All the laptops, TV screens or cell phones you are using have plastic casing; similarly, there are thousands of products made with plastic that we use in our daily routine. That includes a wide range of products produced on a massive scale. This isn’t the end; there are thousands of industrial products as well including nozzles, pipes, casings and machinery parts as well as various types of packaging.
With time, production and consumption of plastic and plastic products have increased tremendously. It is expected that alone water plastic bottle production will reach US$307.6 Billion by 2025. Revenue from this only is US$273,996m in 2020 and production is expected to grow 7.5% annually.
The plastic industry growth has backed by the increased demand, improved technological advancements, mass production facilities in developed and developing countries. It will continue to grow in the coming years as well.
Today, both big ventures and small businesses try to target a new market to capture maximum market share. The increased demand for plastic products has attracted almost every business looking for new opportunities.
Do you know the fact that starting a custom made product and bring your brand to business is possible with a budget as low as $300? You’ll find plastic manufacturing companies that can help you to get started with design files and 3D printed samples. Many people turned their idea into a business with the help of Intrepid Sourcing.
Being in industry is not as easy as it seems to be. Many organizations in the US, Europe, and the rest of the world are raising their voices against plastic. They have different reasons and logic and demand to stop or at least reduce production in as many areas as possible. But besides of this, production facilities are increasing in number and size. Machinery makers are making new machines, plastic raw material manufacturers are increasing their production and raising prices, and many things are being converted from metal-made to plastic-made. This is often more environmentally friendly than energy intensive metal manufacturing.
That means, along with critics in the market; the demand for plastic products and plastic parts isn’t going to end any time soon. More sustainable plastic material options are likely to become more important. The use of those will increase day by day and year by year and bring new investment and business opportunities for everyone. So, it is the right time to take a step forward and think.
It is possible you face problems in your startup but remember that plain roads never make good drivers. The market ups and downs, internal problems, environmental regulations, laws, taxes, competitors, staff, advertising & promotion, making successful sales, turning a startup into the brand, and getting the desired place in the market will have few problems as well. Here are the problems businesses can face when starting something new in the plastic industry.
Companies are expanding their production facilities by increasing the number of machines and targeting micro-markets in food, entertainment, sports, medicine, health, home or industrial equipment, and many other segments. With every new plastic made product idea, there comes the need for mold and production facilities. Highly experienced and technical staff for design and manufacturing solutions provided by companies like Intrepid Sourcing are backing new startups by offering help to develop a product from concept to mass production.
Many countries have their own laws regarding the use and environmental impact. Getting all certificates and special certificates in the special industry like food-grade approval in the food industry are mandatory.
The major barrier is setup cost that includes buying all machinery, making costly molds, and buying high-quality raw material to start production. The bottom line for making custom plastic parts, especially at huge quantities, matters a lot.
Staff is considered as the spine of every business. There is no chance of success if devotion, dedication, loyalty, and taking the company’s mission as oneself mission is missing. Bringing the best salesman or fully trained production manager or someone whom you can trust for your accounts would be a time consuming task.
Businesses do not run for long if they face a lack of cash inflows. In the US, hundreds of businesses fail every year in their first year of starting. Often the lack of innovation and custom designs are a big reason behind their shut down. Selling products at a better price while standing out is the key
Experience is the key to success. It can either be gained by spending time or outsourced by paying service charges. While you are going to jump in the plastic product business, your success will be based upon the final product you make. Your customer should get the desired value against the money they pay for your product.
That means bringing a great product in the market is the key for success. Intrepid Sourcing takes the responsibility of making your production cost-effective and easy. They aren’t like other companies who charge heavy amounts for making custom molds. Intrepid Sourcing collaborates with specialized injection molding companies and ensures exclusive custom molds at rock bottom prices. This way, your production and setup cost will be lowest comparing to your competitors in markets. As you know, low cost means more profit and more profits mean more success.
Industrial progress with 3D printing, technological advancements like the internet of things, more consumer electronics that are satisfying needs with more ease, delivering more packaging solutions are drivers behind increased demand for plastic products. The demand for plastics may never decrease even when considering the common criticism. New businesses will keep investing in more segments and work with plastic manufacturers. Intrepid Sourcing will be there to deliver all-in-one solutions with expertise and years of experience.