The global Thermoplastic Starch (TPS) market is estimated to be valued at US$200.56 million in 2021 and is expected to exhibit a CAGR of 7.88% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The thermoplastic starch market is witnessing strong growth due to the increasing demand for sustainable and eco-friendly packaging solutions. Thermoplastic starch is a biodegradable and compostable material that offers several advantages over traditional plastic packaging, including reduced carbon footprint and enhanced recyclability. The growing consumer awareness regarding environmental issues and the need for sustainable packaging solutions are driving the growth of the Thermoplastic Starch (TPS) Market. However, the high cost of production and limited availability of raw materials might hinder market growth to some extent.
Market Key Trends:
One key trend in the thermoplastic starch market is the increasing adoption of bio-based materials in various industries. Companies are shifting towards sustainable and renewable alternatives to reduce their impact on the environment. Thermoplastic starch offers an excellent substitute for traditional plastics, as it is derived from renewable sources such as corn, potatoes, and tapioca. For instance, Novamont SpA, a leading player in the thermoplastic starch market, offers a range of bio-based materials that are used in various applications, including packaging, agriculture, automotive, and textiles.
Segment Analysis:
The thermoplastic starch market is segmented based on the application into packaging, agriculture & horticulture, automotive, consumer goods, and others. Among these segments, the packaging segment dominates the market due to the increasing demand for sustainable packaging solutions. Thermoplastic starch offers excellent barrier properties and can be easily molded into various shapes, making it suitable for different packaging applications. The rising concerns regarding plastic waste and the need for sustainable packaging options are driving the growth of the packaging segment in the thermoplastic starch market.
Key Takeaways:
The global thermoplastic starch market is expected to witness high growth, exhibiting a CAGR of 7.88% over the forecast period. The increasing demand for sustainable and eco-friendly packaging solutions is driving Thermoplastic Starch (TPS) Market growth. Thermoplastic starch offers several advantages over traditional plastics, such as reduced carbon footprint and enhanced recyclability. The packaging segment dominates the market, fueled by the rising concerns regarding plastic waste and the need for sustainable packaging options.
In terms of regional analysis, North America is the fastest-growing and dominating region in the thermoplastic starch market. The region has witnessed a significant shift towards sustainable and eco-friendly packaging solutions, driven by increasing consumer awareness and stringent government regulations regarding plastic waste management.
Key players operating in the global thermoplastic starch market include AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. These players are focusing on product innovation, partnerships, and collaborations to gain a competitive edge in the market.
Overall, the thermoplastic starch market is poised for strong growth in the coming years, driven by the increasing demand for sustainable packaging solutions and the adoption of bio-based materials in various industries. With technological advancements and growing environmental consciousness, thermoplastic starch is expected to play a significant role in reducing plastic waste and promoting a more sustainable future.
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