Bulgaria: Market for Refined or Synthetic Glycerol 2024

Market Size for Refined or Synthetic Glycerol in Bulgaria

The Bulgarian refined or synthetic glycerol market skyrocketed to $X in 2022, with an increase of 395% against the previous year. In general, consumption posted a buoyant expansion. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Refined or Synthetic Glycerol in Bulgaria

In value terms, refined or synthetic glycerol production skyrocketed to $X in 2022 estimated in export price. Overall, production showed a significant expansion. As a result, production attained the peak level and is likely to continue growth in the immediate term.

Exports of Refined or Synthetic Glycerol

Exports from Bulgaria

In 2022, overseas shipments of refined or synthetic glycerol increased by 57% to X tons, rising for the second year in a row after two years of decline. In general, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2014 with an increase of 3,082% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, refined or synthetic glycerol exports surged to $X in 2022. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 1,778% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for refined or synthetic glycerol exports from Bulgaria, accounting for a 47% share of total exports. Moreover, refined or synthetic glycerol exports to Turkey exceeded the volume sent to the second major destination, Romania (X tons), fourfold. The Netherlands (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Turkey totaled +44.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+79.0% per year) and the Netherlands (+314.8% per year).

In value terms, Turkey ($X) remains the key foreign market for refined or synthetic glycerol exports from Bulgaria, comprising 39% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 15% share of total exports. It was followed by Romania, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Turkey totaled +55.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+586.2% per year) and Romania (+80.1% per year).

Export Prices by Country

The average refined or synthetic glycerol export price stood at $X per ton in 2022, surging by 33% against the previous year. Overall, the export price saw a pronounced expansion. The most prominent rate of growth was recorded in 2021 an increase of 93% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Germany ($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 the Netherlands (+65.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Refined or Synthetic Glycerol

Imports into Bulgaria

In 2022, after three years of decline, there was growth in overseas purchases of refined or synthetic glycerol, when their volume increased by less than 0.1% to X tons. Over the period under review, imports, however, recorded a perceptible contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 219%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, refined or synthetic glycerol imports skyrocketed to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 120%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Austria (X tons) constituted the largest refined or synthetic glycerol supplier to Bulgaria, with a 61% share of total imports. Moreover, refined or synthetic glycerol imports from Austria exceeded the figures recorded by the second-largest supplier, the Czech Republic (X tons), fivefold. The third position in this ranking was taken by Germany (X tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Austria totaled -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (-3.6% per year) and Germany (-0.5% per year).

In value terms, Austria ($X) constituted the largest supplier of refined or synthetic glycerol to Bulgaria, comprising 45% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by the Czech Republic, with a 16% share.

From 2012 to 2022, the average annual growth rate of value from Austria totaled -1.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+8.6% per year) and the Czech Republic (+4.1% per year).

Import Prices by Country

In 2022, the average refined or synthetic glycerol import price amounted to $X per ton, jumping by 26% against the previous year. In general, the import price posted a pronounced increase. The pace of growth appeared the most rapid in 2021 when the average import price increased by 52% against the previous year. Over the period under review, average import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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 France ($X per ton), while the price for Austria ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+25.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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