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.
Related Press Release@ Turkey Automotive Plastic Compounding Market Report
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
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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