Bulgaria: Paint And Varnish Market 2025

Paint And Varnish Market Size in Bulgaria

In 2022, after two years of growth, there was decline in the Bulgarian paint and varnish market, when its value decreased by -2.7% to $X. Overall, consumption showed a slight decrease. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Paint And Varnish Production in Bulgaria

In value terms, paint and varnish production expanded significantly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. Over the period under review, production reached the maximum level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Paint And Varnish Exports

Exports from Bulgaria

For the third consecutive year, Bulgaria recorded decline in overseas shipments of paints and varnishes, which decreased by -11.9% to X tons in 2022. Overall, exports continue to indicate a slight decrease. The pace of growth appeared the most rapid in 2013 when exports increased by 73% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, paint and varnish exports expanded rapidly to $X in 2022. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when exports increased by 35%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

Romania (X tons) was the main destination for paint and varnish exports from Bulgaria, accounting for a 60% share of total exports. Moreover, paint and varnish exports to Romania exceeded the volume sent to the second major destination, Moldova (X tons), ninefold. The third position in this ranking was held by the Netherlands (X tons), with a 5.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania totaled -4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Moldova (+4.8% per year) and the Netherlands (+39.0% per year).

In value terms, Romania ($X) remains the key foreign market for paints and varnishes exports from Bulgaria, comprising 64% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 4.4% share of total exports. It was followed by Moldova, with a 4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania amounted to +3.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+32.7% per year) and Moldova (+7.4% per year).

Export Prices by Country

In 2022, the average paint and varnish export price amounted to $X per ton, rising by 27% against the previous year. Overall, the export price recorded a prominent increase. The pace of growth was the most pronounced in 2021 when the average export price increased by 58%. The export price peaked in 2022 and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Belarus ($X per ton), while the average price for exports to Moldova ($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 Georgia (+8.1%), while the prices for the other major destinations experienced more modest paces of growth.

Paint And Varnish Imports

Imports into Bulgaria

In 2022, supplies from abroad of paints and varnishes increased by 0.3% to X tons, rising for the third year in a row after two years of decline. Overall, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +5.7% 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 +14.2% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 15% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, paint and varnish imports fell modestly to $X in 2022. In general, total imports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +59.0% against 2015 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 29%. As a result, imports reached the peak of $X, leveling off in the following year.

Imports by Country

In 2022, Greece (X tons) constituted the largest supplier of paint and varnish to Bulgaria, accounting for a 24% share of total imports. Moreover, paint and varnish imports from Greece exceeded the figures recorded by the second-largest supplier, Italy (X tons), twofold. Romania (X tons) ranked third in terms of total imports with a 9.1% share.

From 2012 to 2022, the average annual growth rate of volume from Greece totaled +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.6% per year) and Romania (+1.7% per year).

In value terms, the largest paint and varnish suppliers to Bulgaria were Greece ($X), Italy ($X) and Germany ($X), together comprising 44% of total imports. Austria, the Netherlands, Turkey, Poland, Romania, Slovenia, Belgium and Serbia lagged somewhat behind, together accounting for a further 45%.

In terms of the main suppliers, Serbia, with a CAGR of +26.0%, recorded the highest rates of growth with regard to 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 paint and varnish import price stood at $X per ton in 2022, approximately mirroring the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 18% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+3.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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