Starch-Blended Bioplastics Are Fastest Growing Segment Fueling The Growth of Starch-Blended Bioplastic Market

 

The global Starch-blended Bioplastic Market is estimated to be valued at US$ 300.6 Mn or Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Starch-blended bioplastics are biodegradable plastics produced using starch as a raw material. They offer advantages such as durability, flexibility and printability. With increasing awareness about environmental protection, these bioplastics have emerged as an alternative to conventional plastics.

Market Key Trends:

Growing focus towards sustainability among consumers and manufacturers has fueled the demand for bioplastics made from renewable resources. Starch-blended bioplastics have garnered major attention due to their biodegradability and eco-friendly production process. Their properties allow use across various applications ranging from packaging to textiles. Additionally, supportive regulations regarding use of bioplastics in many countries is also driving their uptake. For instance, European Union has imposed ban on single-use plastic items from 2021. This is positively impacting the adoption of bioplastic alternatives in the region.

Segment Analysis:

The global starch-blended bioplastics market is segmented into type, application, and region. Based on type, the market is segmented into thermoplastic starch (TPS) and thermoplastic starch blended with a biodegradable polymer (TPS blended with PLA). The TPS blended with PLA segment holds a significant share owing to its properties such as biodegradability, recyclability, and compatibility with existing plastic converting equipment. It is widely used to manufacture agricultural films, food packaging, and personal care products.

Key Takeaways:

The global starch-blended bioplastic market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing awareness about environmental hazards caused by single-use plastics and benefits of bio-based and biodegradable products.

Regional Analysis

Europe holds the major share in the global market due to stringent government regulations regarding single-use plastics and incentives provided for bio-based alternatives. Asia Pacific is expected to grow at the fastest rate owing to rapid industrialization and growth of end-use industries in developing nations such as India and China.

Key players

Key players operating in the starch-blended bioplastics market are BASF SE, Biome Bioplastics, Cardia Bioplastic, Braskem, Corbion Purac, Novamont S.p.A, NatureWorks LLC, Innovia Films., TORAY INDUSTRIES, INC., and BioBag International AS. BASF SE commands a major share due to its wide product portfolio and global production facilities.

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