The global Starch-blended Bioplastic Market is estimated to be valued at US$ 300.6 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Starch-blended bioplastics are a combination of thermoplastic cornstarch and a small percentage of petroleum-based biopolymers or polylactic acid (PLA). They are cost efficient and biodegradable alternative to traditional plastics. They reduce reliance on petrochemicals and lower carbon footprint.
Market Key Trends:
The increasing concerns regarding plastic waste and growing acceptance of biodegradable and sustainable alternatives are fueling the growth of the starch-blended bioplastics market. Governments across regions are promoting the use of bioplastics by providing subsidies. For instance, the European Union has set a goal to use 10 million tons of bioplastics annually by 2025 under its Circular Economy Action Plan. Continuous research to improve functionality, cost effectiveness and production volumes of bioplastics is also propelling the market growth. However, lack of infrastructure for commercial-scale production and high costs are some of the factors limiting a faster adoption of bioplastics.
SWOT Analysis:
- Strengths: Renewable and biodegradable nature. Potential to reduce fossil fuel dependency.
- Weaknesses: Limited applications due to high cost compared to conventional plastics. Poor moisture and heat resistance.
- Opportunities: Growing eco-friendly packaging demand. Potential for applications in 3D printing filaments.
- Threats: Competition from conventional plastics and alternative bio-based materials. Fluctuations in agricultural commodity prices affecting raw material supply.
Key Takeaways:
The global Starch-blended Bioplastic Market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing consumer preference for sustainable packaging solutions.
Regional analysis: North America dominated the market in 2023, accounting for around 30% of global revenue due to stringent regulations regarding single-use plastics in the region. Asia Pacific is expected to be the fastest growing market, exhibiting a CAGR of around 6% during the forecast period due to rising environmental concerns and growth in the packaging industry in countries such as China and India.
Key players operating in the Starch-blended Bioplastic market are BASF SE, Biome Bioplastics, Cardia Bioplastic, Braskem, Corbion Purac, Novamont S.p.A, NatureWorks LLC, Innovia Films., TORAY INDUSTRIES, INC., and BioBag International AS. BASF SE is the global market leader due to its wide product portfolio and international presence.
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