Thermoplastic starch (TPS) is a bioplastic made by blending starch with conventional thermoplastics like polyesters and polyolefin. It offers properties similar to traditional plastics and can be used in various applications like food packaging, disposable tableware, bags, and agricultural mulch films. Its biodegradability and renewability make it an eco-friendly alternative to petroleum-based plastics. 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 key trends:
Sustainable packaging trends have accelerated demand for renewable and biodegradable materials like TPS in recent years. Growing consumer preference for eco-friendly products along with stringent regulations prohibiting single-use plastics has driven brand owners to focus on sustainable packaging solutions. TPS plastics provide manufacturers an opportunity to replace traditional plastics with a more sustainable alternative for various disposable packaging applications. Their biodegradability and compatibility with existing plastic processing equipment also makes them an attractive proposition for packaging companies looking to transition to renewable sources. The market is expected to witness rising adoption of TPS in food packaging, shopping bags, and agricultural films owing to increasing sustainability priorities.
Segment Analysis
The global thermoplastic starch (TPS) market is dominated by the food and beverages segment. The food and beverages segment accounted for over 40% of the overall market share in 2022. TPS is increasingly being used in food packaging applications such as potato chip bags, confectionery wrappers, bread bags, and lids of cups and containers. This is because TPS provides excellent moisture barrier properties and is compatible for food contact. Additionally, it also offers advantages such as microwave ability, stiffness, toughness as well as printability, thus driving its adoption in food packaging over conventional plastics.
Key Takeaways:
The Global Thermoplastic Starch (TPS) Market Growth is expected to witness high over the forecast period of 2023 to 2030.
Regional analysis: North America accounted for the largest share of around 30% of the overall TPS market in 2022.Stringent regulations regarding the usage of petroleum-based plastics along with implementation of taxes on plastic bags is driving market growth in the region. The Asia Pacific region is expected to register the fastest growth over the next few years on account of abundant availability of raw materials such as corn and cassava along with rapid expansion of end-use industries such as packaging and textiles in China, India, Vietnam and Thailand.
Key players: Key players operating in the thermoplastic starch (TPS) market include AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group. AGRANA and Novamont captured a major share of over 15% each owing to their wide product portfolio and strong global presence across Europe and Americas. Kuraray specializes in developing high performance TPS products.
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