Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Thermoplastic Starch (TPS) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
As the global focus intensifies on sustainable materials, a new market research publication reveals an optimistic outlook for the thermoplastic starch (TPS) market. The market is currently estimated to be at 201.43 kilotons and is anticipated to ascend to 306.94 kilotons by 2028, showing a compound annual growth rate (CAGR) of 8.79%. This significant growth reflects increasing environmental concerns and the rise of eco-friendly alternatives in various industries.
Key Highlights from the Research
The study offers a profound understanding of the latest trends impacting the market, with an emphasis on the increased utilization within the packaging sector, coupled with encouraging government initiatives for bio-plastic adoption. However, the growth trajectory is not devoid of challenges. Technical limitations associated with TPS might dampen the pace of market expansion.
- Technological innovations that improve TPS properties are forecasted to create lucrative opportunities.
- Europe maintains its lead in the TPS market share, while Asia-Pacific regions are showcasing rapid growth potential.
Growth Fueled by Packaging Industry Demand
A primary driver for the TPS market emanates from the packaging industry's dynamic evolution, which is in a state of continual expansion. The sector is propelled by escalating needs in the pharmaceutical, food processing, and FMCG sectors, especially in countries like China, India, and several East European nations. With rising global plastic pollution, the demand for TPS as a renewable packaging material is gaining significant momentum. Its biodegradable nature makes it highly suitable for films, sheets, and thermoforming into customized packaging solutions.
Regional Growth Insights
Asia-Pacific's growth is particularly noteworthy, as lifestyle shifts and economic prosperity increase packaged food consumption. Countries like China and India see a steep curve in the demand for sustainable packaging owing to growing end-user markets like food processing and pharmaceuticals.
Market Consolidation and Future Outlook
The TPS industry depicts a consolidated market landscape, with a few key players holding substantial market influence. These companies are at the forefront of addressing the burgeoning demand for sustainable packaging solutions.
Detailed Insights Showcased
The research publication provides comprehensive data, including a meticulous market estimation sheet and in-depth analysis offered to stakeholders. Although the publication does not name the leading companies, it is understood that they include renowned players in the bio-plastic sector.
Looking Ahead
The report underscores a clear trajectory for the TPS market, buoyed by the robust growth of the packaging industry and technological advancements in bio-plastics. As regulations tighten on traditional plastics, the shift towards thermoplastic starch is poised to strengthen, particularly in Europe and the Asia-Pacific regions.
For businesses and decision-makers, this research serves as a critical tool in strategizing market positioning and capitalizing on the projected growth in the TPS sector.
This insightful research on the Thermoplastic Starch (TPS) market paves the way for a deeper understanding of the current trends and future forecasts, helping stakeholders navigate the market's landscape with confidence.
A selection of companies mentioned in this report includes
- AGRANA Beteiligungs AG
- Biome Bioplastics
- Biotec Biologische Naturverpackungen GmbH & Co. KG
- Cardia Bioplastics
- Great Wrap
- Grupa Azoty
- Kuraray Co. Ltd (Plantic)
- Novamont S.p.A
- Rodenburg Biopolymers
- Wittenburggroup
For more information about this report visit https://www.researchandmarkets.com/r/7qgskt
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