Turkey Automotive Plastic Compounding Market Growth & Trends Source:https://www.globenewswire.com/news-release/2020/11/12/2125267/0/en/Turkey-Automotive-Plastic-Compounding-Market-Size-Share-Trends-Analysis-Report-By-Product-By-Application-By-Region-And-Segment-Forecasts-2020-2027.html
The Turkey automotive plastic compounding market size is anticipated to reach USD 421.3 million by 2027, expanding at a CAGR of 5.4% from 2020 to 2027. According to ODD, Automotive Distributors’ Association, sales of light commercial vehicles and passenger cars jumped by 60% year-on-year in July 2020 owing to the support of marketing campaigns and easing of lockdown measures. The demand for automotive vehicles in the country is expected to steadily rise, which, in turn, is projected to fuel the market growth 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 and 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 the 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 vehicles declined as consumers were concerned about meeting their basic needs during 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 2019. 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 components segment was the largest application segment in 2019. The rising demand for lightweight interior components to reduce the overall vehicle weight and enhance the efficiency is driving the demand for automotive plastic compounding in the interior application
• The exterior fascia segment is expected to emerge as the fastest-growing application segment in the forecast period owing to rising demand for energy management technologies that impede roof crush, resist vehicle intrusion, and lower the overall car body weight without compromising on safety or performance.
Turkey Automotive Plastic Compounding Market Growth & Trends