The global thermoplastic starch (TPS) market size was valued at USD 200.56 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 7.88 % from 2022 to 2030. The global thermoplastic starch market is anticipated to be fueled by the increasing demand from emerging economies. Moreover, advancment in technology and increased investment in research and development are expected to further boost the market growth. The global market is also driven by strong demand for packaging from personal care and pharmaceuticals industry. Furthermore, growing population in emerging markets, combined with government policies in favor of biobased products, provides growth opportunities for this industry.
Global Thermoplastic Starch (TPS) Market: Regional Insights
Regionally, North America is expected to dominate the global thermoplastic starch (TPS) market over the forecast period. Growth in this region can be attributed to the presence of major end-use industries, increasing industrialization, and the availability of advanced technologies. The United States is the world’s largest and most powerful economy, and the country had a per capita income of USD 59,610 in 2018. The country’s economy growth rate was 2.3% in 2017, which increased to 2.9% in 2018. Furthermore, in 2019, the economy grew by 1.9% in the third quarter of 2019.
At the same time, Asia-Pacific region is expected to account for the second largest share of the market during the forecast period. China is expected to remain the leader in this region, owing to the availability of cheap raw materials. Additionally, the growth of the construction and packaging industries is expected to boost the market growth in the region. The packaging industry in China is expected to perform a tremendous growth with a CAGR of nearly 6.8% to reach CNY 2 trillion during the forecast period.
Figure 1. Global Thermoplastic Starch (TPS) Market, By Region
Global Thermoplastic Starch (TPS) Market Drivers:
Increasing initiatives by government to promote the adoption of bio-degradable compound is expected to drive the global thermoplastic starch (TPS) market. Growing level of greenhouse emissions in the environment and the dumping of non-degradable waste in landfills is again projected to foster the market growth. For instance, in 2018, the European institutions adopted a revised EU waste package requirements for encouraging the Member States, to support the use of bio-based materials for the production of packaging materials. Further, the revised requirements made it mandatory across Europe to collect bio-waste separately, in certified collection containers, such as compostable bio-waste bags.
Growing demand from the packaging industries is also projected to propel market growth. For instance, in 2019, Agrana introduced AGENACOMP bioplastic, a 50:50 blend of thermoplastic starch and a biologically degradable polyester that has given rise to bioplastic compounds which is fully compostable at home. The TÜV-certified compost tests revealed 100% degradation without microplastic residues. Application areas for the new compound range from thin bags for vegetables and fruit to thicker carrier bags and even as packaging film
Global Thermoplastic Starch (TPS) Market Opportunities:
Growing technological advancement and innovation is projected to present lucrative growth opportunities over the forecast period. For instance, in December 2018, AGRANA announces the launch of its bioplastic AGENACOMP®. A 50:50 blend of thermoplastic starch and a biologically degradable polyester has given rise to a bioplastic compound which is fully compostable at home.
Growth of the construction industries across developing regions is other major factor expected to provide lucrative growth opportunities. The market growth is also attributed to the rapid urbanization and industrialization worldwide.
|Base Year:||2021||Market Size in 2021:||US$ 200.56 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.88 %||2030 Value Projection:||US$ 397.02 Mn|
AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group
|Restraints & Challenges:||
Global Thermoplastic Starch (TPS) Market Trends:
Growing use of starch in bio-medicine is a rising trend and this ongoing trend is expected to augment the market growth. Biomacromolecules such as starch have several applications in bio-medicine. For example, starch is a valuable raw material for bone regeneration. It is also a useful material in hemodialysis membranes. Biomaterials made of starch are environmentally friendly and non-toxic.
Increasing investment by key players in expanding production of TPS is another major trend observed in the market. For instance, in March 2019, Sealed Air and Kuraray invested in enhancing the production capacity for PLANTIC plant-based food packaging. Sealed Air Corporation invested in expanding the capacity at its Simpsonville facility to produce plant-based food packaging. This facility is the first in North America to produce materials made from PLANTIC plant- based resins and post-consumer plastics.
Global Thermoplastic Starch (TPS) Market Restraints:
Various technological constraints is expected to hinder the market growth of TPS. The key limitations to TPS are moisture variation and retrogradation lead to embrittlement during storage that is not required for packaging materials.
Exploitation of food sources as a raw material is another key factor expected to hamper the market growth. For instance, the food crisis is affecting over three billion people which is half the world’s population. The bioplastics industry contribute to this existing global food crisis by taking over large areas of land earlier used to cultivate crops used as food for human consumption.
Figure 2. Global Thermoplastic Starch (TPS) Market, By Application
Global Thermoplastic Starch (TPS) Market Segmentation:
The global thermoplastic starch (TPS) market report is segmented into Manufacturing Type, Application, and Geography
Based on Manufacturing Type, the market is segmented into Extrusion and Injection Molding. Out of which, Extrusion is expected to dominate the global market over the forecast period and this is attributed to the robust growth of packaging industry. Extrusion is majorly used to create vegetable bags, non-fiber bags, carrier bags, waste-bags, mulch films etc.
Injection Molding segment is also expected to witness significant growth in the near future and this is owing to the growing demand for fabricating products from plastic trinkets and toys to automotive body parts, containers, and water bottles.
Based on Application, the market is segmented into Bags, Films, 3D Print, and Others. Out of which, 3D Print is expected to dominate the global market over the forecast period and this is attributed to the fact that thermoplastics is a popular choice of material for 3D printing because they are very easy to work with during process and are odor free.
Others segment is also expected to witness significant growth in the near future owing to the growing demand from niche applications like pots, fibers, clips and guides, and cutlery.
Global Thermoplastic Starch (TPS) Market: Key Developments
In December 2018, The AGRANA BETEILIGUNGS AG launched its bioplastic product, AGENACOMP, which is a 50:50 blend of thermoplastic starch and a biologically degradable polyester. It is a bioplastic compound that is fully compostable at home.
In January 2020, The AGRANA BETEILIGUNGS AG expanded its distribution activities in its Starch segment and acquired 100% of shares in the US distribution company, Marroquin Organic International Inc., based in Santa Cruz (California).
Global Thermoplastic Starch (TPS) Market: Key Companies Insights
The global thermoplastic starch (TPS) market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global thermoplastic starch (TPS) market are AGRANA Beteiligungs AG, Biome Bioplastics Limited, BIOTEC, Cardia Bioplastics, Novamont SpA, Kuraray Co. Ltd (Plantic), Rodenburg Biopolymers, and Wittenburg Group
*Definition: Thermoplastic starch is a type of biopolymer that is used in various packaging materials. It is inexpensive, biodegradable and has a comparable strength to petroleum-based plastic. Studies have been conducted on the utilization of various starch sources including cassava, potato, and corn. Thermoplastic starch (TPGS) has two major decomposition zones, one in the range of 180-350degC and the other at 250-350degC. Both have different kinetics, but the first decomposition zone is characterized by PCL degradation. TPGS residues also exhibit two mass loss processes.
Thermoplastic starch (TPS) is a polymer made from starch. It is a biodegradable material. Thermoplastic starch can be used in various products. There are several ways to manufacture thermoplastic starch. One way is to melt it. Then, it is dispersed in water. This process results in a solid with a higher modulus than glycerol. The polymer addition also affects the modulus. This process can lead to a material that is pliable and flexible. Thermoplastic starch is the most common bioplastic.
Thermoplastic starch market is expected to grow at a healthy rate in the coming years, owing to the favorable government policies to promote bio-plastics and increasing demand from packaging industry. It is a versatile and eco-friendly material with many applications. It has excellent potential in bio-medicine, food, and non-food applications. All these factors are projected to foster the market growth.
However, multiple challenges including technological constraints and overexploitation of food sources as raw materials is expected to hamper the market growth.
Key features of the study: