Global plastics and rubber products market will surge to USD 1899.33 Bn by 2027
Research forecasts that the global plastics and rubber products market will surge to USD 1899.33 billion by 2027, riding a Compound Annual Growth Rate (CAGR) of 6.7%. This will create opportunities for Sri Lanka which has a large local rubber industry and also exports.
This was opined by speakers at the opening ceremony at the 7th edition of the Complete Plastics Exhibition (COMPLAST 2023). In a prelude to this exhibition, the ‘COMPLAST 2023 CEO Forum on Recycling’ was held at the Marriott Courtyard in Colombo.
CEO of Smart Expos India (Pvt) Ltd, B. Swaminathan, articulated, “COMPLAST 2023 serves as an influential catalyst for industry-wide discussions on recycling, sustainability, and corporate responsibility. Our scrutiny of plastic imports, quality evaluations, and local manufacturing intricacies propels our industry towards environmentally-conscious progress while simultaneously nurturing economic advancement.”
Swaminathan highlighted the multi-faceted advantages circular economy can yield for Sri Lanka, including curbing environmental impact, refining waste management, conserving resources, generating employment, and fostering economic growth through eco-friendly industries. Circular economy concept aligns with the nation’s branding endeavors, accentuating its value on the global stage.
He added, “Circular economy fosters public awareness, innovation in product design, positive brand image, and compliance with global sustainability benchmarks. A robust and supportive legislative framework necessitates collaboration between the government, industries, and stakeholders, paving the way for a future grounded in sustainability.”
The forum’s theme of sustainability and responsibility underscored the industry’s dedication to ecological concerns and charting a greener future. Esteemed leaders, experts, and stakeholders convened for substantive dialogues, highlighting the pivotal role of producer and brand owners towards the circular economy and forging sustainable industry practices. The COMPLAST 2023 CEO Forum explored an array of pressing subjects, spanning plastic import identification, techniques for assessing quality and value, the potential of localized manufacturing, and strategies for catalyzing export growth.
Evolving trends in packaging and innovation have gained prominence, with consumers’ awareness, preferences, climate change considerations, and forward-looking regulations and policy changes by governments prompting manufacturers and producers to pivot toward more sustainable practices.
Underscoring a nationwide drive toward recycling, a series of workshops, seminars, and forums unfolded across pivotal cities such as Colombo, Kurunegala, and Jaffna.
The COMPLAST 2023 CEO Forum explored an array of pressing subjects highlighting the pivotal role of producer and brand owners towards the circular economy.
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