Plastics has always been an important industry in Bangladesh, and the growth of the plastics industry has a multiplier effect on Bangladesh's economy, driving many other important industries. Although the plastics industry relies on imported raw materials, molds, and machinery, its low labor costs, fast-growing plastic waste recycling industry, and government policy incentives make the development potential of Mon's plastics industry not to be underestimated.
Market introduction.
Bangladesh's overall economy has been performing quite steadily despite structural constraints and the impact of global volatility. The Asian Development Bank (ADB) points out that the plastics industry has significant growth potential and can play an important catalytic role in increasing exports, expanding domestic demand, and thus driving industrial growth. Plastic products are currently a sizeable industry in Mon's chemical industry, with a market of about $1 billion, of which the domestic market accounts for $714 million and the remaining $286 million from the global market. The plastics industry has about 3,000 manufacturers and employs a total workforce of over 2 million people, directly or indirectly. Annual sales of plastic products in the local market are estimated at about $2 billion, including nearly $250 million for household products. According to the Bangladesh Plastic Products Importers and Exporters Association (BPGMEA), there are currently 300 manufacturers exporting plastic goods worth nearly $375 million annually. In addition, most of the plastic household and packaging materials used in Bangladesh are produced locally; the annual sales of plastic products manufactured in the local market are approximately $2.5 billion, making the plastics industry a key driver of technological innovations in such industries as packaging, textiles, health care, construction, electronics, energy, automotive and others. Plastics production grows at an average rate of more than 20 percent per year, and the trend will not stop as demand for plastic goods continues to grow, with the industry currently manufacturing 2,500 types of plastic products and adding 51 to 70 percent of value to plastic products, making them extremely efficient.
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