Starch based Plastics Market Size

Starch based Plastics Market Growth Projections and Opportunities

The market size of starch-based plastics will be valued at $1.5 billion by 2022. The starch-based plastics industry will grow by USD 1.63 billion with a compounded annual growth rate (CAGR) of 9.20% to reach an estimated market size of USD 3,312 billion by 2032. The Starch-based Plastics Market is affected by various factors that combine to drive its growth and dynamics. Among other factors, the need for green alternatives to petroleum-based plastic forms one of the major factors driving this upward trend. For example, starch-based plastics or bioplastics are derived from renewable resources such as corn, wheat, or potatoes; hence, they differ from other types of petrochemicals-derived plastics of this kind. Increased awareness about environmental issues, plastic pollution, and concerns about limited supplies of fossil fuel have led to a higher demand for materials made from starch-based plastic, which has less adverse effects on nature than commonly used ones currently.
Besides, it is worth mentioning that carbon footprint reduction initiatives and the transition into a circular economy boost rapid development in this sector of starch-based plastics business. At the same time, government policies aimed at reducing waste plastics and promoting sustainable materials contribute greatly to these dynamics as well. For instance, several places worldwide banned some single-use plastic products and started encouraging compostable or biodegradable ones instead. Starch-based plastics are used in different packaging applications, including food packaging, carryout bags, and disposable cutlery. Thus, the bagging segment has witnessed an increased demand for starch-based polymers due to rising concerns for sustainable packaging and customers' preference for eco-friendly alternatives. Moreover, starch-based plastics in agriculture are important since most manufacturers get their raw materials, such as corn, potatoes, etc, from them. Moreover, costs that influence all stages of production and sales related to starch-based polymers depend on the availability of raw materials and their prices, together with the farming systems applied.
Moreover, technological advancements in bioplastic formulations and processing technologies are critical for market development. In fact, researchers are improving the mechanical and barrier properties of starch-based plastics in order to compete with normal plastics. Furthermore, the geographic distribution of consumer awareness, regulatory frameworks, and industrial activities influences the starch-based plastics market. On the other hand, entry barriers such as cost competition, low mechanical strength, and lack of industrial composting infrastructure can slow down progress in this field. However, even as there is a growing demand for environment-friendly alternatives, making bio-plastics out of corn or other crops is still costlier than producing conventional petrochemical-based plastics.