The global Turkey Automotive Plastic Compounding market size is expected to be worth around US$ 551.3 Million by 2030, according to a new report by Vision Research Reports.
The global Turkey Automotive Plastic Compounding market size was valued at US$ 390.9 million in 2020 and is anticipated to grow at a CAGR of 6.8% during forecast period 2021 to 2030.
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.
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.
Cross-linked PE (XLPE) foams are consumed in various automotive components owing to lower fogging value lightness and weight saving, flexibility, excellent thermal properties, and chemical resistance. XLPE finds application in seatbacks, liners, air condition ducts, dashboard padding, wing mirror seals, door panels, windshields, and truck liners.
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. TPE is recyclable and requires little or no compounding leading to improved consistency in both raw materials and fabricated articles. TPE is utilized in numerous end-use industries including automotive, household goods, building and construction, footwear, and medical and hygiene. In the automotive sector, TPE finds its application primarily in suspension bushings due to its greater resistance to deformation compared to regular rubber bushings. Bumper fascia, grommets, strut cover bellows, clean air ducts, and airbag covers are other components in vehicles wherein TPE is extensively utilized.
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. Plastics are used to manufacture durable, comfortable, and aesthetically appealing components while contributing to noise reduction with low harshness and vibration levels.
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.
Automotive engineers are constantly striving to achieve greater optimization rates, precision in extrusion, and blow molding operations while cutting down on overall production costs. These factors have driven recent innovations in the assembly of cars using plastic compounds in place of conventionally heavy and expensive materials.
Designers of the Viper SRT10 were also able to produce more aerodynamic flow that guarantees efficient engine performance using sheet-molded plastic compounds for the hood. The new Viper retains the original plastic body panels of previous sports cars while continuing carbon fiber application in structural parts such as the front fender supports. However, the car’s bonnet is the most evolutionary component owing to a 4-inch rise at its center, with openings on the side to allow air circulation within the car’s engine compartment. Meridian Automotive Systems, responsible for creating this innovative design, is one such company exploring the vast potential of plastics in automotive applications.
During the COVID-19 crisis, the demand decline was observed in the manufacturing sector of Turkey in Mid-March of 2020. The automotive exports of the country decreased by 30%. Similarly, the demand for plastic compounding decreased. Automotive companies in Turkey have suspended their production activities. The demand for automotive declined, as the 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.
LyondellBasell Industries Holdings B.V.
Acrylonitrile butadiene styrene (ABS)
Polyvinyl Chloride (PVC)
Thermoplastic Elastomer (TPE)
The Turkey Automotive Plastic Compounding market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Turkey Automotive Plastic Compounding market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Turkey Automotive Plastic Compounding market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Turkey Automotive Plastic Compounding market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Turkey Automotive Plastic Compounding market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Turkey Automotive Plastic Compounding capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Turkey Automotive Plastic Compounding by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Turkey Automotive Plastic Compounding market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Turkey Automotive Plastic Compounding market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Turkey Automotive Plastic Compounding market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Turkey Automotive Plastic Compounding industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Turkey Automotive Plastic Compounding market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Turkey Automotive Plastic Compounding market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Turkey Automotive Plastic Compounding market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Turkey Automotive Plastic Compounding market. These factors have benefited the growth of the global market for Turkey Automotive Plastic Compounding. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Turkey Automotive Plastic Compounding. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Turkey Automotive Plastic Compounding are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies.
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