Bulgaria: Base Metal Closure Market 2024

Base Metal Closure Market Size in Bulgaria

The Bulgarian base metal closure market declined rapidly to $X in 2021, with a decrease of -19.1% against the previous year. Overall, consumption saw a perceptible slump. Base metal closure consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Base Metal Closure Production in Bulgaria

In value terms, base metal closure production declined to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +70.8% against 2015 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 28% against the previous year. Base metal closure production peaked at $X in 2020, and then declined modestly in the following year.

Base Metal Closure Exports

Exports from Bulgaria

In 2021, approx. X tons of base metal closures, stoppers, caps and lids were exported from Bulgaria; with an increase of 9.8% compared with 2020 figures. In general, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2020 when exports increased by 25%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

In value terms, base metal closure exports soared to $X in 2021. Over the period under review, exports showed buoyant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Romania (X tons) was the main destination for base metal closure exports from Bulgaria, accounting for a 22% share of total exports. Moreover, base metal closure exports to Romania exceeded the volume sent to the second major destination, Turkey (X tons), threefold. The third position in this ranking was held by Italy (X tons), with a 7.8% share.

From 2012 to 2021, the average annual growth rate of volume to Romania stood at +16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+4.3% per year) and Italy (+77.9% per year).

In value terms, Romania ($X), Germany ($X) and France ($X) were the largest markets for base metal closure exported from Bulgaria worldwide, with a combined 37% share of total exports. These countries were followed by Italy, Greece, the UK, Turkey, Poland, Slovakia, Serbia, North Macedonia, the Czech Republic and Hungary, which together accounted for a further 47%.

Italy, with a CAGR of +62.3%, recorded the highest rates of growth with regard to 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

In 2021, the average base metal closure export price amounted to $X per ton, growing by 14% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was France ($X per ton), while the average price for exports to Turkey ($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 Poland (+3.0%), while the prices for the other major destinations experienced more modest paces of growth.

Base Metal Closure Imports

Imports into Bulgaria

For the third consecutive year, Bulgaria recorded decline in purchases abroad of base metal closures, stoppers, caps and lids, which decreased by -1.9% to X tons in 2021. The total import volume increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2015 with an increase of 21% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, base metal closure imports rose to $X in 2021. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 24%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Turkey (X tons) constituted the largest base metal closure supplier to Bulgaria, with a 66% share of total imports. Moreover, base metal closure imports from Turkey exceeded the figures recorded by the second-largest supplier, Greece (X tons), sevenfold. Germany (X tons) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey totaled +7.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Greece (+0.4% per year) and Germany (-5.4% per year).

In value terms, Turkey ($X) constituted the largest supplier of base metal closures, stoppers, caps and lids to Bulgaria, comprising 47% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by Poland, with a 9.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey amounted to +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-3.5% per year) and Poland (+15.9% per year).

Import Prices by Country

In 2021, the average base metal closure import price amounted to $X per ton, increasing by 3.8% against the previous year. Over the period under review, the import price, however, recorded a slight decline. The pace of growth appeared the most rapid in 2018 an increase of 24%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Spain ($X per ton), while the price for Greece ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+16.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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