Market Monitor - Chemicals - Turkey 2016

Marktmonitor

  • Türkei
  • Chemie/Pharma

21 Jul 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.

Zugehörige Dokumente

Haftungsausschluss

Die Angaben auf dieser Website dienen lediglich allgemeinen Informationszwecken und ersetzen keine Beratung. Die geltenden Bestimmungen können Sie der Versicherungspolice oder dem entsprechenden Produkt- bzw. Dienstleistungsvertrag entnehmen. Nichts auf dieser Website darf dahingehend ausgelegt werden, dass für Atradius ein Recht, eine Pflicht oder eine Verantwortung begründet wird. Dies gilt ebenso für die Pflicht zur Durchführung einer Due-Diligence-Prüfung von Abnehmern im eigenen oder in Ihrem Namen. Atradius nimmt Due-Diligence-Prüfungen von beliebigen Abnehmern lediglich zu eigenen Underwriting-Zwecken und nicht zugunsten des Versicherungsnehmers oder einer sonstigen Person vor. Zudem schließen Atradius und seine verbundenen Unternehmen und Tochtergesellschaften jegliche Haftung für direkte, indirekte, Neben- und Folgeschäden sowie besondere und zusätzliche Schadenersatzansprüche aus, die sich aus der Verwertung der auf dieser Website gemachten Angaben ergeben.