Turkey Automotive Plastic Compounding Market Witness Excellent Revenue Growth During the Forecast Period

 

Turkey Automotive Plastic Compounding Market Growth & Trends

The Turkey automotive plastic compounding market size is anticipated to reach USD 451.3 million by 2028, according to a new report by Grand View Research, Inc., growing at a CAGR of 5.8% over the forecast period. According to Automotive Distributors Association (ODD), owing to the support of marketing campaigns and easing of lockdown measures, light commercial vehicles and passenger car sales jumped by 60% year-on-year in July 2020. The demand for automotive vehicles in the country is expected to steadily rise, which, in turn, is projected to fuel the plastic compounding market in Turkey.

Rising environmental awareness among the consumers and stringent regulations regarding pollution control have compelled automotive original component manufacturers to control automotive emissions by utilizing innovative lightweight materials. Car weight reduction is one surefire method of achieving carbon emission savings as weight reduction drastically boosts fuel efficiency and eliminates pollution to a large extent. Thus, plastic compounds of various chemistries are being utilized in several automotive interior & exterior components to ensure lower carbon emission levels.

Amid the COVID-19 crisis, the decline in demand was observed in the manufacturing sector of Turkey in Mid-March of 2020. The country’s automotive exports decreased by 30%. Similarly, the demand for plastic compounding decreased. Automotive companies in Turkey suspended their production activities. The demand for automotive declined as consumers were concerned about meeting their basic needs in the crisis. As the main markets for the Turkish automotive industry are European countries and about 75% of automotive production is sold in the European market, the production of automotive plastics and OEMs was negatively impacted by the decreasing domestic and foreign demand.

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Turkey Automotive Plastic Compounding Market Report Highlights

• Polypropylene (PP) was the largest product segment in 2020. PP resins have become an essential ingredient for lightweight impact-resistant automotive parts on account of the lower specific gravity of PP resins, which provides improved fuel economy and low emission
• The Interior component was the largest application segment in 2020. The rising demand for lightweight interior components to reduce the overall vehicle weight and enhance efficiency is driving the demand for automotive plastic compounding in the interior application
• Exterior fascia to emerge as the fastest-growing application segment owing to rising demand for energy management technologies that impede roof crush, resist vehicle intrusion, and lower overall car body weight without compromising on safety or performance

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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

List of Key Players of Turkey Automotive Plastic Compounding Market

• EPSAN
• LANXESS
• PolyOne Corporation
• LyondellBasell Industries Holdings B.V.
• SABIC

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.