The chemicals manufacturing value added in Turkiye has shown a general upward trend from 2013 to 2023, rising from 6.9 to 9.06. The significant growth years include 2019 with a 10.16% increase and 2020 with a 6.18% increase. However, 2021 experienced a dip of 3.01%. The year-on-year growth slowed to approximately 0.15% by 2022 and 2023.
Analyzing the CAGR, the rate was as high as 5.32% in 2020 but moderated in the following years, marking 2.62% through to 2023. Future forecast indicates a slow but steady increase, with the value expected to reach 9.12 by 2028, at an average annual growth rate of 0.1%.
Future trends to watch for:
- Technological advancements and automation in manufacturing processes
- Impact of environmental regulations on production costs and methods
- Global market dynamics and their effect on exports and imports
- Raw material price fluctuations
- Local policy changes and government incentives
