Untapped potential of plastic chips

The plastic industry in Bangladesh is not very large. The sector, however, has huge potential for growth in sales both in local and global markets. The current size of the global plastic market is $570 billion and is growing at an average annual rate of 20 per cent. China accounts for one-third of the global plastic market. Yet the European Union tariffs Chinese goods by 7.5 per cent. Thus, it is an excellent opportunity for Bangladeshi entrepreneurs to seize the market. The most important component in this industry is plastic chips. It can be used to make polyester staple fibres (PSF). It is used in electronics, clothes and packaging.
Plastic chips' primary source material is recycled plastic. There is a huge amount of wasted plastic bottles in our surroundings. Since it harms the environment, we can gather them and recycle them to manufacture plastic chips. It may also lead to a great deal of work opportunities. Thus, the exports of these chips could bring home foreign currencies. We can meet our domestic needs in addition to exporting. Bangladesh exported plastic goods worth $107.29 million in fiscal 2003-04, whereas plastic good exports totalled $1,096.45 million in fiscal 2021-22. So, we need more foreign investment as well as government initiatives to capitalise on the potential of plastic chips' market.

Tanvir Islam Shourav,
Student of School of Business
and Economics,
North South University, Dhaka,
[email protected]