Market Overview
Bangladesh, growing rapidly over a decade, is on its way to becoming the next Asian Tiger. Currently the 41st largest economy.The industry sees huge potential for growth in sales both in local and global markets, attracting new investments.
Bangladesh Plastic
The current size of the global plastic market is $570 billion (Tk47,88,000 crore) and is growing at an average annual rate of 20%. Industry insiders said Bangladesh’s yearly earnings from the export of plastic products has already surpassed Tk1,000 crore, although the country currently holds a paltry 0.5% share in the global market. They, however, have expressed optimism that the annual growth in exports earnings will soon cross 25%. According to government data, global demand for plastic products has been growing at a rate of 20% since 2007. Average global use of plastic is 50 kg per capita. In the United States, the rate is 109 kg per capita, in China 38 kg and in India 11 kg. Per capita consumption of plastic in Bangladesh is only 9 kg. As a result, there is a huge potential in thismarket.
Currently, there are 5,030 plastic factories in the country and 98% of them belong to the small and medium entrepreneurs, according to Bangladesh Investment Development Authority (BIDA). currently, this sector contributes around 1% of the GDP and the industry provides around Tk3,500 crore in tax annually. Around 15 lakh people are involved in this sector.
Bangladesh Paper
Bangladesh paper industry, which now markets its products in some developed countries even, holds huge potential for boosting export if over half of its dormant production capacity is used to exploit unfolding global trade.They noted that the local manufacturing gradually increased and shifted to the private sector from the state-owned mills as they aggressively adopt modern technologies to make high-quality papers. Currently, there are around 70 private paper mills operating in the country, out of 105 registered with government. Paper and paper-goods sector includes writing and printing paper, offset
paper, newsprint, tissue and packaging paper.
Local known demand for paper products is around 0.6 million (six lakh) tonnes despite there being a capacity of producing 1.5 million tonnes annually. However, nearly 0.3 million tonnes of paper is also imported in addition to local manufacture.Industry-insiders say a huge amount of copier paper or offset paper is used for print and photocopy at the offices and academic purposes, having a market of Tk 6.0 billion a year.
Bangladesh Packaging
Bangladesh paper packaging market is expected to witness a healthy growth in the coming years. Among all sectors, industrial packaging held the major market revenue share in the year 2020 and the same trend is expected to prevail in the years to come on account of the rapid expansion of the garment industry Bangladesh. Moreover, government policies to boost the industrial sector is expected to create a cascading effect, which would give an impetus to the packaging paper market in Bangladesh. Currently, domestic manufacturers produce polybags, hangers, elastic straps, buttons, button tags, collar stands, labels, corrugated cartons, zippers, hangtags, backboards, neck boards, sewing threads, price tags, photo boards, gum tapes, tissue tapes, embroidery, padding, quilting and more.
According to industry insiders, the growth rate in this sector is 10% and after meeting the
domestic demand, they now export products to various countries including China, Malaysia, South Korea and Vietnam. At present, more than seven lakh people are employed in this sector currently, with a totalinvestment of about Tk40,000 crore. Nearly 1300 factories are operational at present.
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