Bulgaria: Monocarboxylic Acid Market 2024

Monocarboxylic Acid Market Size in Bulgaria

The Bulgarian monocarboxylic acid market amounted to $X in 2022, growing by 1.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a perceptible decrease. Monocarboxylic acid consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Monocarboxylic Acid Exports

Exports from Bulgaria

Monocarboxylic acid exports from Bulgaria surged to X tons in 2022, with an increase of 60% compared with the year before. Over the period under review, exports posted a strong expansion. The growth pace was the most rapid in 2017 with an increase of 117%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, monocarboxylic acid exports skyrocketed to $X in 2022. In general, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by 108% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Greece (X tons), Romania (X tons) and Georgia (X tons) were the main destinations of monocarboxylic acid exports from Bulgaria, with a combined 91% share of total exports. The United Arab Emirates, Albania, Turkey and Serbia lagged somewhat behind, together accounting for a further 7.6%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Albania (with a CAGR of +56.2%), while the other leaders experienced more modest paces of growth.

In value terms, Greece ($X) emerged as the key foreign market for acrylic acid and its salts and other monocarboxylic acid exports from Bulgaria, comprising 49% of total exports. The second position in the ranking was held by Romania ($X), with a 23% share of total exports. It was followed by Georgia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Greece totaled +25.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+24.8% per year) and Georgia (+31.6% per year).

Export Prices by Country

The average monocarboxylic acid export price stood at $X per ton in 2022, with an increase of 25% against the previous year. Over the last decade, it increased at an average annual rate of +2.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Georgia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+20.0%), while the prices for the other major destinations experienced more modest paces of growth.

Monocarboxylic Acid Imports

Imports into Bulgaria

Monocarboxylic acid imports into Bulgaria surged to X tons in 2022, jumping by 22% on 2021. In general, imports, however, saw a pronounced curtailment. The pace of growth appeared the most rapid in 2019 when imports increased by 35% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, monocarboxylic acid imports dropped to $X in 2022. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 214% against the previous year. Imports peaked at $X in 2021, and then shrank in the following year.

Imports by Country

China (X tons), Belgium (X tons) and Australia (X tons) were the main suppliers of monocarboxylic acid imports to Bulgaria, together comprising 84% of total imports. Greece, the Netherlands, Germany and Italy lagged somewhat behind, together comprising a further 9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Greece (with a CAGR of +9.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X) constituted the largest supplier of acrylic acid and its salts and other monocarboxylic acid to Bulgaria, comprising 52% of total imports. The second position in the ranking was taken by China ($X), with a 26% share of total imports. It was followed by Germany, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Belgium totaled +15.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+9.2% per year) and Germany (-11.6% per year).

Import Prices by Country

The average monocarboxylic acid import price stood at $X per ton in 2022, dropping by -18.5% against the previous year. Over the period under review, the import price, however, posted a temperate expansion. The growth pace was the most rapid in 2019 when the average import price increased by 133%. The import price peaked at $X per ton in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+29.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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