Bulgaria: Epoxide Resin Market 2024

Epoxide Resin Market Size in Bulgaria

The Bulgarian epoxide resin market skyrocketed to $X in 2021, growing by 36% against the previous year. Overall, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +11.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +97.6% against 2015 indices. Epoxide resin consumption peaked in 2021 and is expected to retain growth in the immediate term.

Epoxide Resin Production in Bulgaria

In value terms, epoxide resin production amounted to $X in 2021 estimated in export price. In general, production showed a relatively flat trend pattern. Over the period under review, production reached the peak level in 2021 and is expected to retain growth in the immediate term.

Epoxide Resin Exports

Exports from Bulgaria

Epoxide resin exports from Bulgaria fell sharply to X tons in 2021, with a decrease of -75.6% on the previous year's figure. Overall, exports showed a deep reduction. The pace of growth was the most pronounced in 2016 when exports increased by 55%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, epoxide resin exports fell markedly to $X in 2021. Over the period under review, exports recorded a deep contraction. The pace of growth was the most pronounced in 2014 with an increase of 27% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

North Macedonia (X tons) was the main destination for epoxide resin exports from Bulgaria, with a 68% share of total exports. Moreover, epoxide resin exports to North Macedonia exceeded the volume sent to the second major destination, Serbia (X tons), threefold. Armenia (X tons) ranked third in terms of total exports with a 3.3% share.

From 2012 to 2021, the average annual growth rate of volume to North Macedonia totaled -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+30.9% per year) and Armenia (+159.5% per year).

In value terms, North Macedonia ($X) emerged as the key foreign market for epoxide resins exports from Bulgaria, comprising 58% of total exports. The second position in the ranking was taken by Serbia ($X), with a 24% share of total exports. It was followed by Greece, with a 4.7% share.

From 2012 to 2021, the average annual growth rate of value to North Macedonia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+27.6% per year) and Greece (+53.9% per year).

Export Prices by Country

The average epoxide resin export price stood at $X per ton in 2021, rising by 123% against the previous year. Over the period under review, the export price saw a buoyant expansion. 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 Italy ($X per ton), while the average price for exports to Romania ($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 Greece (+56.0%), while the prices for the other major destinations experienced more modest paces of growth.

Epoxide Resin Imports

Imports into Bulgaria

In 2021, the amount of epoxide resins imported into Bulgaria expanded rapidly to X tons, growing by 5.6% on 2020 figures. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +7.0% against 2018 indices. The most prominent rate of growth was recorded in 2016 with an increase of 26% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, epoxide resin imports skyrocketed to $X in 2021. Over the period under review, total imports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +80.5% against 2015 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to continue growth in the near future.

Imports by Country

Turkey (X tons), Germany (X tons) and Italy (X tons) were the main suppliers of epoxide resin imports to Bulgaria, with a combined 79% share of total imports. These countries were followed by Romania, the Netherlands, India, Austria, Slovakia and the Czech Republic, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for the Netherlands (with a CAGR of +42.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest epoxide resin suppliers to Bulgaria were Germany ($X), Turkey ($X) and Italy ($X), together accounting for 71% of total imports. These countries were followed by the Netherlands, Austria, Slovakia, Romania, India and the Czech Republic, which together accounted for a further 23%.

The Netherlands, with a CAGR of +43.1%, saw the highest growth rate of the value of imports, among 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 2021, the average epoxide resin import price amounted to $X per ton, increasing by 15% against the previous year. Over the last nine years, it increased at an average annual rate of +1.5%. The pace of growth was the most pronounced in 2017 an increase of 17% against the previous year. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+17.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :