Bulgaria: Acetic Acid Market 2024

Acetic Acid Market Size in Bulgaria

The Bulgarian acetic acid market reduced slightly to $X in 2021, remaining relatively unchanged against the previous year. The market value increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Acetic acid consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Acetic Acid Production in Bulgaria

In value terms, acetic acid production contracted modestly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.1% against 2018 indices. The growth pace was the most rapid in 2013 when the production volume increased by 49%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Acetic Acid Exports

Exports from Bulgaria

In 2021, acetic acid exports from Bulgaria skyrocketed to X tons, growing by 50% against the previous year. Over the period under review, exports posted significant growth. The pace of growth was the most pronounced in 2015 with an increase of 582%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, acetic acid exports soared to $X in 2021. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 425% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

Romania (X tons), North Macedonia (X tons) and Greece (X tons) were the main destinations of acetic acid exports from Bulgaria, with a combined 97% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +67.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for acetic acid exported from Bulgaria were Romania ($X), North Macedonia ($X) and Greece ($X), with a combined 95% share of total exports. Kosovo lagged somewhat behind, accounting for a further 3.4%.

Kosovo, with a CAGR of +221.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average acetic acid export price stood at $X per ton in 2021, picking up by 82% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Kosovo ($X per ton), while the average price for exports to North Macedonia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Kosovo (+174.3%), while the prices for the other major destinations experienced more modest paces of growth.

Acetic Acid Imports

Imports into Bulgaria

In 2021, the amount of acetic acid imported into Bulgaria skyrocketed to X tons, rising by 34% on 2020 figures. In general, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +82.6% against 2018 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 42% against the previous year. Imports peaked in 2021 and are likely to continue growth in the near future.

In value terms, acetic acid imports skyrocketed to $X in 2021. Over the period under review, imports saw a resilient increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Turkey (X tons) was the main acetic acid supplier to Bulgaria, accounting for a 93% share of total imports. Moreover, acetic acid imports from Turkey exceeded the figures recorded by the second-largest supplier, Austria (X tons), more than tenfold. Serbia (X tons) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey stood at +16.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-6.9% per year) and Serbia (-5.1% per year).

In value terms, Turkey ($X) constituted the largest supplier of acetic acid to Bulgaria, comprising 92% of total imports. The second position in the ranking was held by Austria ($X), with a 5.4% share of total imports. It was followed by Serbia, with a 2.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey totaled +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-1.4% per year) and Serbia (-2.8% per year).

Import Prices by Country

In 2021, the average acetic acid import price amounted to $X per ton, increasing by 76% against the previous year. Overall, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, average import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Serbia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+23.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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