Starch-Based Plastics Market : Industry Perspective And Comprehensive Analysis 2027
Author : shalini sonwane | Published On : 15 Sep 2021
Global Starch-Based Plastics Market is estimated to be valued at USD 2,353.05 Million by 2027 and register a CAGR of around 9.2% during the forecast period.
Global Starch-Based Plastics Market is expected to witness a surging growth in the coming assessment period due to its widespread use in food packaging. The growth is mainly attributed to their extensive properties such as increased shelf life, reduced food loss, and enhanced organoleptic characteristics of food. Stringent regulations regarding plastic films, changing consumer preferences, and advancements in technologies are expected to support the global market's growth during the forecast period. However, factors such as limited production facilities and the high cost of starch-based plastics hamper the growth of the global market. Nevertheless, the projected rise in demand for starch-based plastics in Asia-Pacific and continuous expansion and product launch by key manufacturers is likely to bring lucrative opportunities for the market's growth in the forecast period.
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According to MRFR analysis, the global starch-based plastics market has been segmented based on type, end use, and region.
Based on type, the global starch-based plastics market has been divided into thermoplastic starch and starch polymer blends. The thermoplastic starch segment accounts for the largest share of over 50% in the global market in 2019. The growth is attributed to its use in manufacturing packaging materials such as films, bags, and disposable dishes and plates. Furthermore, starch polymer blends are expected to gain traction in the coming years, with a CAGR of over 9.5% from 2020 to 2027.
Based on end-use, the starch-based plastics market has segmented into automotive and transportation, agriculture, packaging, consumer goods, and others. The packaging segment accounted for the largest market share of around 60% in the global market in 2019. The growth is mainly attributed to the positive outlook of the packaging industry, especially in China and India, and the growing demand for eco-friendly packaging solutions. Furthermore, it is expected to witness a healthy CAGR of over 9.5% between 2020–2027.
Geographically, the starch-based plastics market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, the Europe region dominated the global market, accounting for the largest share of around 50% in 2019, and is expected to register a CAGR of around 9% during the forecast period. The market growth can be attributed to the stringent implications of government policies on reducing carbon footprint and the presence of advanced research and development facilities. Europe is followed by Asia-Pacific, which accounted for the second-largest share of the global Starch-based Plastics market in 2019 and recorded the fastest growth with a CAGR of around 11% over the study period. North America is anticipated to witness healthy growth, with a CAGR of around 10% over the forecast period. Latin America and the Middle East and Africa markets are also likely to witness significant growth with a CAGR of around 5% during the forecast period, 2020–2027.
Market Research Future (MRFR) recognizes the following companies as the Key Players in the global starch-based plastics market: 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. (The 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).
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Key Findings of the Study
- Global Starch-Based Plastics Market is estimated to be valued at around USD 1,376.32 Million in 2019 and is expected to register a CAGR of around 9.2% to reach around USD 2,353.05 Million by the end of 2027.
- Based on type, the thermoplastic starch segment held the largest share of over 50% by value in 2019 and is expected to register a CAGR of around 9% during the forecast period.
- Based on end-use, the packaging segment held the largest share of around 60% by value in 2019 and is expected to register a CAGR of around 9.5% during the forecast period.
- Europe accounted for the largest share in the starch-based plastics market of around 50% by value in 2019.