Turkey automotive plastic compounding market is expected to reach USD 390.8 million by 2025, according to a new report by Grand View Research, Inc. Growing environmental concerns & stringent pollution control norms have compelled automotive OEMs to control emissions by utilizing innovative lightweight materials.
The country’s automotive production increased from 1.17 million units to 1.35 million units between 2014-15,thereby generating significant demand for compounds. Numerous companies and compounders across Europe have expanded their production capacities recently in order to meet burgeoning demand from automotive and other consumers.
Exclusive partnerships between OEMs and compounders are crucial for the industry to evolve in terms of supply chain efficiencies. Automakers are also attempting to accommodate increasinggeriatric driver population by including safety features in reduced packagespace, and enhancing safety belt designs using plastics.
Polyamide (PA) compounds,particularly PA6 and PA66, which accounted for nearly 10% consumption, are extensively being used in automotive applications that include radiator tanks, engine covers, pedal boxes and various other components. To meet growing demand for PA, Epsan has increased its capacity in the country by nearly 45%.
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Further key findings from the report suggest:
· Turkey automotive plastic compounding market was estimated at 102.39 kilo tons in 2015 and is projected to reach 183.80 tons by 2025
· Polypropylene compounds dominated overall consumption and accounted for 32% of the volume in 2015.These polymers are utilized in a wide range of components that include bumper fascia, interior trims, fenders, seating, door trims, boot liners and instrument panels.
· Polyethylene (PE) is expected to emerge as another fast growing product with 6.1% CAGR from 2016 to2025. The plastic is most widely utilized to manufacture the exterior body and other electrical insulation components owing to low density, good toughness and chemical resistance
· Polyurethane (PUR),which is widely processed into flexible & rigid foams for seating, housing,interiors, and panels, is expected to occupy over 15% of overall volume by 2025.
· Under the hood components is anticipated to grow at a steady CAGR of 5.3% from 2016 to 2025.Polymer usage is expected to increase under the hood automakers rush to build small, fuel-efficient engines.
· Major companies operating in the industry include Lyondell Basell Industries N.V., Elastron,Maskom Master batch & Compound Technologies, Tisan, Epsan Plastik and PolyOne Corporation, Kingfa, Ravago, Polytek, Interplast, SABIC, and EmasPlastik among others
Grand View Research has segmented the Turkey automotive plastic compounding market on the basis product and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million;2014 - 2025)
· Acrylonitrile Butadiene Styrene (ABS)
· Polypropylene (PP)
· Polyurethane (PU)
· Polyvinyl Chloride (PVC)
· Polyethylene (PE)
· Polycarbonate (PC)
· Polyamide (PA)
· Thermoplastic Elastomers(TPE)
Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 - 2025)
· Instrument Panels
· Door Systems
· Interior Components
· Exterior Fascia
· Under the HoodComponents
Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/turkey-automotive-plastic-compounding-market-analysis
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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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals,materials and healthcare.
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