Turkey Automotive Plastic Compounding Market Product Driving Factors, Capacity and Growth Rate Analysis to 2028

Posted on 2022-11-16 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Nov 17, 2022 — /EPR Network/ —

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.

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.
TPE are polymers that offer both thermoplastic and rubber properties which makes them stretchable and retain their original shape providing a longer life compared to other materials.

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.
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 Profile

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.

Some prominent players in the Turkey Automotive Plastic Compounding market include

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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