Global Thermoplastic Starch (TPS) Market Is Estimated To Witness High Growth Owing To Rising Demand For Sustainable Packaging
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Thermoplastic Starch (TPS) Market |
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.
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