July 25, 2024
Thermoplastic Starch (TPS) Market

Thermoplastic Starch (TPS) Market is Expected to be Flourished by Rising Demand for Biodegradable Plastics

Thermoplastic starch (TPS) is a biodegradable polymer made from starch that has thermoplastic properties similar to conventional petroleum-based plastics. TPS is used in a wide range of applications such as food packaging, textiles, and hospital supplies. It is used as an alternative to petroleum-based plastics due to its biodegradable nature and ability to blend well with other polymers. Food packaging accounts for the largest application of TPS as it helps extend the shelf-life of packaged products while protecting against contamination and moisture. The emergence of bioplastics as eco-friendly alternatives has also increased the usage of TPS in rigid packaging for fresh produce, bakery, and confectionery items.

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.

Market Dynamics:

The Thermoplastic Starch (TPS) Market is expected to be flourished by rising demand for biodegradable plastics from the packaging industry. The increasing awareness regarding environmental hazards of conventional plastics has prompted governments and corporations to switch to eco-friendly alternatives like TPS. Government regulations banning single-use plastics and subsidies for bio-based materials have further accelerated the adoption of TPS across regions. Additionally, advances in TPS production technologies have enhanced its properties like strength and durability, expanding its application scope into other industrial sectors including textiles and 3D printing. The emergence of new production techniques is likely to reduce manufacturing costs of TPS in the long run, promoting its large-scale replacement of petroleum-based polymers.

Segment Analysis:

The global thermoplastic starch(TPS) market is dominated by the packaging segment. Around 60-62% of the global TPS market is contributed by the packaging segment owing to the biodegradable and renewable properties of TPS. TPS can be easily molded into packaging items like cups, containers, bottles etc. and it also provides strength and heat resistance. Another fast growing segment is the agriculture segment which is projected to witness a CAGR of around 9% during the forecast period. TPS blended mulch films are gaining popularity in agriculture as they provide effective weed control and act as a fertility enhancer when incorporated into the soil after use.

Pest Analysis:

Political: Many countries are imposing bans on single-use plastics to reduce plastic waste and promote sustainable solutions. This is positively impacting the demand for biodegradable alternatives like TPS. Economic: With rising disposable incomes, demand for packaged food and consumer goods is increasing globally. This is spurring growth in the packaging industry where TPS finds wide application. Social: Growing consumer awareness about environmental protection and sustainable living is driving the adoption of biodegradable and renewable materials in various industries. Technological: Continuous R&D is ongoing to enhance the thermal and mechanical properties of TPS to make it suitable for more applications and industrial production processes.

Key Takeaways:

The Global Thermoplastic Starch (TPS) Market Demand is expected to witness high growth on account of stringent regulations against single-use plastics and rising demand for sustainable alternatives from industries like packaging, agriculture and textiles among others. Regionally, Asia Pacific dominated the global TPS market in 2023 with a share of over 35% owing to massive packaging and agriculture industries in countries like China, India and Japan. Key players operating in the TPS market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. Kuraray Co. Ltd (Plantic) is a prominent supplier of TPS resins and compounds for flexible as well as rigid packaging applications.

Regional analysis:

The Asia Pacific region is projected to remain the fastest growing as well as the dominating regional market for thermoplastic starch during the forecast period. This is attributed to factors like huge packaging and agriculture industries, increasing population and changing lifestyles in countries like China and India which is boosting the consumption of packaged food and consumer goods. Additionally, initiatives by governments in the region to promote biodegradable alternatives are also fueling the demand for TPS.

Key players:

Key players operating in the thermoplastic starch (TPS) market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. Kuraray Co. Ltd (Plantic) specializes in the manufacturing and supply of TPS resins and compounds required for flexible as well as rigid packaging applications like cups, containers, bottles, films etc.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it