The Increasing Awareness Towards Sustainable Packaging Is Anticipated To Openup The New Avanue For Thermoplastic Starch Market


Thermoplastic Starch Market

The Thermoplastic Starch Market is estimated to be valued at US$ 233.41 Mn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Thermoplastic starch (TPS) is a biodegradable polymer obtained by modifying natural starch to make it thermoplastic. TPS has properties similar to conventional plastics and can be molded using the same processing techniques as other plastics such as extrusion and thermoforming. Key applications of TPS include food packaging films, bottles, containers, disposable tableware, plant pots and shopping bags. Its biodegradability and sustainability make TPS popular in the packaging industry for producing compostable packaging solutions.

Market Dynamics:
Increasing concerns regarding plastic waste accumulation and harmful environmental impact of conventional plastics is a major driver for the thermoplastic starch market. Plastic packaging waste from food, beverages and other consumer goods constitutes a significant portion of municipal solid waste. Degradable and compostable packaging made from thermoplastic starch provides a sustainable solution to this problem. Additionally, stringent regulations discouraging use of single-use plastics and mandating use of compostable and biodegradable alternatives are expected to further propel the demand for thermoplastic starch. However, high production cost compared to petroleum-based plastics is a major challenge. Ongoing R&D to improve the properties of thermoplastic starch and reduce its costs through novel production techniques can help tackle this challenge.

Segment Analysis
The thermoplastic starch market can be segmented based on type, application, and geography. Based on type, the market is segmented into thermoplastic plant starch and thermoplastic germ starch. The thermoplastic plant starch segment dominated the market in 2022 with a share of around 70%, owing to its widespread use in applications such as agriculture, food packaging, pharmaceuticals, and cosmetics.

PEST Analysis
Political: Supportive government regulations promoting the use of biodegradable and eco-friendly products are propelling market growth. For example, the European Union has mandated the use of bioplastics in packaging applications.
Economic: The increased demand from end-use industries and growing environmental concerns are fueling investments in the thermoplastic starch market.
Social: Rising awareness regarding environmental protection and sustainability is positively influencing the market. Customers prefer biodegradable and eco-friendly products.
Technological: Advancements in polymer engineering techniques allow for enhanced material properties and new applications. Researchers are developing nano-reinforced thermoplastic starch with improved strength and barrier properties.

Key Takeaways
Global Thermoplastic Starch Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand from the packaging industry. Regionally, Asia Pacific dominates the market and is projected to grow at the fastest rate during the analysis period. The growth can be attributed to the expanding food packaging and agriculture sectors in emerging economies like China and India.

The market size for thermoplastic starch was valued at US$ 233.41 Mn in 2023 and is anticipated to reach around US$ 415 Mn by 2030. Rapid urbanization and rising disposable incomes are fueling the sales of packaged food and consumer goods, thereby augmenting market growth.

Key players operating in the thermoplastic starch market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. Kuraray launched a novel product – BIOZYME - made from starch and PLA for 3D printing filament applications. AGRANA enhanced its product portfolio with climate-friendly packaging solutions using bioplastics. 

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