April 21, 2024
Thermoplastic Starch Market

Thermoplastic Starch Market Is Expected To Be Flourished By Booming Bio-Based Plastics Industry

Thermoplastic starch (TPS) is a biodegradable and bio-based plastic made from starch and glycerol or water. TPS shows excellent mechanical strength and competitive pricing making it an ideal substitute for petroleum-based plastics. TPS finds applications in various end-use industries such as packaging, agriculture, textiles, and consumer goods due to its compostable nature and sustainability. Packaged food, drinks, and personal care products increasingly use TPS films, bottles, containers to cater to the growing demand for eco-friendly packaging.

The global thermoplastic starch market is estimated to be valued at US$ 268.89 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The booming bio-based plastics industry around the world is expected to flourish the thermoplastic starch market over the forecast period. Strict regulations regarding the use of single-use plastics and policies discouraging non-biodegradable materials are encouraging industries to opt for biodegradable alternatives like TPS. Sustainable packaging is gaining prominence with consumers demanding ecodegraded and recyclable options. Increasing waste generation and the urgent need to tackle plastic pollution will further propel the demand for thermoplastic starch in the packaging sector.

Segment Analysis

The thermoplastic starch market can be segmented into bionolle, green polymers, and other bioplastics. The bionolle segment currently dominates the market, accounting for over 35% share, due to its increased usage in food packaging applications. It is widely used for manufacturing disposable containers, cups, and lids due to its compatibility with automatic packaging lines.

PEST Analysis

Political: Governments globally are introducing policies to ban single-use plastics and promote sustainable packaging solutions to reduce plastic waste, which is driving the adoption of bioplastics like thermoplastic starch.
Economic: Lower raw material prices and growing demand from end-use industries like food packaging are fueling the market growth. However, high machinery costs remain a challenge.
Social: Rising awareness about environmental protection and sustainability is prompting consumers and brands to shift towards greener packaging alternatives like thermoplastic starch.
Technological: Advancements in bioplastic processing technologies have improved the thermal and mechanical properties of thermoplastic starch, enhancing its applicability in various applications. Continuous innovation is further expanding its use cases.

Key Takeaways

The global Thermoplastic Starch Market Growth is expected to witness high growth over the forecast period. The global thermoplastic starch market is estimated to be valued at US$ 268.89 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period 2024 to 2031.

Regional analysis:

Asia Pacific accounts for over 35% revenue share due to large consumer base and manufacturing activity. China dominates the regional market due to presence of leading F&B brands. Europe is another major market led by government support for sustainable packaging.

Key players:

Key players operating in the thermoplastic starch market are Access Scanning Document Services, LLC, Ripcord, Inc., Armstrong Archives, LLC, Green Dot Bioplastics, Biopac India Corporation Ltd., Novamont S.p.A, Rodenburg Biopolymers, and BASF SE. These players are focusing on new product launches and capacity expansion to meet the growing demand.