What is the value of banana fiber or abaca fiber in the global market?

Abaca fiber or Musa fiber is also called manila hemp. This fiber is extracted from the leaf sheath around the trunk of the Abaca plant which is popularly found in the Philippines and humid tropics. The harvesting and fiber extraction process of abaca fiber is a labor-intensive process. Abaca fibers have high strength, flexibility, durable, and saltwater resistant. It belongs to the hard fiber category along with other fibers such as sisal, coir, and hennequin. Abaca fiber is also sustainable and biodegradable in nature.
Some of the leading manufacturers in the global market of abaca fiber include Tag Fibers, Inc., Ching Bee Trading Corporation, MAP Enterprises, Selinrail International Trading, The Fiber World, Italfil Expo Bags Company Limited and Yzen Handicraft Export Trading, etc.

The global bamboo fiber market can be segmented on the following basis:

• Based on Product Type: On the basis of the type of product, the global market of abaca fiber comprises fine abaca fiber and rough abaca fiber.
• Based on fiber size: Based on fiber size, the global market of abaca fiber can be fragmented into up to 3mm, up to 4mm, up to 5mm, up to 6mm & above 6mm. Up to 5mm segment holds a significant market share as they are mostly used for making ropes.
• Based on End-Use Application: On the basis of type of application, the global market of abaca fiber is categorized into paper & pulp, fiber craft, cordage, automotive and others.
• Based on Geographical region: On the basis of geographical region, the global market of abaca fiber is divided into North America (U.S., Canada, and Mexico), South America (Brazil, Argentina), Europe (UK, Germany, France, Italy), Asia Pacific (India, China, Japan, South Korea), and Middle East & Africa (GCC Countries, Egypt, South Africa).

Among all the regions Asia Pacific is the fastest-growing region which is dominated by the Philippines. The Philippines is the world’s largest producer of abaca fibers in the world and it exports abaca fibers to various countries including Europe, North America, China, Japan and other European countries. Europe is one of the largest consumers of abaca fiber as they use abaca fibers in the automotive industry for providing tensile strength as well as in the paper & pulp industry.

More than three-fourths of the total abaca is produced in the Philippines. In the Philippines to increase the usage of abaca fibers and gain economic benefits, many initiatives have been taken by the Philippine Rural Development Program (PRDP). Abaca fibers are extensively used in clothing, carpet, furniture, bags, and printing products.