Turkey Automotive Plastic Compounding Market Growth Drivers, Statistics and Forecast Report by 2028

Turkey Automotive Plastic Compounding Industry Overview

The Turkey automotive plastic compounding market size was valued at USD 290.9 million in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2021 to 2028.

The market is projected to witness significant growth over the forecast period owing to the rising adoption of lightweight composites in automotive components to foster fuel savings. However, the recent outbreak of COVID-19 has severely affected automotive production in Turkey due to factory shutdowns from January to April 2020. This has negatively influenced the consumption of automotive plastics and their production dynamics.

The Turkish chemicals and plastics industry display significant growth potential both from domestic and international markets. Average per capita plastics consumption in the region is relatively lower than the rest of the EU, which offers significant investment opportunities for automotive plastic compounders. The Turkish automotive industry is also growing at a rapid pace with leading automobile manufacturers such as Ford, Toyota, Volkswagen, and Hyundai operating in the market.

Gather more insights about the market drivers, restrains and growth of the Turkey Automotive Plastic Compounding Market

According to PAGEV (Turkish Plastic Industry Association) data, the Turkish economy was contracted by 2.4% in the first quarter and 1.5% in the second quarter of 2019. This led to a contraction in domestic demand, where industrial production slowed down, and a decrease in industrial capacity utilization negatively impacted the private sectors. In terms of domestic plastic consumption, in the first nine months of 2019, the plastics sector witnessed a 10% decrease on a value basis as compared to 2018. Moreover, automotive production was decreased by 6% in 2019.

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Turkey Automotive Plastic Compounding Market Segmentation

Grand View Research has segmented the Turkey automotive plastic compounding market based on product and application:

Turkey Automotive Plastic Compounding Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

• Acrylonitrile butadiene styrene (ABS)

• Polypropylene (PP)

• Polyurethane (PU)

• Polyvinyl Chloride (PVC)

• Polyethylene (PE)

• Polycarbonate (PC)

• Polyamide (PA)

• Thermoplastic Elastomer (TPE)

• Others

Turkey Automotive Plastic Compounding Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2028)

• Instrument Panels

• Powertrain

• Door Systems

• Interior Components

• Exterior Fascia

• Under-the-hood

• Others

Key Companies profiled:

Some prominent players in the Turkey Automotive Plastic Compounding Market include

• EPSAN

• LANXESS

• PolyOne Corporation

• LyondellBasell Industries Holdings B.V.

• SABIC

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