Bulgaria: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Bulgaria

In 2022, the Bulgarian carbon dioxide market increased by 28% to $X, rising for the fourth year in a row after two years of decline. In general, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +85.3% against 2018 indices. Carbon dioxide consumption peaked in 2022 and is expected to retain growth in the near future.

Carbon Dioxide Production in Bulgaria

In value terms, carbon dioxide production declined slightly to $X in 2022 estimated in export price. Over the period under review, production, however, showed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 226% against the previous year. Carbon dioxide production peaked at $X in 2016; however, from 2017 to 2022, production remained at a lower figure.

Carbon Dioxide Exports

Exports from Bulgaria

In 2022, approx. X tons of carbon dioxide were exported from Bulgaria; with a decrease of -18.4% compared with the previous year. In general, exports, however, posted a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 108% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, carbon dioxide exports shrank modestly to $X in 2022. Over the period under review, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +11.5% 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 +34.3% against 2018 indices. The pace of growth appeared the most rapid in 2013 with an increase of 114% against the previous year. The exports peaked at $X in 2021, and then reduced slightly in the following year.

Exports by Country

Romania (X tons) was the main destination for carbon dioxide exports from Bulgaria, with a 98% share of total exports. It was followed by Ukraine (X tons), with a 1.7% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Romania stood at +12.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (-5.0% per year) and Greece (-9.2% per year).

In value terms, Romania ($X) remains the key foreign market for carbon dioxide exports from Bulgaria, comprising 97% of total exports. The second position in the ranking was taken by Ukraine ($X), with a 2.3% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania amounted to +11.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ukraine (+11.1% per year) and Greece (-7.6% per year).

Export Prices by Country

The average carbon dioxide export price stood at $X per ton in 2022, surging by 21% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Romania ($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 Ukraine (+16.8%), while the prices for the other major destinations experienced mixed trend patterns.

Carbon Dioxide Imports

Imports into Bulgaria

In 2022, supplies from abroad of carbon dioxide increased by 33% to X tons, rising for the second year in a row after three years of decline. Overall, imports, however, recorded a mild shrinkage. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, carbon dioxide imports surged to $X in 2022. In general, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 39%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, North Macedonia (X tons) constituted the largest carbon dioxide supplier to Bulgaria, with a 74% share of total imports. Moreover, carbon dioxide imports from North Macedonia exceeded the figures recorded by the second-largest supplier, Serbia (X tons), threefold. The third position in this ranking was held by Hungary (X tons), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from North Macedonia amounted to -4.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Serbia (+15.4% per year) and Hungary (+63.7% per year).

In value terms, the largest carbon dioxide suppliers to Bulgaria were North Macedonia ($X), Hungary ($X) and Serbia ($X), together accounting for 96% of total imports.

Hungary, with a CAGR of +71.5%, 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

In 2022, the average carbon dioxide import price amounted to $X per ton, approximately mirroring the previous year. In general, import price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, carbon dioxide import price increased by +51.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 an increase of 27%. As a result, import price attained the peak level of $X per ton, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Hungary ($X per ton), while the price for North Macedonia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+4.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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