DUBLIN--(BUSINESS WIRE)--The "Turkey Automotive Plastic Compounding Market Size, Share & Trends Analysis 2021-2028" report has been added to ResearchAndMarkets.com's offering.
Turkey's automotive plastic compounding market size is anticipated to reach USD 451.3 million by 2028, growing at a CAGR of 5.8%
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.
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
- Petkim Petrokimya Holding A.S.
- Alfa Polimer Inovasyon Plastik A.S.
- Tisan Muhendislik Plastikleri San. Tic. Ltd. Sti.
- Elastron TPE
- Pimar-Plastics Limited
- MASKOM Plastik San. ve Tic. Ltd. Sti.
- ALBIS Distribution GmbH und Co. KG
- PolyOne Corporation
- LyondellBasell Industries Holdings B.V
- EUROTEC A.S.
- Polytek Development Corp.
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