Plastic Products
“Light and attractive, right choice for alternative”
The plastic industry of Bangladesh is gradually occupying an important place in the global plastic products market. At present, Bangladesh has about 1% of the global annual product market of $570 billion. According to a study by Grand View Research, the global market for plastic products will grow to $721.14 billion by 2025. The overall market of plastic products in Bangladesh at home and abroad is about 2.99 billion US dollars, of which 83.4 percent is the domestic market and the remaining 16.6 percent is the international market. Bangladesh exported plastic items worth nearly $1.1 billion last year. The new target is to reach over $17 billion. At present, plastic ranks 13th in the export of goods from the country,
By reducing the dependence on China, many countries are now turning to plastic products in Bangladesh, due to which the export of Bangladeshi products is constantly increasing in the world market. In addition to the direct export of plastic products, 70 million dollars worth of plastic products is being exported as garment accessories annually.
At present, about 15 categories of products are produced in 5030 factories. These include polybags, hangers, plastic clips, buttons, dolls, balls, household chairs, tables, bucket, dining tables, various types of rakes, baskets, bathtubs, jugs, mugs, baskets, industrial pallet, doors, commode, paper weight, scale, table, ball pen, file cover, pipes, bicycle parts, bumpers, handle covers, back lights, spoke lights, fish and egg baskets, video audio cassettes, computer components, travel bags, toys etc.
There is huge potential in the export of plastic toys. Exports have been increasing at an average rate of 24% for the past few years. Toys now account for about 29% of the total exports of the plastics sector. Plastic toys exports could reach $460 million by 2030. Bangladesh can be the 28th largest toy exporting country.
Currently, plastic products are being exported to 126 countries including USA, Canada, European Union countries, China, India, and Nepal. The growth in this sector is increasing at the rate of 20%. From home furnishings to automobiles, medical equipment or accessories to export industries, all products are being made of plastic.
Although there are more than 5 thousand plastic factories in the country, there are about 250 export oriented factories. The major plastic manufacturing and exporting companies in the country include RFL Plastics Limited, Partex Plastics, Gazi Plastics, Navana Plastics, Aman Plastics, N Mohammad Plastics, KPL Plastics, Matador etc. About 15 lakh people are working with this industry. The investment here is about 20 thousand 550 crores taka.
The demand for plastic products is increasing all over the world. Singapore consumes 130 kg of plastic per capita, compared to only 5 to 7 kg in Bangladesh. But by 2030, the demand for plastic per capita will be 35 kg. The entrepreneurs of this sector are working to increase the export of plastic products from one billion dollars to 10 billion dollars by 2030. For this purpose, Bangladesh Institute of Plastic Engineering and Technology (BIPET) will play an important role in creating skilled manpower and setting up world-class laboratories. The government is also supporting the setting up of factories in joint ventures with global value-added companies, enabling local industries to produce products of affordable brands with modern and lucrative models, to achieve international level quality and technical excellence.
To ensure specific target based growth in the plastics industry sector, the Plastics Industry Development Policy 2023 has been formulated by the government. With this advancement of the plastic sector in Bangladesh, the country’s plastic manufacturers have set a new target of securing a 3% share of the $570 billion global market by 2030.