Bulgaria: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Bulgaria

After four years of growth, the Bulgarian market for petroleum lubricating oil and grease decreased by X% to $X in 2022. Overall, the total consumption indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2017 indices. As a result, consumption attained the peak level of $X, and then reduced in the following year.

Production of Petroleum Lubricating Oil And Grease in Bulgaria

In value terms, petroleum lubricating oil and grease production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Exports of Petroleum Lubricating Oil And Grease

Exports from Bulgaria

After three years of decline, overseas shipments of petroleum lubricating oil and grease increased by X% to X tons in 2022. Overall, exports, however, showed a pronounced descent. The growth pace was the most rapid in 2017 with an increase of X%. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, petroleum lubricating oil and grease exports skyrocketed to $X in 2022. In general, exports, however, saw a slight reduction. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Greece (X tons) was the main destination for petroleum lubricating oil and grease exports from Bulgaria, with a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Greece exceeded the volume sent to the second major destination, Serbia (X tons), fivefold. Austria (X tons) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual growth rate of volume to Greece amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (X% per year) and Austria (X% per year).

In value terms, Greece ($X), Austria ($X) and Serbia ($X) constituted the largest markets for petroleum lubricating oil and grease exported from Bulgaria worldwide, with a combined X% share of total exports. Romania, Germany, Georgia, Hungary, the Czech Republic, Turkey, Malaysia and Slovakia lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, Malaysia, with a CAGR of X%, recorded the highest growth rate of 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 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, with an increase of X% against the previous year. Overall, the export price enjoyed a tangible expansion. The pace of growth appeared the most rapid in 2020 when the average export price increased by X%. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a lower figure.

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 Malaysia ($X per ton), while the average price for exports to Greece ($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 Slovakia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Petroleum Lubricating Oil And Grease

Imports into Bulgaria

In 2022, the amount of petroleum lubricating oil and grease imported into Bulgaria fell to X tons, dropping by X% on the previous year. Overall, total imports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. As a result, imports attained the peak of X tons, and then dropped in the following year.

In value terms, petroleum lubricating oil and grease imports declined to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, imports attained the peak of $X, leveling off in the following year.

Imports by Country

Germany (X tons), Italy (X tons) and the UK (X tons) were the main suppliers of petroleum lubricating oil and grease imports to Bulgaria, together accounting for X% of total imports. Austria, Poland, the Netherlands, Greece, Belgium and Romania lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of petroleum lubricating oil and grease to Bulgaria, comprising X% of total imports. The second position in the ranking was taken by Italy ($X), with an X% share of total imports. It was followed by the UK, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (X% per year) and the UK (X% per year).

Import Prices by Country

The average import price for petroleum lubricating oil and grease stood at $X per ton in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth appeared the most rapid in 2016 when the average import price increased by X% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020; however, from 2021 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 Belgium ($X per ton), while the price for Poland ($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 (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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