Thermoplastic Starch (TPS) Market is Anticipated to Witness High Growth Owing to Increasing Demand for Bio-based and Biodegradable Materials

Thermoplastic Starch

Thermoplastic Starch (TPS) is a biodegradable polymer made by blending starch with polymers like polyvinyl alcohol, polycaprolactone, and polyvinyl acetate. TPS offers advantages like biodegradability, renewability, and recyclability as compared to fossil fuel based plastics. The increasing environmental concerns regarding non-biodegradable plastics have propelled the demand for sustainable alternatives like TPS. TPS finds wide application in agriculture mulch films, plastic bags and containers,cups and cutlery due to its biodegradability.

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 (TPS) 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 players are focusing on expanding their production capacities and geographic reach to tap the growth opportunities in emerging markets.

The key opportunities in the Thermoplastic Starch Market Share include increasing applications in food packaging and agriculture films due to regulatory support for biodegradable materials. The rising environmental consciousness is also driving demand from consumers for sustainable alternatives.

The global players are expanding their presence in the Asia Pacific and Latin American regions owing to rapid industrialization and growing disposable incomes. Acquisitions and partnerships with local players help gain access to emerging markets.

Market Drivers

The major driver for Thermoplastic Starch(TPS) market is the increasing demand for bio-based and biodegradable materials from end-use industries like packaging, textiles and agriculture to replace fossil fuel based plastics. The stringent regulations banning single use plastics and policies encouraging bioeconomy also support market growth.

Market Restraints

Higher production costs and limited processing flexibility compared to traditional plastics hamper the large scale adoption of TPS. Concerns over maintaining the biodegradability properties across product life cycle pose challenges.

Segment Analysis

The thermoplastic starch market is segmented based on type, end use industry and geography. By type, the market is divided into hot-melt extruded films and fibers, injection moulded and blow moulded products. Hot-melt extruded films and fibers segment currently dominates the market due to increasing applications in packaging industry. These films have environment friendly properties and can be conveniently produced via melt processing which makes them preferable over petroleum-based plastics.

Global Analysis

North America currently dominates the thermoplastic starch market and is expected to maintain its leading position during the forecast period. This is attributed to strong growth in packaging industry and stringent government regulations regarding usage of biodegradable and sustainable materials in the region. Asia Pacific is projected to exhibit fastest growth owing to rising industrial and packaging sectors along with growing population and urbanization in countries like India and China. Developed markets of Europe also offer promising growth opportunities for thermoplastic starch market players due to stringent environmental norms and rising focus on sustainability.

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