Market Overview
Global Starch-Based Plastics Market is anticipated to exhibit a CAGR of 9.2% to surpass approximately USD 2,353 Million by the end of 2027. Starch-based plastics are also known as Bioplastics because it is made up of biodegradable ingredients.
The global Starch-Based Plastics Market is expected to register significant expansion owing to the rising demand for starch-based plastics in food packaging. Starch-based polymers are used in various industry sectors mainly in food, packaging, and edible films. Additionally, strict government policies over conventional plastic materials are expected to propel the market growth during the review period. Nevertheless, the limited production capacity and hydrophilic nature of starch-based plastics restrain the growth of the market during the forecast period. Moreover, the rising demand from developing countries of Asia-Pacific, the advancements in technology, and heavy investments in R&D by major market players are set to drive the growth of the global starch-based plastics market in the coming future.
Market Segmentation
Global Starch-Based Plastics Market has been divided into Type, End-Use, and Region.
In terms of type, the global starch-based plastics market has been classified into thermoplastic starch and starch polymer blends.
Based on the end-use segment, the starch-based plastics market has been categorized into automotive & transportation, agriculture, packaging, consumer goods, and others. The packaging segment is anticipated to attain the largest share of around 60%. The segment growth is driven by the extensive usage in the food packaging industry in the production of bottles, carrier bags, disposable foam dishes and trays, cups, and biodegradable films.
Regional Analysis
Geographically, the Global Starch-Based Plastics Market has been spread across Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Europe the largest share of around 50% in 2019 in the global starch-based plastics market owing to the stringent implications of government policies on reducing carbon footprint and the presence of advanced research and development facilities. Asia-Pacific accounted for the second-largest market owing to the 20% market share in 2019 in the global starch-based plastics market. The regional market growth is driven by the increasing urbanization and growing industrialization in the emerging countries of Asia-Pacific, particularly in India and other southeast Asian countries. China registers the largest market for starch-based plastics in Asia-Pacific.
North America exhibits around 8% of the global share and is expected to register a CAGR of about 9.5%. The growth in the region is driven by the presence of major end-use sectors, rising industrial industrialization in the regions, coupled with the increasing per capita disposable incomes of the consumers. and the existing advanced technologies.
Major Players
The major players in the global starch-based plastics market include AGRANA BETEILIGUNGS AG (Austria), Kuraray Co. Ltd. (Japan), Rodenburg Biopolymers (The Netherlands), Biome Bioplastics Limited (UK), Wittenburg Group (Flevoland), Nihon Cornstarch Corporation (Tokyo), Toray Industries, Inc. (Japan), Corbion N.V. (Netherlands), Novamont S.p.A (Italy), BIOTEC GmbH & Co (Germany), BioLogiQ (US), Grabio Greentech (Taiwan), Sunar NP (Turkey), Cardia Bioplastics (Austria), Multibax Public Co. (Thailand), and FuturaMat (France).
COVID 19 Impacts
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