Increasing demand from various end-user industries to propel the Philippine 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.
Important Elements of the Philippines Abaca Fiber Market
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 the textile industry, thereby limiting their use in the 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 a significant market share since it is the most popular type of fiber size used for making ropes. Based on the end-user industry, the market can be categorized into paper & pulp, fibercraft, cordage, automotive, and others.
The paper & pulp industry is expected to dominate the market during the 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.
The Major competitors include in Philippine Abaca Fiber Market
- 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 use organic strategies such as product launches, mergers, and collaborations to boost their share.
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“Philippine abaca fiber market is expected to witness substantial growth during the forecast period since it is the world’s largest producer of abaca fibers. A considerable portion of the produced fiber in the 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 the 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 the 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 the Philippine’s abaca fiber market.
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