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.
A) Market Overview:
Thermoplastic Starch (TPS) is a biodegradable polymer derived from renewable resources such as corn, wheat, potato, and cassava. It is widely used in packaging materials, disposable cutlery, agricultural films, and other applications. TPS offers several advantages over conventional plastics, including biodegradability, lower carbon footprint, and reduced dependency on fossil fuels. The Thermoplastic Starch (TPS) Market for TPS is driven by the increasing demand for eco-friendly packaging materials and growing awareness among consumers about sustainable products.
B) Market Dynamics:
1. Driver 1: Increasing demand for eco-friendly packaging materials
There is a rising demand for eco-friendly packaging materials among consumers globally. The use of TPS in packaging offers significant environmental benefits, as it reduces the reliance on non-renewable resources and minimizes the carbon footprint. The growing concerns regarding plastic pollution and government regulations promoting sustainable packaging are driving the adoption of TPS in the packaging industry.
2. Driver 2: Growing awareness about sustainable products
Consumers are becoming more conscious about the environmental impact of their purchasing decisions. There is a shift towards sustainable and biodegradable products, including packaging materials. TPS provides a viable alternative to conventional plastics, as it is made from renewable resources and can be easily composted. The increasing awareness about the environmental benefits of TPS is propelling its demand in various end-use industries.
C) SWOT Analysis:
- Strengths: Biodegradable nature of TPS, reduced carbon footprint.
- Weaknesses: Limited heat resistance, higher cost compared to conventional plastics.
- Opportunities: Growing demand for sustainable packaging materials, technological advancements to improve TPS properties.
- Threats: Potential competition from other biodegradable polymers, fluctuating raw material prices.
D) Key Takeaways:
- The global Thermoplastic Starch (TPS) Market is expected to witness high growth, exhibiting a CAGR of 7.88% over the forecast period, due to increasing demand for eco-friendly packaging materials and growing awareness about sustainable products.
- Asia Pacific is the fastest-growing and dominating region in the TPS market, driven by the presence of major end-use industries such as packaging, agriculture, and consumer goods.
- Key players operating in the global Thermoplastic Starch (TPS) market include AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. These companies are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
In conclusion, the global Thermoplastic Starch (TPS) market is witnessing significant growth due to the increasing demand for eco-friendly packaging materials and the growing awareness about sustainable products. The biodegradable nature and reduced carbon footprint of TPS make it an attractive alternative to conventional plastics. With the support of government regulations and consumer preference for eco-friendly products, the TPS market is expected to thrive in the coming years.
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