The chemicals industry has a unique position in the manufacturing sector as it not only produces end-products such as plastics, cosmetics, and pharmaceuticals, but also supplies intermediate products for countless other industries.
With robust market growth fueled by downstream industries, Turkey is an attractive investment location for chemical companies. The sustainability of growth in customer industries in Turkey is unquestionably a source of strength. The following factors also make Turkey an attractive investment destination:
- Advanced transportation infrastructure provides flexibility, convenience and additional cost savings for manufacturers.
- Turkey’s plastics sector is the 2nd largest producer in Europe and 7th largest in the world; Turkey aims to become the top producer in Europe by 2016.
- Turkey is the 2nd largest net importer of petrochemicals in the world.
- Turkey is the 17th largest automotive producer in the world.
- In the construction sector, 42 of the top 250 international contractors are Turkish.
- Turkey is the 4th largest paint producer in Europe.
- As a strong manufacturing and conversion hub, Turkey is one of the largest European consumers for textile and construction chemicals.
- Turkey has the 7th largest agricultural production in the world, while its demand for fertilizer is the 10th highest in the world.
- Turkey is located close to large and growing trade markets.
Over the coming years, Turkey’s chemical industry is poised for extraordinary growth with exports projected to reach USD 50 billion by 2023.
Turkey has six strategic goals as part of the government’s Vision 2023. These include manufacturing high value-added products, transforming facilities to enable high value-added production, structuring R&D policies, educating a high-skilled work force, developing and ensuring an environment of cooperation, and increasing demand for locally manufactured products.