Bulgaria: Argon Market 2024

Argon Market Size in Bulgaria

The Bulgarian argon market soared to $X in 2022, increasing by 30% against the previous year. In general, consumption, however, showed a prominent increase. Argon consumption peaked in 2022 and is likely to see steady growth in years to come.

Argon Production in Bulgaria

In value terms, argon production dropped to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a strong expansion. The pace of growth was the most pronounced in 2019 when the production volume increased by 81%. Over the period under review, production hit record highs at $X in 2021, and then contracted in the following year.

Argon Exports

Exports from Bulgaria

Argon exports from Bulgaria shrank to X cubic meters in 2022, dropping by -6.8% on the year before. In general, exports recorded a noticeable slump. The pace of growth was the most pronounced in 2013 with an increase of 14%. As a result, the exports attained the peak of X cubic meters. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, argon exports surged to $X in 2022. Overall, total exports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +79.8% against 2020 indices. The exports peaked at $X in 2013; afterwards, it flattened through to 2022.

Exports by Country

Greece (X cubic meters) was the main destination for argon exports from Bulgaria, with a 82% share of total exports. Moreover, argon exports to Greece exceeded the volume sent to the second major destination, Romania (X cubic meters), ninefold. The third position in this ranking was taken by Serbia (X cubic meters), with a 3.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Greece stood at +5.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (-19.8% per year) and Serbia (+15.4% per year).

In value terms, Greece ($X) remains the key foreign market for argon exports from Bulgaria, comprising 83% of total exports. The second position in the ranking was held by Serbia ($X), with a 6.4% share of total exports. It was followed by Romania, with a 5.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Greece amounted to +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+26.0% per year) and Romania (-19.4% per year).

Export Prices by Country

The average argon export price stood at $X per cubic meter in 2022, surging by 73% against the previous year. Overall, export price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, argon export price increased by +99.7% against 2020 indices. As a result, the export price attained 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 Serbia ($X per cubic meter), while the average price for exports to Turkey ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Serbia (+9.3%), while the prices for the other major destinations experienced more modest paces of growth.

Argon Imports

Imports into Bulgaria

In 2022, the amount of argon imported into Bulgaria contracted slightly to X cubic meters, which is down by -4.1% against 2021 figures. The total import volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2016 when imports increased by 12% against the previous year. Imports peaked at X cubic meters in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, argon imports surged to $X in 2022. Overall, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.4% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Serbia (X cubic meters) constituted the largest argon supplier to Bulgaria, with a 55% share of total imports. Moreover, argon imports from Serbia exceeded the figures recorded by the second-largest supplier, Moldova (X cubic meters), fourfold. Romania (X cubic meters) ranked third in terms of total imports with a 13% share.

From 2012 to 2022, the average annual growth rate of volume from Serbia stood at +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (0.0% per year) and Romania (-3.8% per year).

In value terms, the largest argon suppliers to Bulgaria were Serbia ($X), Moldova ($X) and Turkey ($X), with a combined 75% share of total imports.

Turkey, with a CAGR of +877.7%, recorded the highest growth rate of the value of imports, in terms of 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 argon import price stood at $X per cubic meter in 2022, with an increase of 49% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, argon import price increased by +72.1% against 2016 indices. As a result, import price reached 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 Turkey ($X per cubic meter), while the price for Serbia ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+153.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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