LONDON–(BUSINESS WIRE)–Technavio analysts forecast the non-metallic minerals market in Turkey to grow at a CAGR of 5.37% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the non-metallic minerals market in Turkey for 2016-2020. To calculate the market size, the report considers the revenue generated through the sales of non-metallic mineral products by manufacturers in Turkey.
The report estimated the non-metallic minerals market in Turkey to be worth USD 20.86 billion in 2015. The real estate market in Turkey is witnessing a steady growth, which will spur the demand for new buildings in the urban areas over the next five years. Based on the type of product, the non-metallic minerals market in Turkey can be classified as follows:
- Glass and glass-based products
- Porcelain and ceramic products (excluding ceramic tiles and flags)
- Clay-based building materials
- Stone-based products
- Refractory products
According to Chandrakumar Badala Jaganathan, a lead analyst at Technavio for research on metals and minerals, “In 2015, the market was dominated by the glass and glass-based products segment, which accounted for a major share, followed by the porcelain and ceramic products segment. The demand for glass-based products is high in the residential and non-residential construction sectors, and increase in construction projects in the country is a major driver for the glass-based products segment.”
Technavio chemicals and materials analysts highlight the following three factors that are contributing to the growth of the non-metallic minerals market in Turkey:
- Resurgence in construction activity
- Increase in FDI inflow
- Increased focus on home décor
Resurgence in construction activity
With the resurgence in construction industry post the EU crisis of 2008, construction of new buildings is gaining momentum in the country, thereby providing potential growth opportunities for manufacturers.
The real estate sector in Turkey is growing rapidly as a result of increased demand for new residential and non-residential buildings. The establishment of international corporate offices in Turkey is propelling the demand for commercial buildings. For instance, Best Western International, headquartered in Phoenix, Arizona, US, is planning to expand its presence in Turkey by setting up a regional office. Also, an increase in inbound tourists has opened up expansion opportunities for the hotel industry. For instance, in 2014, the Wyndham Hotel Group, a leading name in the hospitality sector in the US, expanded its business in Turkey by opening three new hotels.
Increase in FDI inflow
Growth in GDP, increase in per-capita income, and the country’s strategic location at the crossroads of Europe and Asia have made Turkey an attractive destination for foreign investors. The Central Bank of the Republic of Turkey stated that, between January and August 2015, the country attracted an FDI inflow of over USD 10 billion. Sectors such as manufacturing, financial services, and energy were the top recipients of this inflow.
“According to data provided by the bank, in 2014, the non-metallic minerals market attracted an investment of over USD 150 million. Joint ventures formed by such increase in FDI inflow is contributing to the growth of indigenous manufacturers,” says Chandrakumar.
Increased focus on home decor
As a result of changes in lifestyle, middle-class consumers are spending heavily on home decor. This has resulted in an increase in demand for ceramic tiles. Consumers have a wide variety of options in terms of colors, textures, and patterns to choose from, and this is also having a positive impact on the market.
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