Global Turkey Automotive Plastic Compounding Market by Product (PE, PP, ABS, TPE, PVC, PU, PA, PC) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2020, the market for automotive plastic compounding in Turkey was worth USD 290.9 millions. The market is expected to grow at a 5.8% compound annual growth rate (CAGR), between 2021 and 2028. Due to increasing adoption of lightweight composites within automotive components, the market will experience significant growth during the forecast period. This is to encourage fuel savings. The recent COVID-19 outbreak has caused severe damage to automotive production in Turkey. Factory shutdowns occurred from January 2020 to April 2020. This has had a negative impact on the consumption of automotive materials as well as their production dynamics.

Both domestically and internationally, the Turkish chemicals and plastics industries have significant growth potential. The region's average per capita plastics consumption is lower than that of the EU. This presents significant investment opportunities to automotive plastic compounders. With leading automotive manufacturers like Ford, Toyota, Volkswagen, Hyundai, and Volkswagen operating in Turkey, the Turkish auto industry is growing rapidly.

PAGEV (Turkish Plastic Industry Association data) shows that the Turkish economy contracted by 2.4% and 1.5% respectively in the first quarter 2019 and 2019. The result was a contraction of domestic demand. Industrial production fell and the utilization of industrial capacity decreased. The domestic plastic consumption experienced a 10% decline in value over 2018's first nine months. In addition, the automotive production fell by 6% in 2019.

Product Insights

The market's largest segment, the polypropylene product category, accounted for over 26% of Turkey’s total revenue in 2020. This is due to the rising demand from different end-use industries like automotive, packaging, labeling, textiles and stationery, as well as medical equipment and construction.

The most commonly used synthetic resin is PE, which is made from the polymerization ethylene. Many PE compounds are used in many applications, including clear bags, bottles and fuel tank liners.

Cross-linked PE foams (XLPE), which are lower in fogging and lightness, can be used in many automotive components. They also have excellent thermal and chemical properties. XLPE is used in seatbacks and truck liners.

TPE is a combination of thermoplastic and rubber polymers. They are flexible and can retain their original form, giving them a longer lifespan than other materials. TPE can be recycled and does not require any compounding. This allows for better consistency in both the raw materials and the fabricated articles. TPE can be used in many industries, including automotive, medical, hygiene, building and construction, footwear and household goods. Because of its superior resistance to deformation, TPE is most commonly used in suspension bushings. Other components of vehicles that TPE is used extensively include bumper fascias, grommets and strut cover bellows. Clean air ducts and airbag covers are also examples.

Application Insights

The Turkey's automotive plastics compounding market was led by the Interior components segment. It accounted for over 35.0% of the country’s total revenue in 2020. Many interior components, such as seat bases, load floors, rear package shelves, and headliners are made from high-performance plastics like ABS & GMT composites. These plastics replace metal, rubber, or other parts. The use of plastics is used to make durable, comfortable, and visually appealing components.

Manufacturers can design flexiblely create innovative single-piece lightweight parts that are integral and innovative while reducing lead time and costs. This also helps to reduce the problems associated with vehicle design. PP is one of these plastics that can be used to redesign interior components. Reactor TPO plastics can also be used to create innovative interior airbag systems.

Automobile engineers strive to improve their extrusion and blow molding processes, as well as optimize their production rates. This helps reduce overall production costs. These factors have led to recent innovations in the assembly and use of plastic compounds instead of traditional heavy and costly materials.

The Viper SRT10's designers were also able produce more aerodynamic flow, which guarantees high engine performance. They used sheet-molded plastic materials for the hood. While the Viper SRT10 retains the original body panels from previous sports cars, the new Viper continues to use carbon fiber in structural parts like the front fender supports. The car's bonnet, which has a 4-inch rise in its center and openings on either side, is the most innovative component. This allows air to circulate within the engine compartment. Meridian Automotive Systems is responsible for this unique design. It's one of many companies exploring the potential of plastics in automotive applications.

The decline in demand in Turkey's manufacturing sector was evident in mid-March 2020, following the COVID-19 crises. Exports of automobiles from the country fell by 30%. The demand for plastic compounding also declined. Turkey's automotive companies have stopped producing. As consumers became more concerned about their basic needs during the crisis, the demand for automobiles declined. The main markets for Turkish automotive industries are European countries. Around 75% of Turkish automotive production is sold in Europe. This negatively affected the production of OEMs and automotive plastics.

Market Share Insights & Key Companies

Most of the companies are involved in product expansion and development. This allows them to be more competitive and responds to changing automotive and consumer needs. PolyOne Corporation, for example, announced in June 2020 that it would expand its North American production facility. This expansion will allow OnFlex TPE compound producers to expand beyond Europe and Asia Pacific, and reach North American customers.

In September 2019, LANXESS also opened its high-performance plastics manufacturing plant in Changzhou (China). This facility produces high-tech plastics such as Durethan and Pocan for the automotive, electrical and electronics industries. It is expected that the new plant will reach a larger customer base in Asia Pacific. The following are some of the major players in Turkey's automotive plastic compounding market:

• EPSAN

• LANXESS

• PolyOne Corporation

• LyondellBasell Industries Holdings B.V.

• SABIC

Up Market Research published a new report titled “Turkey Automotive Plastic Compounding Market research report which is segmented by Product (PE, PP, ABS, TPE, PVC, PU, PA, PC), By Players/Companies PolyOne Corporation, LyondellBasell Industries Holdings BV, SABIC, LANXESS, EPSAN”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Turkey Automotive Plastic Compounding Market Report Segments:

The market is segmented by Product (PE, PP, ABS, TPE, PVC, PU, PA, PC).

Turkey Automotive Plastic Compounding Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Turkey Automotive Plastic Compounding Market

Overview of the regional outlook of the Turkey Automotive Plastic Compounding Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Turkey Automotive Plastic Compounding Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Turkey Automotive Plastic Compounding Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. PE

                2. PP

                3. ABS

                4. TPE

                5. PVC

                6. PU

                7. PA

                8. PC

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Turkey Automotive Plastic Compounding Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Turkey Automotive Plastic Compounding Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.