May 26, 2024
Thermoplastic Starch Market

The Growing Bioplastics Industry Is Driving Demand For The Thermoplastic Starch Market

Thermoplastic starch is a biodegradable polymer made from starch extracted from crops such as corn, potatoes, and yams. It combines properties of petroleum-based thermoplastics such as stability during manufacturing with characteristics of starch like biodegradability and renewability. Thermoplastic starch is used to manufacture a wide range of eco-friendly products including bags, mulch films in agriculture, food packaging, and 3D printing filaments. The material is advantageous over conventional plastics as it produces less greenhouse gases and helps reduce plastic waste that ends up in landfills and oceans.

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

Market key Trends:

The growing bioplastics industry is one of the major trends driving the demand for thermoplastic starch. Several regulations are being implemented worldwide to curb the usage of single-use plastic items which has spurred the development of bio-based and biodegradable alternatives. Bioplastics offer renewable and sustainable substitutes for petroleum-based polymers and the production of thermoplastic starch from agricultural crops makes it an attractive option for the bioplastics industry. Major bioplastics manufacturers are investing in scaling up thermoplastic starch production which is expected to support the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: Low economies of scale and capital requirements in the polymer materials manufacturing makes the threat of new entrants moderate.

Bargaining power of buyers: The buyers have moderate bargaining power due to availability of substitutes like biodegradable polymers.

Bargaining power of suppliers: Corn suppliers have high bargaining power due to their control over raw material prices and quality.

Threat of new substitutes: Low threat from new substitutes as thermoplastic starch is widely used as a renewable and sustainable alternative.

Competitive rivalry: Intense competition exists among existing manufacturers to gain market share through product innovation.

Key Takeaways

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

Regional analysis comprises Asia Pacific region currently dominating the market owing to growing food packaging industry in countries like China and India.

Key players operating in the thermoplastic starch market are Access Scanning Document Services, LLC, Ripcord, Inc., Armstrong Archives, LLC. The market is expected to grow at a steady pace during the forecast period due to increasing application in packaging industry.