Bulgaria: Methanol Market 2024

Methanol Market Size in Bulgaria

In 2022, the Bulgarian methanol market increased by 37% to $X, rising for the second year in a row after two years of decline. In general, consumption saw prominent growth. Methanol consumption peaked in 2022 and is expected to retain growth in the immediate term.

Methanol Exports

Exports from Bulgaria

Methanol exports from Bulgaria declined remarkably to X tons in 2022, falling by -48.1% against the previous year. Overall, exports recorded a sharp slump. The pace of growth was the most pronounced in 2019 with an increase of 106% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, methanol exports contracted markedly to $X in 2022. In general, exports showed a sharp setback. The pace of growth appeared the most rapid in 2019 when exports increased by 63%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Serbia (X tons) was the main destination for methanol exports from Bulgaria, with a 68% share of total exports. Moreover, methanol exports to Serbia exceeded the volume sent to the second major destination, North Macedonia (X tons), fivefold. The third position in this ranking was taken by Greece (X tons), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to Serbia stood at +12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: North Macedonia (+27.4% per year) and Greece (-42.4% per year).

In value terms, Serbia ($X) emerged as the key foreign market for methanol (methyl alcohol) exports from Bulgaria, comprising 61% of total exports. The second position in the ranking was taken by Greece ($X), with a 16% share of total exports. It was followed by North Macedonia, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Serbia stood at +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-40.5% per year) and North Macedonia (+27.3% per year).

Export Prices by Country

The average methanol export price stood at $X per ton in 2022, reducing by -7.9% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average export price increased by 62%. As a result, the export price reached the peak level of $X per ton, and then declined in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Romania ($X per ton), while the average price for exports to Serbia ($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 Moldova (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Methanol Imports

Imports into Bulgaria

In 2022, methanol imports into Bulgaria expanded rapidly to X tons, increasing by 5.7% on 2021. The total import volume increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 21%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, methanol imports surged to $X in 2022. In general, imports enjoyed a strong increase. The growth pace was the most rapid in 2021 with an increase of 82%. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Romania (X tons) constituted the largest methanol supplier to Bulgaria, accounting for a 75% share of total imports. Moreover, methanol imports from Romania exceeded the figures recorded by the second-largest supplier, Turkey (X tons), sixfold. The third position in this ranking was held by Spain (X tons), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of volume from Romania totaled +6.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+58.0% per year) and Spain (+236.6% per year).

In value terms, Romania ($X) constituted the largest supplier of methanol (methyl alcohol) to Bulgaria, comprising 57% of total imports. The second position in the ranking was held by Spain ($X), with a 25% share of total imports. It was followed by Turkey, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from Romania amounted to +8.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+233.2% per year) and Turkey (+56.1% per year).

Import Prices by Country

The average methanol import price stood at $X per ton in 2022, jumping by 46% against the previous year. Over the period under review, the import price continues to indicate a pronounced increase. The growth pace was the most rapid in 2021 when the average import price increased by 73%. Over the period under review, average import prices hit record highs in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Serbia (+3.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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