Market Monitor - Chemicals - Turkey 2016

Market Monitor

  • Türkiye
  • Kimyasal/İlaç

21 Tem 2016

The number of payment delays was high at the end of 2015, with financially weaker players leaving the market. Insolvencies are expected to level off.

  • Turkish chemicals sector growth levelled off in 2015 as domestic demand was affected by increased political volatility (two major general elections in June and November 2015). In 2016 chemicals sales and production are expected to grow again, driven by increasing demand from main buyer industries like construction and textiles.
  • As the Turkish chemicals sector is mostly domestic market-oriented and dependent on imports, businesses’ profit margins were negatively affected by increased exchange rate volatility over the last 12 months. Due to the expected stability of the exchange rate of the Turkish lira against the euro and the US dollar, it is forecast that profit margins will rebound in 2016. Lower oil prices also have a positive effect on industry performance.
  • As foreign global players have entered the Turkish market (especially in the paint and pharmaceuticals segments) competition is high for local players, despite regulations to support domestic companies in some segments.
  • The overall indebtedness of businesses is average in this sector, but has increased recently for many businesses due to the lira depreciation. That said, banks are generally willing to provide loans to the chemicals industry.
  • The average payment duration in the Turkish chemicals industry is 150 days. The number of payment delays and insolvency cases was high at the end of 2015, with financially weaker players leaving the market. Insolvencies are expected to level off in 2016.
  • Due to the currently more volatile economic and political situation in Turkey and the increase in insolvencies and deteriorated payment behaviour seen at the end of last year, our underwriting stance on chemicals is currently more restrictive, especially if the buyers are not part of a large group.

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Yasal Uyarı

Buradaki beyanlar yalnızca genel bilgi sağlama amacını taşımakta olup hiçbir amaç için güvenilmemelidir. Tabi olduğu koşullar için lütfen gerçek ilkeye ya da ilgili ürün veya hizmet anlaşmasına başvurun. Buradaki hiçbir unsur, alıcılara dair ya da sizin adınıza gerekli özenin gösterilmesi yükümlülüğü dahil Atradius tarafında hiçbir hak, yükümlülük, tavsiye ya da sorumluluk oluşturduğu şeklinde yorumlanamaz. Atradius, herhangi bir alıcı hakkında detaylı durum tespiti yaparsa, bu, sigortalı ya da başka birilerinin menfaati için değil, kendi sigortalama prensipleri doğrultusundadır. Ayrıca, hiçbir durumda Atradius ve hiçbir bağlı ortaklık ve yan kuruluşu buradaki beyanlarda bulunan bilgilerin kullanımından kaynaklanan doğrudan, dolaylı, özel, arızi ya da nihai zarardan sorumlu olmayacaktır.