The global Thermoplastic Starch Market is estimated to be valued at US$ 233.41 Mn or 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 is a biodegradable and sustainable bio-based plastic produced from vegetable starch blended with petroleum-based polymers like polyesters and polyolefins. It offers properties like durability, flexibility and printability making it a viable alternative to conventional plastics in various applications like packaging, textiles and consumer goods.
Market key trends:
One of the major trend driving the growth of thermoplastic starch market is the increasing emphasis on bio-based and biodegradable plastics due to stringent regulations against use of conventional plastics. Bio-plastics like thermoplastic starch have gained traction as theydecompose faster and produce less greenhouse gases compared to petroleum-based plastics. Many countries have either banned or levied heavy tax on single use plastics which is boosting the demand for eco-friendly alternatives like thermoplastic starch across various end use industries.
SWOT Analysis
Strength: Thermoplastic starch is completely biodegradable and compostable, making it an eco-friendly substitution for petroleum-based plastics. It decomposes easily without any toxic residues.
Weakness: It has low heat resistance and melting point. Thermoplastic starch easily deforms at higher temperatures compared to conventional plastics.
Opportunity: Rising concerns regarding plastic waste and awareness about sustainability offer growth opportunities for biodegradable alternatives like thermoplastic starch. Increasing regulations against single-use plastics also boost its market prospects.
Threats: Stiff competition from conventional plastics limits the thermoplastic starch market. Its high production costs also pose a challenge.
Key Takeaways
Global Thermoplastic Starch Market Size was valued at US$ 233.41 Mn in 2023 and is expected to witness high growth, exhibiting a CAGR of 7.8% over the forecast period. The market is driven by the increasing adoption of biodegradable and sustainable packaging solutions.
Regional analysis: Asia Pacific region dominates the global market owing to high consumption of thermoplastic starch in countries like China and India. China accounted for around 35% of the global market share in 2023. Europe is the second largest market due to stringent regulations restricting single-use plastics.
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. AGRANA Beteiligungs AG and Novamont SpA are the top players dominating the market due to their wide product portfolios and strong distribution networks across regions.
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