Turkey Automotive Plastic Compounding Market: Interior Components Application Segment Led And Accounted For Share
Turkey Automotive Plastic Compounding Industry Overview
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.
Turkey Automotive Plastic Compounding Market Segmentation
Grand View Research has segmented the Turkey automotive plastic compounding market based on product and application:
Based on the Product Insights, the market is segmented into Acrylonitrile butadiene styrene (ABS), Polypropylene (PP), Polyurethane (PU), Polyvinyl Chloride (PVC), Polyethylene (PE), Polycarbonate (PC), Polyamide (PA), Thermoplastic Elastomer (TPE), and Others.
- The polypropylene product segment led the market and accounted for more than 26% share of Turkey’s revenue in 2020. This high share is attributable to rising demand from various end-use industries such as automotive, packaging and labeling, textiles, stationery, medical equipment, and construction.
- PE is the most widely utilized synthetic resin made from the polymerization of ethylene. Low density, liner density, ultrahigh molecular weight, and ethylene copolymers are major compounds of PE utilized in several applications such as clear bags, bottles, and automobile fuel tank liners.
Based on the Application Insights, the market is segmented into Instrument Panels, Powertrain, Door Systems, Interior Components, Exterior Fascia, Under-the-hood, and Others.
- The Interior components application segment led the Turkey automotive plastics compounding market and accounted for more than 35.0% share of the country’s revenue in 2020. Numerous interior components such as headliners, load floors, seat bases, and rear package shelves are being constructed from high-performance plastics such as ABS & GMT composites, instead of conventional metal, rubber, and other parts.
- Design flexibility helps manufacturers create integral, innovative, single-piece lightweight parts while cutting down on costs and lead time, along with problems associated with vehicle redesign. PP is one such plastic making inroads in redesigning interior components while reactor TPO plastics are increasingly being utilized to manufacture innovative interior airbag systems.
Key Companies & Market Share Insights
The majority of the players are engaged in the expansion and new product development to have a competitive edge over the other and caters to the dynamically changing consumer and automotive requirements. For instance, in June 2020, PolyOne Corporation announced the expansion of a production facility in North America. The expansion is estimated to boost the production of its OnFlex TPE compounds beyond Asia Pacific and Europe and reach out to customers in North America.
Additionally, In September 2019, LANXESS inaugurated its high-performance plastics plant in Changzhou, China. The facility manufactures Durethan and Pocan high-tech plastics for the automotive and electrical & electronics industries. The new plant is estimated to reach out to a wider customer base in the Asia Pacific region. Some prominent players operating in the Turkey automotive plastic compounding market are:
- EPSAN
- LANXESS
- PolyOne Corporation
- LyondellBasell Industries Holdings B.V.
- SABIC
Order a free sample PDF of the Turkey Automotive Plastic Compounding Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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