by The global Thermoplastic Starch 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.
Market Overview:
Thermoplastic starch is a biodegradable and environment friendly bioplastic material derived from botanical sources like corn, potato, rice, etc. It provides advantages such as recyclability and ability to decompose naturally without releasing toxic residues. Being a renewable source, thermoplastic starch helps reduce dependence on petroleum and provides a sustainable solution for packaging of food and other products.
Market key trends:
Growing demand for eco-friendly packaging from food industry is a major trend fueling growth of thermoplastic starch market. Stringent government regulations regarding use of conventional plastics are further encouraging adoption of biodegradable alternatives like thermoplastic starch. Rapid expansion of food delivery and takeaway services is also driving its use in biodegradable food packaging containers and cutlery. Moreover, continuous research and development activities for introduction of enhanced quality thermoplastic starch with improved properties will likely accelerate its demand over the forecast period.
Segment Analysis
Thermoplastic starch can be segmented into billed based on source as corn, wheat, potato etc. Corn based thermoplastic starch holds the dominant share in the market due to higher abundancy and lower cost of corn grain in comparison to other sources. Corn contributes nearly 70% of the total thermoplastic starch produced globally.
Key Takeaways
Global Thermoplastic Starch Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing demand for biodegradable and sustainable plastics from various end use industries like packaging, textile and agriculture.
Regional analysis
Asia Pacific dominates the global thermoplastic starch market and is expected to continue its dominance over the forecast period. Growth in the region is driven by China which accounts for over 35% of the overall TS demand. Europe and North America follow Asia Pacific in terms of market share.
Key players
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. The global market is highly competitive in nature with the top players accounting for over 60% of the market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
