The global starch-based plastics market size was US$ 528 million in 2021. The global starch-based market is forecast to grow to US$ 805 million by 2030, registering a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2022 to 2030.
Factors Influencing the Market Growth
The demand for starch-based bioplastics is growing because of their water-resistant and heat preservation properties. Due to these properties, they are highly adapted for agricultural applications. Thus, their demand will further grow in the coming years as they decrease soil contamination and improve sustainability.
Rising disposable income and its applications in the medical sector for controlling medication release, space-filled implants, and wound treatments are forecast to fuel the market growth.
Growing environmental problems are forecast to boost the market growth. In addition, technological advancements in the field will fuel the market growth during the study period.
Restricted production capacity may hamper the growth of the global starch-based plastics market.
Regional Analysis
The developing economies of Southeast Asian countries, rising disposable income, and rising population are driving the growth of the global starch-based plastics market in Asia-Pacific. Moreover, increasing demand for eco-friendly alternatives over traditional plastics from emerging economies such as China and India is forecast to boost the growth of the starch-based Bioplastic film market. In addition, rising usage of disposable bottles, loose-fill, cups, pots, and blowers is forecast to fuel the market growth.
COVID-19 Impact Analysis
The global starch-based plastics market witnessed an abrupt decline due to a halt in manufacturing activities. Various economies witnessed severe disruptions during the COVID-19 epidemic. Government focus also shifted to the healthcare sector and protect the population from the pandemic situation. The governments of several countries enacted stringent lockdowns in order to save lives. Manufacturing, production, and R&D operations in the starch-based plastics industry were all halted. Thus, the market witnessed a sharp downturn during the epidemic.
The import-export activities were also hampered by the lockdown regulations, which slowed market expansion. Companies had no choice but to halt their operations due to a lack of raw supplies. As a result, it impeded the growth of the global starch-based plastics market.
Competitors in the Market
Market Segmentation
The global starch-based plastics market segmentation focuses on Type, Application, and Region.
By Type
By Application
By Region
