Starch Polymer Market to grow at a CAGR of 4.5% during 2024-2028
The Starch Polymer Market is expected to grow at a CAGR of 4.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 334.2 million. The environmental consequences of polymer and plastic production and disposal are becoming a significant concern for businesses and governments worldwide. The mass consumption of products with short lifespans has led to an escalating issue of plastic waste, which often ends up in landfills or dumping grounds. This waste poses grave environmental risks, including soil pollution, destruction of local flora and fauna, odor, leachate seepage into groundwater, and irreversible damage to arable land. In response, there is a growing demand for and production of biodegradable polymers, such as starch polymers. Governments are also promoting their adoption through various initiatives, recognizing their potential to mitigate the environmental impact of traditional polymers and plastics.
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Technavio analysts predict that the Packaging subsegment will lead the End-user segment during 2024 and 2028 In the dynamic business landscape of 2023, the packaging segment dominates the global starch polymer market, driven by the extensive utilization of starch-based polymers in this sector. The packaging industry's shift towards eco-friendly alternatives, such as biodegradable starch polymers, is a significant trend. This transition is expected to boost the demand for cost-effective, recycled plastic components in food packaging and electronic appliance encasements. Environmental concerns surrounding the use of traditional plastic materials like high-density polyethylene (HDPE) and polypropylene (PP) in storage bins, sealable food containers, and refillable sports bottles have led to regulatory measures. Key markets, including the UK, the US, Germany, France, and India, have imposed bans on conventional plastics. Consequently, the demand for starch-based polymers in the packaging industry is poised for robust growth during the forecast period.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rise in consumer adoption of biodegradable plastics for packaging
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The Starch Polymer Market refers to the business of producing and supplying starch-based polymers, which are derived from renewable sources such as corn, potato, wheat, and tapioca. These polymers are made up of Anhydroglucose units, linked together by glycosidic bonds, with each unit containing a hydroxyl group. This structure gives starch polymers unique properties, including biodegradability and renewability, making them attractive alternatives to synthetic polymers. Starch polymers are used in various industries, including food and beverage, pharmaceuticals, and bioplastics. In food applications, they serve as thickeners, binders, and dietary functions in starchy foods. Iodine indicator is used to determine the starch content in food. Starch solutions are prepared through processes like wet granulation, and their rheological properties can be modified by adding enzymes like amylase. Starch is a natural polymer composed of two main components: amylose and amylopectin, both polysaccharides made up of glucose units. The biodegradability and renewability of starch polymers make them ideal for use as biodegradable polymers and food additives. The hydroxyl groups in starch provide sites for chemical modifications, enhancing their functionality and expanding their applications. Overall, the starch polymer market is driven by the demand for sustainable and biodegradable materials in various industries.
The commodity chemicals market encompasses businesses predominantly engaged in the production of industrial and fundamental chemicals, such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. This market excludes chemical companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, key growth drivers for the global commodity chemicals market include the expanding demand for plastic packaging. Plastic, being the most widely utilized material in the packaging sector worldwide, is experiencing increasing demand due to its lightweight and corrosion-resistant properties. This trend has fostered continuous innovation in the market, significantly influencing the application of chemicals in the manufacturing process of plastic packaging materials.
The Starch Polymer Market is experiencing significant growth, fueled by the rise in consumer adoption of biodegradable plastics for packaging. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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