Bulgaria: Market for Oil And Water Paints And Varnishes 2024

Market Size for Oil And Water Paints And Varnishes in Bulgaria

The Bulgarian market for oil and water paints and varnishes surged to $X in 2021, picking up by 28% against the previous year. Over the period under review, the total consumption indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 +79.5% against 2015 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Oil And Water Paints And Varnishes in Bulgaria

In value terms, production of oil and water paints and varnishes expanded significantly to $X in 2021 estimated in export price. Over the period under review, the total production indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +11.1% against 2019 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 80%. As a result, production reached the peak level of $X. From 2017 to 2021, production of growth remained at a somewhat lower figure.

Exports of Oil And Water Paints And Varnishes

Exports from Bulgaria

In 2021, overseas shipments of oil and water paints and varnishes decreased by -0.7% to X tons, falling for the second consecutive year after two years of growth. In general, exports showed a mild slump. The most prominent rate of growth was recorded in 2015 with an increase of 156% against the previous year. As a result, the exports reached the peak of X tons. From 2016 to 2021, the growth of the exports of remained at a lower figure.

In value terms, exports of oil and water paints and varnishes fell rapidly to $X in 2021. Over the period under review, exports recorded a pronounced decline. The pace of growth appeared the most rapid in 2014 when exports increased by 122% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Moldova (X tons) was the main destination for exports of oil and water paints and varnishes from Bulgaria, with a 79% share of total exports. Moreover, exports of oil and water paints and varnishes to Moldova exceeded the volume sent to the second major destination, Romania (X tons), sevenfold. North Macedonia (X tons) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2021, the average annual growth rate of volume to Moldova totaled +17.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Romania (+13.5% per year) and North Macedonia (+7.2% per year).

In value terms, the largest markets for oil and water paints and varnishes exported from Bulgaria were Romania ($X), Moldova ($X) and North Macedonia ($X), with a combined 77% share of total exports. Cyprus, Russia and Turkey lagged somewhat behind, together comprising a further 10%.

Cyprus, with a CAGR of +27.6%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for oil and water paints and varnishes amounted to $X per ton, dropping by -39.3% against the previous year. Over the period under review, the export price recorded a pronounced curtailment. The growth pace was the most rapid in 2013 when the average export price increased by 95% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Romania ($X per ton), while the average price for exports to Moldova ($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 Turkey (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Oil And Water Paints And Varnishes

Imports into Bulgaria

In 2021, purchases abroad of oil and water paints and varnishes increased by 26% to X tons, rising for the fifth year in a row after two years of decline. Over the period under review, imports recorded a prominent expansion. The pace of growth appeared the most rapid in 2018 with an increase of 56%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, imports of oil and water paints and varnishes soared to $X in 2021. In general, imports showed resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 43% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, the Czech Republic (X tons) constituted the largest supplier of oil and water paints and varnishes to Bulgaria, accounting for a 47% share of total imports. Moreover, imports of oil and water paints and varnishes from the Czech Republic exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. Italy (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Czech Republic totaled +125.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+6.0% per year) and Italy (+5.5% per year).

In value terms, the Czech Republic ($X), Germany ($X) and Italy ($X) appeared to be the largest oil and water paints and varnishes suppliers to Bulgaria, together accounting for 72% of total imports.

In terms of the main suppliers, the Czech Republic, with a CAGR of +117.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for oil and water paints and varnishes stood at $X per ton in 2021, surging by 11% against the previous year. In general, the import price, however, recorded a noticeable reduction. Over the period under review, average import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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