Bulgaria: Carbides Market 2024

Carbides Market Size in Bulgaria

In 2022, the Bulgarian carbides market was finally on the rise to reach $X for the first time since 2013, thus ending a eight-year declining trend. In general, consumption, however, continues to indicate a abrupt decline. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Carbides Production in Bulgaria

In value terms, carbides production declined to $X in 2022 estimated in export price. Over the period under review, production showed a deep downturn. The most prominent rate of growth was recorded in 2019 with an increase of 18% against the previous year. Carbides production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Carbides Exports

Exports from Bulgaria

Carbides exports from Bulgaria reduced markedly to X tons in 2022, waning by -81% on 2021 figures. Over the period under review, exports continue to indicate a abrupt slump. The growth pace was the most rapid in 2019 with an increase of 132% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021, and then declined significantly in the following year.

In value terms, carbides exports contracted significantly to $X in 2022. In general, exports saw a abrupt setback. The most prominent rate of growth was recorded in 2021 with an increase of 113% against the previous year. As a result, the exports reached the peak of $X, and then dropped rapidly in the following year.

Exports by Country

Romania (X tons) was the main destination for carbides exports from Bulgaria, accounting for a 62% share of total exports. Moreover, carbides exports to Romania exceeded the volume sent to the second major destination, Turkey (X tons), twofold. Poland (X tons) ranked third in terms of total exports with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania totaled -13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+6.9% per year) and Poland (-13.4% per year).

In value terms, Romania ($X) emerged as the key foreign market for carbides exports from Bulgaria, comprising 64% of total exports. The second position in the ranking was held by Turkey ($X), with a 26% share of total exports. It was followed by Poland, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania stood at -7.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+13.1% per year) and Poland (-8.2% per year).

Export Prices by Country

In 2022, the average carbides export price amounted to $X per ton, growing by 56% against the previous year. Over the period under review, export price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, carbides export price increased by +97.3% against 2019 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 ($X per ton), while the average price for exports to North Macedonia ($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 Serbia (+6.8%), while the prices for the other major destinations experienced more modest paces of growth.

Carbides Imports

Imports into Bulgaria

In 2022, the amount of carbides imported into Bulgaria dropped notably to X tons, shrinking by -43.7% on the year before. Over the period under review, imports, however, recorded a slight increase. The pace of growth was the most pronounced in 2021 when imports increased by 194%. Over the period under review, imports attained the maximum at X tons in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, carbides imports fell to $X in 2022. In general, total imports indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 +70.0% against 2020 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 105%. Imports peaked at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

Spain (X tons), Germany (X tons) and Ukraine (X tons) were the main suppliers of carbides imports to Bulgaria, with a combined 58% share of total imports. Slovenia, Italy, China and Poland 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 Slovenia (with a CAGR of +69.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of carbides to Bulgaria, comprising 20% of total imports. The second position in the ranking was held by China ($X), with a 9.8% share of total imports. It was followed by Italy, with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to +12.2%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.5% per year) and Italy (+18.5% per year).

Import Prices by Country

In 2022, the average carbides import price amounted to $X per ton, growing by 57% against the previous year. In general, the import price posted noticeable growth. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+5.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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