Since plastic is non-biodegradable, recycling it is a part of global efforts to reduce plastic in the waste stream, especially as it has been estimated that approximate eight million metric tons of waste plastic enter the ocean every year. Plastic recycling includes melting down plastic water/soft drink containers and then casting them into plastic chairs, tables, polyethylene films, bags, among others.
Though, the project could be located anywhere in the country, it is preferable to be in areas where the raw materials are in abundance. For instance from records, Ogun State Waste management Authority has revealed that over 3,000 metric tons of plastic wastes are generated within the state on daily basis, while Lagos has over 9,000 metric tons daily. There are tendencies of further increase of these wastes as the two states record rapid increase in population on daily basis.
Individuals, corporate organisations, states and local governments can embark on this project.
The major target markets are plastic producing companies. There are many of them that are already waiting for the demand.
From research there is a high demand for this product because of the increase in virgin resin materials that could be used along with it to produce other products. The higher the demand for plastic products, the higher the demand for resin to sustain production.
Based on records, plastic products enjoy nationwide patronage. The demand is not affected by the seasons, especially with industrial packaging.
Based on research, there are about four major companies that are into waste nylon/plastics recycling plants in the country and they are not producing enough to meet demand.
For Plastic Recycling Plant the following machines are needed:-
Machine Qty. Reqd.
Cleaning machine 1
Drying machine 1
Crushing Machine 2
Palletizing machine 1 set
The machines can be procured, installed and test-run for prospective investors on demand.
Financial Implication And Appraisal
The takeoff cost of this project varies depending on the level and capacity the promoters. The actual cost will be established via the feasibility studies. However, feedback on financial analysis on the project shows it is a very profitable venture. The raw material is almost zero cost compared to the income from the processed waste. The cash flows are very impressive and the payback period is between and one and two years of operations. The return on investment is 285 per cent within the first five years of operations.
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