In 2023, the turnover in the chemical products sector in Turkey reached 286.78 billion New Turkish Liras. The year-on-year growth rate in 2023 was 14.43%, marking a steady upward trend from the previous years. Over the past two years, the turnover in the sector has seen significant increases, with 17.07% in 2022 and 14.43% in 2023, reflecting robust sectoral growth. Over the last five years ending in 2023, the Compound Annual Growth Rate (CAGR) was 20.16%, indicative of strong sectoral performance.
Looking forward, the forecasted data from 2024 to 2028 suggests a continued but slightly tempered growth with a projected 5-year CAGR of 7.46%, culminating in a turnover of 462.29 billion New Turkish Liras by 2028. This indicates a forecasted growth rate of 43.3% over these five years.
Future trends to watch for:
- Technological advancements and digital transformation within the sector
- Emerging markets for green and sustainable chemicals
- Regulatory changes impacting production and environmental standards
