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 bio-based and biodegradable plastic material derived from starch, a carbohydrate polymer extracted from crops such as corn, wheat, and potatoes. TPS properties depend on its chemical composition and processing. Key applications of TPS include mulch films for agriculture, food packaging, nonwoven fabrics and controlled-release matrices for fertilizers and agrochemicals. Its low production cost and environmentally friendly nature make it a viable alternative to conventional plastics.
Market Dynamics:
Growth in demand for bio-based and biodegradable plastics is expected to be a major driver for the thermoplastic starch market over the forecast period. Stringent environmental regulations banning single-use plastics and policies promoting sustainability are encouraging adoption of eco-friendly plastic substitutes like TPS across industries. Additionally, advances in polymer blending techniques have improved mechanical properties of TPS, enabling its usage in more versatile applications. However, limited heat stability and moisture sensitivity of TPS compared to petroleum-based plastics remains a hindrance to its widespread adoption. Ongoing R&D for enhanced degradation properties and production of novel TPS blends with fillers, plasticizers and other biopolymers aim to extend its application scope.
SWOT Analysis
Strength: Thermoplastic starch has excellent biodegradability and sustainability, making it an environment-friendly alternative to conventional plastics. It has good material strength and resistance to heat. Thermoplastic starch requires less complex processing during manufacturing compared to other bioplastics.
Weakness: Thermoplastic starch products have limited temperature and moisture resistance. Their mechanical properties are weaker than conventional plastics. Production of thermoplastic starch requires more expensive raw materials.
Opportunity: Growing consumer awareness about environmental protection and sustainability is driving the demand for biodegradable and eco-friendly alternatives to petroleum-based plastics. Implementation of stringent regulations restricting use of conventional plastics presents an opportunity for thermoplastic starch producers.
Threats: Availability of other biodegradable plastics like PLA and PBS poses competition to thermoplastic starch. Volatility in raw material prices can increase production costs for thermoplastic starch producers.
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 awareness about environmental hazards of plastic waste and implementation of plastic bans. The market size is estimated to reach US$ 404.8 Mn by 2030 from US$ 233.41 Mn in 2023.
Regional analysis – Asia Pacific dominates the global thermoplastic starch market and is expected to maintain its leading position during the forecast period. This is attributed to presence of developing economies like India and China with high plastic consumption in the region. Growing construction sector and manufacturing industry in India and China further propels the market growth in Asia Pacific region.
Key players operating in the thermoplastic starch (TPS) are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. Key players are focused on new product launches, partnerships and expanding their production capacities through investments to cater to rising market demand worldwide.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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