Bulgaria: Resinoids Market 2024

Resinoids Market Size in Bulgaria

In 2022, the Bulgarian resinoids market increased by 46% to $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption, however, recorded a abrupt downturn. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2022, consumption remained at a lower figure.

Resinoids Production in Bulgaria

In value terms, resinoids production expanded markedly to $X in 2022 estimated in export price. Overall, production posted a significant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 135% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Resinoids Exports

Exports from Bulgaria

In 2022, shipments abroad of resinoids increased by 4.3% to X kg, rising for the second year in a row after two years of decline. Over the period under review, exports showed a significant increase. The growth pace was the most rapid in 2013 with an increase of 1,973% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, resinoids exports skyrocketed to $X in 2022. Overall, exports continue to indicate significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 4,743%. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Turkey (X kg) was the main destination for resinoids exports from Bulgaria, with a 64% share of total exports. Moreover, resinoids exports to Turkey exceeded the volume sent to the second major destination, Slovakia (X kg), threefold. The third position in this ranking was held by Spain (X kg), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Turkey was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (0.0% per year) and Spain (-0.5% per year).

In value terms, Spain ($X), Turkey ($X) and France ($X) appeared to be the largest markets for resinoids exported from Bulgaria worldwide, together accounting for 78% of total exports. The United States and Slovakia lagged somewhat behind, together accounting for a further 4.5%.

The United States, with a CAGR of +175.8%, saw the highest growth rate of the value of exports, among the main countries of destination 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 resinoids export price amounted to $X per ton, rising by 145% against the previous year. Over the period under review, the export price recorded significant growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to Slovakia ($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 Spain (+49.4%), while the prices for the other major destinations experienced mixed trend patterns.

Resinoids Imports

Imports into Bulgaria

In 2022, overseas purchases of resinoids decreased by -97.6% to X kg, falling for the second consecutive year after three years of growth. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when imports increased by 5,762%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, resinoids imports reduced dramatically to $X in 2022. Over the period under review, imports, however, enjoyed a strong increase. The growth pace was the most rapid in 2018 when imports increased by 6,980% against the previous year. Imports peaked at $X in 2021, and then fell markedly in the following year.

Imports by Country

In 2022, Israel (X kg) constituted the largest resinoids supplier to Bulgaria, with a 67% share of total imports. Moreover, resinoids imports from Israel exceeded the figures recorded by the second-largest supplier, Austria (X kg), sixfold. Italy (X kg) ranked third in terms of total imports with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Israel was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-17.8% per year) and Italy (-17.8% per year).

In value terms, Israel ($X) constituted the largest supplier of resinoids to Bulgaria, comprising 40% of total imports. The second position in the ranking was held by Austria ($X), with a 12% share of total imports. It was followed by Italy, with a 9% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Israel was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Austria (-5.7% per year) and Italy (-5.3% per year).

Import Prices by Country

The average resinoids import price stood at $X per ton in 2022, rising by 13% against the previous year. Over the period under review, the import price saw a prominent expansion. The pace of growth appeared the most rapid in 2017 an increase of 256% against the previous year. Over the period under review, average import prices reached the maximum 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 Italy ($X per ton), while the price for Germany ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (+43.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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