The value added of non-ferrous metals in Turkey has exhibited dynamic shifts over the past decade. From 2013 to 2023, the sector’s growth showed significant fluctuations, highlighted by the peak years of 2017 and 2018 where year-on-year growth reached approximately 46% and 48% respectively. However, the sector faced setbacks in 2019 and 2020 with declines of around 7% and 11%. Notable recovery commenced in 2021 with a 27% increase, leveling off in the subsequent years to a modest 5.27% in 2022 and 4.9% in 2023. The Compound Annual Growth Rate (CAGR) from 2019 to 2023 settled at a slower rate of 3.02%.
For the forecasting period from 2024 to 2028, the expected CAGR is 3.43%, translating to an overall growth of 18.34%. This indicates a steady, albeit slower, growth trajectory compared to previous years. Key future trends to watch for include:
- The impact of global commodity prices on the Turkish non-ferrous metals sector.
- Technological advancements and their adoption rates in production processes.
- Policy changes, such as environmental regulations and trade agreements, influencing production costs and market accessibility.
- Economic factors like inflation rates and currency fluctuations affecting input costs.
