Bulgaria: Market for Asphalt or Bitumen Articles 2024

Market Size for Asphalt or Bitumen Articles in Bulgaria

For the third consecutive year, the Bulgarian asphalt or bitumen article market recorded growth in sales value, which increased by 11% to $X in 2022. The market value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Production of Asphalt or Bitumen Articles in Bulgaria

In value terms, asphalt or bitumen article production shrank modestly to $X in 2022 estimated in export price. Over the period under review, production, however, saw a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 30%. Asphalt or bitumen article production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Exports of Asphalt or Bitumen Articles

Exports from Bulgaria

In 2022, shipments abroad of asphalt or bitumen articles decreased by -78.8% to X tons, falling for the fifth year in a row after six years of growth. Overall, exports, however, saw a resilient increase. The growth pace was the most rapid in 2014 when exports increased by 1,576% against the previous year. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, asphalt or bitumen article exports dropped rapidly to $X in 2022. In general, exports, however, saw a prominent increase. The growth pace was the most rapid in 2014 with an increase of 1,340% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Serbia (X tons), Germany (X tons) and Greece (X tons) were the main destinations of asphalt or bitumen article exports from Bulgaria, together comprising 75% of total exports. Turkey, Georgia, Switzerland and Cyprus lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +75.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for asphalt or bitumen article exported from Bulgaria were Germany ($X), Georgia ($X) and Serbia ($X), with a combined 74% share of total exports. Greece, Switzerland, Turkey and Cyprus lagged somewhat behind, together comprising a further 24%.

In terms of the main countries of destination, Turkey, with a CAGR of +60.5%, recorded 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 asphalt or bitumen article export price amounted to $X per ton, rising by 277% against the previous year. Over the period under review, the export price posted a perceptible increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to Serbia ($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 Germany (+23.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Asphalt or Bitumen Articles

Imports into Bulgaria

In 2022, overseas purchases of asphalt or bitumen articles decreased by -14.8% to X tons for the first time since 2019, thus ending a two-year rising trend. In general, total imports indicated a tangible increase from 2012 to 2022: its volume 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, imports decreased by -16.3% against 2018 indices. The most prominent rate of growth was recorded in 2015 with an increase of 56%. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, asphalt or bitumen article imports expanded markedly to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +4.7% 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 +12.1% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 39%. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

Russia (X tons), Turkey (X tons) and Italy (X tons) were the main suppliers of asphalt or bitumen article imports to Bulgaria, together accounting for 57% of total imports. Romania, Greece, Hungary, Poland and Lithuania lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +40.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest asphalt or bitumen article suppliers to Bulgaria were Italy ($X), Romania ($X) and Russia ($X), with a combined 56% share of total imports. Turkey, Greece, Hungary, Poland and Lithuania lagged somewhat behind, together comprising a further 33%.

In terms of the main suppliers, Hungary, with a CAGR of +40.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average asphalt or bitumen article import price amounted to $X per ton, with an increase of 33% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 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 Hungary ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+0.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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