It has been discovered that the bane of plastic wastes becomes boon of late in the form of new fibre that fires up hopes. The manmade fibre (MMF) comes as a spur to financial prospects. It promises not only to open up an opportunity to turn plastic wastes - a substance dangerous to environment - into assets but also brighten the future of Bangladesh apparel business.
Based on already running their startups, a few trailblazers in this business of turning trash into treasures exuded such hopes. The global apparel consumers have become extremely conscious about green world and opted for less-nature-damaging items. In consequence, the demand for MMF-made apparel has been on the rise.
The share of MMF-based apparel, according to Bangladesh Garment Manufacturers and Exporters Association (BGMEA), is around 45 per of the global trade. And this is growing at a 5.0 per cent compound annual growth rate (CAGR). The global trade in MMF-based products now stands at US$200 billion. The share of Bangladesh is only a meagre 5.0 per cent while its competitor Vietnam's s shares is more than 10 per cent.
For sustainability of the apparel industry, Bangladesh will have to grab more market share in the global garment business. Sources in the business circles say although the pace is still slow, the local garment manufacturers are also going for manmade fibre.
Compared to its two competitors - China and Vietnam - Bangladesh still banks more on cotton-based products. As a result, the country's apparel-product basket is narrow. Experts say that although the potential still remains untapped, it has immense scope of developing multifaceted products from manmade fibre. They say that setting up of MMF-based spinning mills is little expensive.
But investors should accept it, considering the greener world and the demand of the world market. Some of such manufacturers are upbeat about the prospect. They, however, point out that cotton-made fibre prices do fluctuate based on petroleum prices. Although Bangladesh does not produce cotton, it is heavily dependent on it. The country can expand its market horizons by starting to produce manmade fibre.
Regarding technology, it is not at all an issue because technology is a commercial product. So, if Bangladesh can bring out the right product, technology, and also raw materials, is not an issue.
The Bangladesh Textile Mills Association (BTMA) said that, on average Bangladesh imports 78,000 tonnes of polyester staple fibre, 29,000 tonnes of viscose staple fibre and 5,000 tonnes of Tencel fibre. If local spinning mills start production of MMF by using locally available plastic products, especially plastic bottles, the import of such substances could be reduced to half. There are dependable data about the locally available plastic wastes. Several thousand tonnes of plastic wastes could be obtained from local source. One firm already shows the way to new ventures with innovation.
The global demand for MMF-based apparel products is on the rise. In tune with it some manufacturers like Debonair Group have already undertaken a project to turn discarded plastics into yarns and fibers. The venture is for manufacturing jacket, padding and quilts.
In what is otherwise seen as hazard, the investor circles also find a business bonanza in it. Foreign investors too have become keen to invest in the plastic-recycling sector due to rise in the demand for MMF-based apparel products. Authorities, they think, should give special emphasis on bringing foreign direct investment (FDI) in the plastic-recycling sector. That would go a long way in developing plastic-recycling industry in the country to meet the demand for MMF-based apparel products for local and foreign markets, thereby reducing or eliminating the demand for cotton-made fibres that we presently import to meet the demand for the country's apparel sector.
Sarwar Md. Saifullah Khaled is a retired Professor of Economics and Vice Principal at Cumilla Women's Government College, Cumilla.
