Marshall Boya Sees Growth Shifting Toward Higher-Value Products

Marshall Boya’s revenue reached 3.2 billion lira in the first half of 2026, up from 2.6 billion lira a year earlier, before inflation accounting adjustments. General Manager Özgür Orçunus said operating profit and period profit also rose significantly.

Turkey’s decorative paint market has moved toward steadier growth after the post-pandemic surge, Orçunus said. Higher interest rates, slower home sales and the completion of major post-earthquake construction projects have reduced activity in project and renovation channels.

Renovation makes up 80% of the market, according to Orçunus. He said consumers who once painted their whole homes every three to four years are now waiting five years or more, and often painting only selected rooms. Demand for smaller packages has increased, while overall market volume has seen a single-digit decline.

Orçunus said raw materials account for the sector’s largest cost item, with more than 80% based on imported inputs. He cited a 7% to 8% rise in raw-material costs in foreign-currency terms, while costs for materials priced in Turkish lira rose by more than 30%.

The company has doubled exports’ share of revenue over five years to 7%, Orçunus said, and holds the leading position in the Turkish Republic of Northern Cyprus’s decorative paint market. He expects the market to gain momentum in 2027 if interest rates fall and macroeconomic stability improves.