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 polymer which is a combination of traditional thermoplastic materials that are mixed with starch and chemical additives like glycerol and sorbitol. It possesses properties like durability, moisture resistance and is derived from renewable sources such as corn, potatoes, wheat among others. Being an eco-friendly alternative to petroleum-based plastics, it finds wide applications in food packaging, disposable tableware and agricultural films. Its advantages include low production cost, biodegradability, renewable raw materials and sustainability.
Market key trends:
One of the key trends in the thermoplastic starch market is its increasing usage in packaging applications. With the growing consumer awareness regarding environment protection, packaging manufacturers are focusing on incorporating bio-based and biodegradable materials. Thermoplastic starch is finding growing adoption in the packaging of food & beverages, consumer goods, pharmaceuticals and agriculture due to its desirable properties. According to estimates, packaging was the largest application segment in 2020 and is expected to maintain its lead owing to stringent regulations on single use plastic usage and adoption of sustainability goals by businesses.
Porter’s Analysis
Threat of new entrants: The thermoplastic starch market requires high initial investments for research and development as well as production facilities. This poses as a barrier for new players.
Bargaining power of buyers: The presence of many established players in the thermoplastic starch industry ensures availability of various product options for buyers to choose from. This increases their bargaining power.
Bargaining power of suppliers: Key raw materials required are starch and plasticizers. As global suppliers for these materials exist, any single supplier does not have significant influence on pricing.
Threat of new substitutes: Alternatives like petroleum-based plastics are chemically compatible substitutes. However, regulations supporting sustainable alternatives provide less incentive to switch.
Competitive rivalry: Being a specialized market, major players hold a significant share and differentiate through product quality and innovation. Price competition is moderate.
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 packaging materials.
Regional analysis: Asia Pacific dominates the global market and is expected to continue its lead supported by rapidly expanding food packaging industry in countries like China and India. Europe is the second largest thermoplastic starch market, while North America is projected to escalate at a noteworthy pace.
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. Key players are focusing on new product launches and capacity expansions to reinforce their market presence.
Read More- https://www.ukwebwire.com/thermoplastic-starch-market-value-insights-and-outlook/
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