The Turkish plastics production industry experienced an uptick in value in 2016.
Turkish Plastics Industrialists' Federation
Turkish Plastics
According to the Turkish Plastics Industrialists' Federation (PLASFED), last year production in the Eurasian country grew by 3.8 per cent to nine million tonnes to $34.7 billion (€32.5 billion) in value. In 2015, production reached 8.7 million tonnes.
Demand in the white goods, consumer goods and automotive sectors is driving growth and with these markets remaining strong, PLASFED expects the plastics industry to demonstrate growth of 3.8 per cent above expected Turkish GDP growth in 2016.
Turkey's plastic goods export volume is anticipated to decline by 1.6 per cent in quantity and 4.5 per cent in terms of value in 2016 but the plastic processing machinery sector is expecting to record 12.7 per cent growth in value due to growing demand from Iran and North Africa.
Although the previous year's EUR/USD parity effect is seen to weaken, new conjectural issues are understood to slow down the industrial export volume for 2016 due to a decline in global trade and political influences.
There is, however, an expectation that the Turkish composite industry will grow consistently due to the economic growth achieved by developing countries in the upcoming period of five years. The advancement of industries such as automotive and wind energy in developed and developing countries and the continuation of increasing use of composite materials in space and aviation industries, particularly for commercial aircrafts, is pushing demand for cutting-edge composites across the board.
The growth achieved by the composite industry is usually above global economic growth. Turkey's composite material industry has attained a volume of 265,000 tonnes amounting to €1.4 billion. The Turkish composite industry demonstrates a growth performance above that of the European and global composite industries and is estimated to experience six per cent growth for 2016.
In terms of value, the global composite industry is expected to reach a value of €80 billion with five per cent growth per annum in the upcoming period of five years. The growth by value is expected to be four per cent in North America and Europe and seven per cent in Asia and other regions around the globe.