June 13, 2024
Thermoplastic Starch (TPS) Market

Thermoplastic Starch (Tps) Market Is Transforming Packaging Industry’s Sustainability Goals

The global Thermoplastic Starch (TPS) market offers a natural and biodegradable alternative to traditional petroleum-based plastics by combining starch with polymers. TPS helps reduce carbon footprint by providing compostable and recyclable packaging solutions for food and consumer goods. It can easily blend with other polymers to achieve desired properties. With regulations pushing for eco-friendly substitutes, TPS is emerging as the packaging material of choice.

The Global Thermoplastic Starch (TPS) 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.

Key Takeaways

Key players operating in the Thermoplastic Starch Market Share are Access Scanning Document Services, LLC, Ripcord, Inc., Armstrong Archives, LLC, Chicago Records Management Inc., Cube Records Management Services, The Scanning Company, Smooth Solutions Inc., VENSO Technologies, Shoreline Records Management, Inc., Pearl Scan, iGuana, Cleardata UK Ltd., KnowledgeLake, Microimage Technologies Limited, ScanWorld Station Limited, The Apache Software Foundation, Advanced Data Solutions, Inc., Blue-Pencil Information Security Inc., Iron Mountain Inc., Flatworld Solutions Pvt. Ltd., Royal Imaging, Pacific Records Management, DataGuard USA (Record Nations), Scanning America Inc. The growing awareness about environmental hazards of plastics is driving the demand for biodegradable and sustainable packaging options. TPS is recognized as a promising alternative due to its renewability and compatibility with industrial production processes. Major companies are expanding their TPS product portfolio and global footprint to tap business opportunities in emerging economies striving to reduce plastic waste.

Market key trends

One of the key trends in the TPS market is the development of novel applications. Traditionally used for simple disposable food packaging, TPS blends are now customized for various application requirements. Film properties can be modified to replace PP, PE, and PET in rigid containers, cups and trays. Another prominent trend is the advancement of extraction and film processing technologies. New extraction methods help optimize starch quality and yield. Improved film extrusion allows for longer shelf-life and consistent performance. Sustainable sourcing of raw materials is also gaining focus. Companies partner with farmers to develop optimized cassava and corn varieties for TPS production.

Porter’s Analysis

Threat of new entrants: The growing demand and wide scope of applications create opportunities for new players, however established players already have strong brand recognition and economies of scale which poses barrier.

Bargaining power of buyers
: Buyers have moderate bargaining power due to availability of substitutes and flexibility to switch suppliers.

Bargaining power of suppliers: A few key players control majority of supply which gives them strong bargaining power over buyers.

Threat of new substitutes: Alternatives like PLA exist but require more changes to production process, thus threat is moderate.

Competitive rivalry: Presence of many global and regional players leads to high competitive rivalry focusing on innovation and customized solutions.

Geographical Regions

North America region accounts for around 40% value share currently led by the United States owing to wide industrial and packaging applications. Growth across sectors like food and beverages, consumer goods is driving the consumption.

Asia Pacific region especially China, India is expected to be the fastest growing market during the forecast period due to rapidly expanding industrial and agricultural activities. Government support for bio-based economy adds to the growth momentum in the region.

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