country’s market
positioning in the global abaca fiber market and open diverse market
opportunities for new players during the forecast period.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Philippines Abaca Fiber Market By Fiber Size, By
Strand, By End User Industry, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Philippines
abaca fiber market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Philippines abaca fiber market.
Contact
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