The Rubber Products Manufacturing Sector in Turkey has shown a steady upward trend from 2013 to 2023, with turnover increasing from 10.64 billion New Turkish Liras to 49.06 billion New Turkish Liras. The year-on-year variation has fluctuated, with a high of 33.27% in 2018 and a more moderate growth of 10.25% in 2023. Over the last two years, growth has decelerated slightly but remained positive. The Compound Annual Growth Rate (CAGR) for the last five years settled at 13.1%, showcasing robust sectoral growth.
Looking forward from 2024 to 2028, the forecasted turnover continues to rise, expected to reach 70.97 billion New Turkish Liras. The forecasted CAGR over the next five years is estimated at 5.79%, with an overall growth rate of 32.5%, indicating a slower but sustained increase in sectoral turnover.
Future trends to watch for:
- Technological advancements and automation could drive efficiency and productivity gains.
- Increasing demand for eco-friendly and sustainable rubber products could influence market dynamics.
- Trade policies and economic conditions within Turkey and globally may impact raw material costs and export opportunities.
- Shifts in automotive and construction industries, major consumers of rubber products, will likely affect sector performance.
