Global Starch-Based Plastics Market is expected to register a CAGR of 9.2% to reach around USD 2,353 Million by the end of 2027. Starch-based plastics are rigid blends of starch with biodegradable or compostable plastics such as polylactic acid, polybutylene adipate terephthalate, polybutylene succinate, polycaprolactone, and polyhydroxyalkanoates. They inhabit many properties such as excellent water resistance and processing and mechanical properties. Also, they can accommodate a vast range of physical properties such as tensile strength and heat tolerance. Hence, it is mainly used as an alternative to traditional plastics. Few end-use applications of starch-based plastics include automotive and transportation, agriculture, packaging, and consumer goods.
Type, End-Use, and Region have segmented the global Starch-Based Plastics Market.
The global starch-based plastics market has been divided into thermoplastic starch and starch polymer blends. The thermoplastic starch segment holds the largest market share of over 50% and is expected to register a CAGR of around 9% between 2020-2027. The growth is featured in its processability, similar to the thermoplastics with shear and temperature. Furthermore, the starch polymer blends segment is expected to witness the fastest growth of around 9.5% to reach over USD 1,500 million by 2027. Depending on end-use, the starch-based plastics market is segmented into automotive & transportation, agriculture, packaging, consumer goods, etc. The packaging segment is anticipated to account for around 60% of the global market and is expected to register a CAGR of around 9.5% from 2020 to 2027. Furthermore, it is the fastest-growing segment during the forecast period due to widespread usage in the food packaging industry in the production of bottles, carrier bags, disposable foam dishes and trays, cups, and biodegradable films.
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Global Starch-Based Plastics Market has been divided, based on region, into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Europe accounts for 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. The regional market was valued at over USD 700 million in 2019 and is expected to register moderate growth with a CAGR of ~9% throughout the forecast period.
Asia-Pacific was the second-largest market with a market share of around 20% in 2019 in the global starch-based plastics market. China is the leading manufacturer of starch-based plastics in Asia-Pacific. The regional market has registered the fastest growth with a CAGR of ~11% between 2020 to 2027 and is expected to reach over USD 500 million by 2027 end.
North America accounts for around 8% of the global share and is expected to register a CAGR of about 9.5%. The growth in the region is mainly due to the established presence of major end-use industries and the presence of advanced technologies.
October 2021 – Hi-Tech Group is the first-ever brand in India to develop a plant-based?(corn starch) biopolymer called?Dr.?Bio that can be utilized to replace single-use and multi-use plastic items, including straws, bottles, disposable cutlery, polybags, and cups with?bio-compostable plastic items. The new product has got approval from the Institute of Petrochemicals Technology
The Dr. Bio polymer resins will be sold in various grades, customized for different applications, including extrusion coating, film extrusion, injection molding, engineered plastics, and paper such as straw/pipe, films, and filament extrusion, to name a few.
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