The global Thermoplastic Starch (TPS) 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.
SWOT Analysis:
Strength:
- Thermoplastic starch is a biodegradable material and helps reduce reliance on petroleum-based plastics. Its biodegradable nature makes it preferable for packaging applications.
- Major TPS raw materials including corn, potato, and wheat are abundant and renewable agricultural resources. The availability of raw materials reduces production costs.
- Thermoplastic starch can be processed using existing plastics manufacturing equipment. Modifying existing equipment is less capital-intensive compared to adopting new technologies.
Weakness:
- The mechanical and thermal properties of TPS are inferior to conventional plastics. It has low stiffness, heat deflection temperature, and durability compared to oil-based plastics.
- TPS degrades relatively quickly when exposed to heat, moisture, or microbial activity. This short shelf-life limits its applications only to disposable or short-life products.
Opportunity:
- Growing consumer demand for sustainable and eco-friendly packaging solutions creates market opportunities for biodegradable TPS. The shift towards green materials for packaging food and other goods boosts TPS demand.
- Government policies and regulations against single-use plastics support the bio-plastics market. Regulations provide an impetus for plastic manufacturers to adopt more sustainable alternatives like TPS
Threats:
- Stiff competition from other bioplastics such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA) limits TPS market growth. These bioplastics have better mechanical properties than TPS.
- Volatility in agricultural commodity prices directly impacts TPS production costs. Unstable raw material prices threaten the economic viability of TPS.
Key Takeaways:
The Global Thermoplastic Starch (TPS) Market Size is expected to witness high growth over the forecast period. Growth will be driven by rising awareness about environmental protection, increasing regulations restricting single-use plastics, and growth in the packaging industry. Asia Pacific dominates the TPS market currently owing to the presence of major agricultural producers like China, India, and Indonesia. Major TPS producers are based in the region to leverage easy availability of raw materials. The Asia Pacific TPS market is expected to witness the fastest growth during the forecast period owing to strong economic growth, rising disposable incomes, and increasing focus on biodegradable solutions across industries in the region.
Key players operating in the thermoplastic starch market include 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 expanding TPS production capacities and diversifying product portfolios. They are investing in research & development to strengthen intellectual property and improve TPS properties.
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