Bulgaria: Propylene Glycol Market 2024

Propylene Glycol Market Size in Bulgaria

The Bulgarian propylene glycol market contracted remarkably to $X in 2022, which is down by -23.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed a strong expansion. As a result, consumption reached the peak level of $X, and then reduced sharply in the following year.

Propylene Glycol Exports

Exports from Bulgaria

In 2022, after three years of growth, there was significant decline in overseas shipments of propylene glycol (propane-1,2-diol), when their volume decreased by -47.2% to X tons. Overall, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2017 with an increase of 1,461% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2021, and then contracted significantly in the following year.

In value terms, propylene glycol exports shrank rapidly to $X in 2022. In general, exports, however, posted a significant increase. The growth pace was the most rapid in 2021 with an increase of 590%. As a result, the exports reached the peak of $X, and then contracted notably in the following year.

Exports by Country

Greece (X tons), Belgium (X tons) and North Macedonia (X tons) were the main destinations of propylene glycol exports from Bulgaria, together comprising 72% of total exports.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +117.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Greece ($X) remains the key foreign market for propylene glycol (propane-1,2-diol) exports from Bulgaria, comprising 38% of total exports. The second position in the ranking was held by Belgium ($X), with a 17% share of total exports. It was followed by North Macedonia, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Greece totaled +100.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+30.1% per year) and North Macedonia (+9.8% per year).

Export Prices by Country

In 2022, the average propylene glycol export price amounted to $X per ton, increasing by 4.4% against the previous year. Overall, the export price enjoyed a perceptible increase. The pace of growth was the most pronounced in 2018 when the average export price increased by 50% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per ton), while the average price for exports to Belgium ($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 Romania (+6.6%), while the prices for the other major destinations experienced mixed trend patterns.

Propylene Glycol Imports

Imports into Bulgaria

Propylene glycol imports into Bulgaria declined rapidly to X tons in 2022, dropping by -40.9% on 2021. Over the period under review, imports, however, recorded measured growth. The pace of growth appeared the most rapid in 2021 when imports increased by 97%. As a result, imports attained the peak of X tons, and then declined sharply in the following year.

In value terms, propylene glycol imports reduced remarkably to $X in 2022. In general, imports, however, enjoyed a strong expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 211%. As a result, imports attained the peak of $X, and then dropped dramatically in the following year.

Imports by Country

In 2022, Romania (X tons) constituted the largest propylene glycol supplier to Bulgaria, with a 45% share of total imports. Moreover, propylene glycol imports from Romania exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Germany (X tons), with a 19% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Romania totaled +14.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+24.9% per year) and Germany (-0.4% per year).

In value terms, Romania ($X), Germany ($X) and China ($X) constituted the largest propylene glycol suppliers to Bulgaria, together accounting for 85% of total imports. Turkey, South Korea, Belgium, Poland, the Netherlands and Austria lagged somewhat behind, together comprising a further 13%.

South Korea, with a CAGR of +141.0%, saw the highest growth rate of the value of imports, among 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 2022, the average propylene glycol import price amounted to $X per ton, growing by 38% against the previous year. Overall, import price indicated a moderate expansion 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, propylene glycol import price increased by +117.8% against 2020 indices. The growth pace was the most rapid in 2021 when the average import price increased by 58%. The import price peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+49.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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