Bulgaria: Market for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium 2024

Market Size for Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Bulgaria

The Bulgarian aqueous paint and varnish market skyrocketed to $X in 2021, jumping by 26% against the previous year. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market reached the peak level in 2021 and is expected to retain growth in the near future.

Production of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium in Bulgaria

In value terms, aqueous paint and varnish production shrank modestly to $X in 2021 estimated in export price. Overall, production continues to indicate a slight decrease. The pace of growth was the most pronounced in 2018 with an increase of 9.4%. As a result, production reached the peak level of $X. From 2019 to 2021, production growth remained at a somewhat lower figure.

Exports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Exports from Bulgaria

In 2021, approx. X tons of paints and varnishes dispersed or dissolved in an aqueous medium were exported from Bulgaria; with a decrease of -75.2% against the year before. Over the period under review, exports recorded a abrupt decline. The growth pace was the most rapid in 2013 with an increase of 182%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, aqueous paint and varnish exports dropped notably to $X in 2021. Overall, exports, however, showed a mild increase. The most prominent rate of growth was recorded in 2013 with an increase of 118% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Romania (X tons), Cyprus (X tons) and Moldova (X tons) were the main destinations of aqueous paint and varnish exports from Bulgaria, with a combined 66% share of total exports. Greece, Serbia, Russia, Malta, North Macedonia, Armenia, Belgium and the UK lagged somewhat behind, together comprising a further 27%.

From 2012 to 2021, the biggest increases were recorded for Russia (with a CAGR of +117.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Cyprus ($X) and Greece ($X) constituted the largest markets for aqueous paint and varnish exported from Bulgaria worldwide, together comprising 58% of total exports. These countries were followed by Russia, Serbia, Moldova, Armenia, Malta, North Macedonia, Belgium and the UK, which together accounted for a further 30%.

Among the main countries of destination, Russia, with a CAGR of +114.9%, saw the highest rates of growth with regard to the value of exports, 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 aqueous paint and varnish export price amounted to $X per ton, surging by 135% against the previous year. Over the period under review, the export price enjoyed a resilient expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the UK ($X per ton), while the average price for exports to Moldova ($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 the UK (+18.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Paints And Varnishes Dispersed Or Dissolved In An Aqueous Medium

Imports into Bulgaria

In 2021, aqueous paint and varnish imports into Bulgaria expanded markedly to X tons, with an increase of 7.1% against the year before. In general, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.4% 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 +11.4% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 27%. Over the period under review, imports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, aqueous paint and varnish imports surged to $X in 2021. The total import value increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Greece (X tons) constituted the largest supplier of aqueous paint and varnish to Bulgaria, accounting for a 30% share of total imports. Moreover, aqueous paint and varnish imports from Greece exceeded the figures recorded by the second-largest supplier, Romania (X tons), twofold. Italy (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Greece stood at +15.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+2.5% per year) and Italy (+5.2% per year).

In value terms, Greece ($X), Italy ($X) and Germany ($X) constituted the largest aqueous paint and varnish suppliers to Bulgaria, with a combined 52% share of total imports. Romania, Austria, the Czech Republic, Turkey, Poland, the UK, Serbia and Belgium lagged somewhat behind, together comprising a further 37%.

Serbia, with a CAGR of +20.4%, recorded the highest rates of growth with regard to the value of imports, in terms of 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 aqueous paint and varnish import price amounted to $X per ton, rising by 18% against the previous year. In general, the import price, however, showed a noticeable decline. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was the UK ($X per ton), while the price for Serbia ($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 (+7.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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