Thermoplastic starch (TPS) is a biodegradable plastic made by melt blending starch with synthetic polymers like polycaprolactone, polybutylene adipate terephthalate and polyhydroxyalkanoates. It serves as an alternative for petroleum-based plastics and has several advantages like low production cost, biodegradability and renewability. The high demand for sustainable packaging solutions from various end-use industries like food & beverage, consumer goods and agriculture is propelling the TPS market growth.
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 key opportunities in the market include favorable government policies and regulations supporting bio-based green initiatives. Additionally, the development of innovative product grades with improved mechanical and barrier properties at lower costs will also aid business expansion.
Globally, the TPS market is expected to witness high growth in Asia Pacific owing to rapid industrialization and increasing environmental awareness in developing economies like India and China. North America and Europe will continue their dominance with stringent regulations limiting the use of petroleum-based plastics.
Market drivers
The major market driver for TPS is the rising focus on environmentally sustainable products across industries. Governments across the globe are enforcing stringent regulations on the use of single-use petroleum-based plastics due to rising concerns over plastic pollution. Moreover, awareness regarding the benefits of biodegradable and renewable materials is encouraging end-users to adopt green alternatives like TPS. Leading brands are also opting for sustainable packaging made from TPS to meet customer demand and strengthen their ESG credentials. Hence, the need for eco-friendly solutions is propelling the demand for thermoplastic starch in various application industries.
PEST Analysis
Political: TPS market is affected by government policies and regulations aimed at reducing petroleum-based plastic usage and promoting bio-degradable materials. Favorable environmental protection laws boost the TPS market.
Economic: Fluctuations in prices of raw materials like corn starch impact production costs of TPS manufacturers. Demand increases during economic growth as consumers switch to sustainable options.
Social: Rising health and environmental concerns among consumers encourage the shift from petrochemical plastics to eco-friendly alternatives like TPS. Growing awareness regarding non-biodegradable waste propels the TPS market.
Technological: Advancements in production technologies help lower TPS costs and expand application scope. New methods widen the functional properties of TPS, increasing its replacement potential in various industries.
Geographical regions with high market concentration in terms of value include
North America and Europe are major revenue generators for the global TPS market currently due to stringent environmental regulations and strong market presence of leading players. Asia Pacific is also a major producer and consumer of TPS led by countries like China and India where production costs are competitive.
The fastest growing regional market for TPS is expected to be Asia Pacific during the forecast period. Rapid industrialization coupled with swelling population has boosted plastic consumption in the region. However, rising environmental consciousness is prompting Asian companies to embrace sustainable materials like TPS for various applications at competitive costs. Supportive government policies to curb pollution further encourage the Asia Pacific TPS market.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.