A failed coup attempt launched late last Friday by a wing of the Turkish army has had little impact on the polymer market. So far, Turkey’s petrochemicals sector has not been ruffled by the recent coup attempt and production levels are unaffected according to sources at Turkey’s largest plastics producer Petkim. However, the coup attempt has raised concerns about the unstable state of politics as well as the Turkish economy in the near future, especially regarding the volatility of its currency. The country was already facing a weakening economic situation with GDP dropping below 2% over the last year, and the recent geopolitical unrest is likely to exacerbate the situation. Turkey is a large demand center and trading hub for petrochemicals, relying on imports to meet the vast majority of polymer demand. Turkey is also a re-exporter of plastics and manufacturer of finished plastic goods, especially into Europe and the Middle East, given its location. Furthermore, the country is a pivotal East-to-West link for upstream oil and gas with key pipelines running through Turkey to other parts of Europe, Middle East and Africa. Turkey’s geographical and geopolitical position makes the country a very favorable destination for global polymer markets. Total
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Source: CTRM Center