Bulgaria: Alkyd Resins Market 2024

Alkyd Resins Market Size in Bulgaria

The Bulgarian alkyd resins market skyrocketed to $X in 2022, with an increase of 81% against the previous year. Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Alkyd Resins Production in Bulgaria

In value terms, alkyd resins production totaled $X in 2022 estimated in export price. Overall, production saw a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 85% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Alkyd Resins Exports

Exports from Bulgaria

In 2022, shipments abroad of alkyd resins in primary forms decreased by -10.5% to X tons, falling for the second consecutive year after two years of growth. In general, exports, however, showed a significant expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 160% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

In value terms, alkyd resins exports surged to $X in 2022. Overall, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2014 with an increase of 134%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Romania (X tons), Serbia (X tons) and France (X tons) were the main destinations of alkyd resins exports from Bulgaria, together accounting for 66% of total exports. Russia, Ukraine, Greece and Poland lagged somewhat behind, together comprising a further 22%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Ukraine (with a CAGR of +84.3%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Serbia ($X) and Russia ($X) were the largest markets for alkyd resins exported from Bulgaria worldwide, together comprising 65% of total exports.

In terms of the main countries of destination, Russia, with a CAGR of +105.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average alkyd resins export price amounted to $X per ton, jumping by 33% against the previous year. Overall, export price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, alkyd resins export price increased by +68.0% against 2020 indices. 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 external markets. In 2022, amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Poland ($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 Russia (+17.0%), while the prices for the other major destinations experienced more modest paces of growth.

Alkyd Resins Imports

Imports into Bulgaria

In 2022, approx. X tons of alkyd resins in primary forms were imported into Bulgaria; declining by -18.7% on 2021 figures. Overall, imports recorded a abrupt descent. The growth pace was the most rapid in 2021 when imports increased by 30% against the previous year. Imports peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, alkyd resins imports surged to $X in 2022. Over the period under review, imports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2021 with an increase of 55%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Romania (X tons), Turkey (X tons) and Slovenia (X tons) were the main suppliers of alkyd resins imports to Bulgaria, together comprising 79% of total imports. Italy, Egypt, France and Greece lagged somewhat behind, together accounting for a further 20%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +106.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Romania ($X) and Turkey ($X) appeared to be the largest alkyd resins suppliers to Bulgaria, with a combined 76% share of total imports.

France, with a CAGR of +111.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average alkyd resins import price stood at $X per ton in 2022, surging by 44% against the previous year. In general, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, alkyd resins import price increased by +53.4% against 2018 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+4.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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