The global Thermoplastic Starch (TPS) Market is estimated to be valued at US$ 200.56 Mn in 2021 and is expected to exhibit a CAGR of 7.88% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Thermoplastic starch (TPS) is a biodegradable polymer that is derived from starch. It is a renewable and sustainable alternative to traditional plastic materials. TPS offers various advantages such as excellent mechanical properties, high transparency, biodegradability, and compatibility with other polymers. The increasing awareness regarding the negative environmental impact of traditional plastics has led to a growing demand for TPS in various industries, including packaging, automotive, agriculture, and more.
B) Market Key Trends:
One key trend in the Thermoplastic Starch (TPS) Market is the rising demand for sustainable packaging solutions. With increasing concerns over environmental pollution caused by plastic waste, governments and consumers are looking for eco-friendly alternatives. Thermoplastic starch offers a viable solution as it is biodegradable and can be easily incorporated into packaging materials. For example, companies like Novamont SpA are developing innovative bioplastics made from TPS that can replace traditional plastic packaging.
C) PEST Analysis:
- Political: Governments around the world are implementing stringent regulations on the use of single-use plastics, creating opportunities for the Thermoplastic Starch market.
- Economic: The increasing demand for sustainable packaging solutions is driving the market growth and creating new business opportunities.
- Social: Consumers are becoming more conscious about the environmental impact of plastic waste, leading to a shift towards eco-friendly alternatives like Thermoplastic Starch.
- Technological: Advancements in technology have improved the properties and performance of Thermoplastic Starch, making it a more viable option for various applications.
D) Key Takeaways:
- The global Thermoplastic Starch (TPS) Market is expected to witness high growth, exhibiting a CAGR of 7.88% over the forecast period. The increasing demand for sustainable packaging solutions is a key driver for market growth.
- In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Thermoplastic Starch market. The region has a well-developed packaging industry and strict regulations on single-use plastics.
- Key players operating in the global Thermoplastic Starch market include AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. These companies are focusing on research and development activities to introduce innovative TPS-based products in the market.
In conclusion, the Thermoplastic Starch market is experiencing significant growth due to the rising demand for sustainable packaging solutions. With increasing awareness about the environmental impact of traditional plastics, Thermoplastic Starch offers a viable alternative that is biodegradable and renewable. The market is expected to witness high growth, driven by factors such as government regulations, consumer preferences, and advancements in technology.
