Bulgaria: Phenolic Resins Market 2024

Phenolic Resins Market Size in Bulgaria

After three years of decline, the Bulgarian phenolic resins market increased by 56% to $X in 2021. In general, consumption, however, saw a perceptible curtailment. Phenolic resins consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Phenolic Resins Exports

Exports from Bulgaria

In 2021, phenolic resins exports from Bulgaria skyrocketed to X tons, with an increase of 122% on the previous year. In general, exports recorded a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, phenolic resins exports skyrocketed to $X in 2021. Over the period under review, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Italy (X tons) was the main destination for phenolic resins exports from Bulgaria, accounting for a 49% share of total exports. Moreover, phenolic resins exports to Italy exceeded the volume sent to the second major destination, Russia (X tons), threefold. The third position in this ranking was taken by Turkey (X tons), with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to Italy stood at +37.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+56.0% per year) and Turkey (+192.3% per year).

In value terms, Italy ($X) emerged as the key foreign market for phenolic resins in primary forms exports from Bulgaria, comprising 52% of total exports. The second position in the ranking was held by Turkey ($X), with a 24% share of total exports. It was followed by Russia, with a 17% share.

From 2012 to 2021, the average annual growth rate of value to Italy totaled +41.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+191.1% per year) and Russia (+15.8% per year).

Export Prices by Country

The average phenolic resins export price stood at $X per ton in 2021, with an increase of 11% against the previous year. In general, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, phenolic resins export price increased by +8.1% against 2018 indices. The growth pace was the most rapid in 2014 an increase of 31% against the previous year. The export price peaked at $X per ton in 2015; however, from 2016 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to North Macedonia ($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 Serbia (+20.1%), while the prices for the other major destinations experienced mixed trend patterns.

Phenolic Resins Imports

Imports into Bulgaria

In 2021, after three years of decline, there was significant growth in supplies from abroad of phenolic resins in primary forms, when their volume increased by 37% to X tons. Overall, imports, however, saw a pronounced setback. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, phenolic resins imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a slight slump. Imports peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Romania (X tons) constituted the largest phenolic resins supplier to Bulgaria, accounting for a 56% share of total imports. Moreover, phenolic resins imports from Romania exceeded the figures recorded by the second-largest supplier, Turkey (X tons), threefold. The third position in this ranking was taken by Portugal (X tons), with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Romania amounted to +167.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+21.6% per year) and Portugal (0.0% per year).

In value terms, Romania ($X) constituted the largest supplier of phenolic resins in primary forms to Bulgaria, comprising 43% of total imports. The second position in the ranking was held by Turkey ($X), with a 17% share of total imports. It was followed by Germany, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Romania stood at +127.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+12.4% per year) and Germany (+9.6% per year).

Import Prices by Country

The average phenolic resins import price stood at $X per ton in 2021, jumping by 22% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 28%. The import price peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+54.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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