The Future of Plastic Industry and the Problems New Businesses Face

Do you know every year over 300 million tons of plastic is produced? Shockingly, out of 300 million tons of plastic, 50% of the plastic is consumed for single-use purposes. Plastic is one of the most widely used materials.

China is the top plastic production country in the world with approximately 60 million tones and then comes the United States with 38 million tons of plastic manufacturing. Every country is producing plastic goods according to its consumer needs & wants.

Plastic objects have made our life easier by the flexibility of shapes, sizes, durability, and designs. It has efficiently taken the place of heavy metals. Several types of plastics materials are used in the assembling of plastic parts such as Polyethylene (PE), Acrylic (PMMA), Polycarbonate (PC), Polyvinyl Chloride (PVC), Polylactic Acid (PLA), Polystyrene (PP), and much more.

Common Plastic Consumers Products Involves;

• Toys
• Plastic Bags
• Decoration Piece
• Automotive Parts
• Construction Pipes
• Soft Drink Bottles
• Home Appliances
• Kitchen Utensils
• Food Packaging Boxes
• Medical Products

Reasons Why Plastic Products Are Good For Our Lives?

Plastics possess a valuable place in our lives. It is a human-made material that helps a lot in protecting and storing of goods. We rely on plastic products in a daily routine because it is lightweight, reusable, water roof, easy to carry, durable, affordable, and do not emit greenhouse gasses, etc.

Brief Spotlight on the Future of Plastic Industry

History tells from World War II there has been a greater expansion in the plastic sector. Due to the current high consumer demand plastic industry is significantly contributing to the global economy. Plastic business is a million dollars industry. It has a market worth of 1 trillion dollars annually.

It is important to know about what does the future of plastic looks like? Grand View Research Inc, stated in its report that its projected global plastic market will reach US 654.38 billion dollars by the end of the year 2020.  In the future time, the industry is coming up with cheaper, stronger, lighter, and safer products.

The innovators are planning to launch eco-friendly plastic objects to decrease environmental pollution. Biodegradable plastic is one of the examples of a plastic that decomposed by the action of a living organism. The creation of eco-friendly plastic products would save the lives of human beings and sea marines.

Obstacles New Startup Come Across in Developing & Running of Plastic Business

To step into a new business it is mandatory to have knowledge of all dos and don’ts of that industry. The development phase of plastic business includes good planning, deciding of plastic niche, choosing of methodology, implementing step by step process, finishing, and shipment of products.

Entrepreneurs and startups face a lot of challenges in establishing the business. The global pollution caused by plastic is the biggest obstacle that highly affecting plastic manufacturers. Due to an increase in pollution rates and plastic takes 1000 years to decompose, the government and environmental authorities are imposing a ban on the extra and toxic assembling of plastic.

The newcomers in the industry are facing major problems like;

1. Difficulty in purchasing raw material due to high cost
2. Lack of management and labor force skills
3. Inadequate plastic waste management
4. Bringing less variety of new products
5. Hard to handle the market competition
6. Poor understanding of the supply chain system
7. Unavailability of good machinery due to a limited budget
8. Low-quality productions due to minimal use of advance technology 
9. Unaware of how to make new products from recycling processes
10. Inadequate implementation of business improving strategies

How the Problems of Plastic Industry can be Resolved?

It is highly important to take steps to strengthen the industry.  In order to settle the obstacles and challenges of the industry, the top management should make the best plans to minimize the issues of the business. The overall working of the plastic sector could be improved by;

• Establishment of a good information system
• Implementing proper sustainability plans
• Conducting research work to improve production
• Reinstate a diploma of plastic industry
• Recycling of plastic waste
• Making eco-friendly products
• Using of cost-efficient machinery
• Promoting the re-use of plastic bags
• Imposing a permanent ban on harmful plastic chemicals
• Making better disposal plans to make a green environment
• Execution of objects according to ISO standards
• Avoid and ban on the use of harmful plastic chemicals

According to Economics, more product leads to a low cost per unit. It is true because lots of setup and continuous costs distributes on pieces of product. This is also a major reason new startups feel it hard to compete in the market.

But now you have the solution. It is Intrepid Sourcing, which helps startups and running businesses to get their plastic products produced at a low cost compared to other service providers. Intrepid souring is linked with many production plants, has technical experts in their team, finds a solution to your problems, and makes it easy and cost-effective for you to get started.

Wrapping up The Article

Plastic products are an essential part of our daily routine. In the future, it is necessary to assemble plastic objects that are good for human and sea animal health. The plastic industry is trying its best to improve its manufacturing by increasing the production of biodegradable plastic. To transform the plastic industry it is mandatory to follow the SOP’s given by government and environmental authorities.