Bulgaria: Market for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Bulgaria

The Bulgarian non-aqueous paint and varnish market reduced modestly to $X in 2022, falling by -3.6% against the previous year. The market value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Non-aqueous paint and varnish consumption peaked at $X in 2021, and then shrank slightly in the following year.

Production of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium in Bulgaria

In value terms, non-aqueous paint and varnish production surged to $X in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 34% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Exports from Bulgaria

For the third consecutive year, Bulgaria recorded decline in overseas shipments of paints and varnishes dispersed or dissolved in a non-aqueous medium, which decreased by -1.4% to X tons in 2022. In general, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 41% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, non-aqueous paint and varnish exports rose markedly to $X in 2022. Overall, total exports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.1% 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 +116.6% against 2016 indices. The pace of growth was the most pronounced in 2017 with an increase of 33%. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in years to come.

Exports by Country

Romania (X tons) was the main destination for non-aqueous paint and varnish exports from Bulgaria, accounting for a 74% share of total exports. Moreover, non-aqueous paint and varnish exports to Romania exceeded the volume sent to the second major destination, Moldova (X tons), more than tenfold. The third position in this ranking was taken by Georgia (X tons), with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania amounted to -1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (+4.7% per year) and Georgia (+7.4% per year).

In value terms, Romania ($X) remains the key foreign market for paints and varnishes dispersed or dissolved in a non-aqueous medium exports from Bulgaria, comprising 74% of total exports. The second position in the ranking was held by Moldova ($X), with a 3.8% share of total exports. It was followed by Georgia, with a 3.1% share.

From 2012 to 2022, the average annual growth rate of value to Romania totaled +3.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (+6.9% per year) and Georgia (+13.4% per year).

Export Prices by Country

The average non-aqueous paint and varnish export price stood at $X per ton in 2022, growing by 13% against the previous year. Over the period under review, export price indicated a perceptible increase from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, non-aqueous paint and varnish export price increased by +88.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 41%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Georgia ($X per ton), while the average price for exports to Slovenia ($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 UK (+24.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In A Non-Aqueous Medium

Imports into Bulgaria

After three years of growth, supplies from abroad of paints and varnishes dispersed or dissolved in a non-aqueous medium decreased by -3.2% to X tons in 2022. The total import volume increased at an average annual rate of +4.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 12% against the previous year. Over the period under review, imports hit record highs at X tons in 2021, and then shrank slightly in the following year.

In value terms, non-aqueous paint and varnish imports contracted to $X in 2022. Overall, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +55.4% against 2015 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 29% against the previous year. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

Italy (X tons), Greece (X tons) and Turkey (X tons) were the main suppliers of non-aqueous paint and varnish imports to Bulgaria, together accounting for 38% of total imports. Germany, the Netherlands, Austria, Poland, Belgium, Slovenia and Romania lagged somewhat behind, together accounting for a further 53%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Slovenia (with a CAGR of +12.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest non-aqueous paint and varnish suppliers to Bulgaria were Italy ($X), Germany ($X) and Austria ($X), together accounting for 42% of total imports. Greece, the Netherlands, Turkey, Poland, Slovenia, Belgium and Romania lagged somewhat behind, together comprising a further 48%.

In terms of the main suppliers, Turkey, with a CAGR of +12.4%, saw 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

In 2022, the average non-aqueous paint and varnish import price amounted to $X per ton, growing by 1.6% against the previous year. In general, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 17%. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue 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 Germany ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :