Bulgaria: Silicone Market 2024

Silicone Market Size in Bulgaria

In 2021, the Bulgarian silicone market was finally on the rise to reach $X after two years of decline. In general, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Silicone Exports

Exports from Bulgaria

In 2021, exports of silicones (in primary forms) from Bulgaria soared to X tons, growing by 98% on the year before. Overall, exports recorded a remarkable increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, silicone exports soared to $X in 2021. In general, exports showed a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Iran (X tons) was the main destination for silicone exports from Bulgaria, accounting for a 39% share of total exports. Moreover, silicone exports to Iran exceeded the volume sent to the second major destination, Serbia (X tons), twofold. Romania (X tons) ranked third in terms of total exports with an 8.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iran stood at +232.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+8.9% per year) and Romania (+28.0% per year).

In value terms, Iran ($X), Serbia ($X) and Italy ($X) constituted the largest markets for silicone exported from Bulgaria worldwide, with a combined 59% share of total exports.

In terms of the main countries of destination, Iran, with a CAGR of +165.3%, recorded the highest rates of growth with regard to 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 2021, the average silicone export price amounted to $X per ton, remaining relatively unchanged against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average export price increased by 47%. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Romania ($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 (+1.9%), while the prices for the other major destinations experienced mixed trend patterns.

Silicone Imports

Imports into Bulgaria

After two years of decline, purchases abroad of silicones (in primary forms) increased by 26% to X tons in 2021. The total import volume increased at an average annual rate of +5.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, silicone imports surged to $X in 2021. Overall, total imports indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +9.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) constituted the largest silicone supplier to Bulgaria, accounting for a 49% share of total imports. Moreover, silicone imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X tons), fourfold. The third position in this ranking was taken by Turkey (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany stood at +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+1.7% per year) and Turkey (+0.9% per year).

In value terms, Germany ($X) constituted the largest supplier of silicones (in primary forms) to Bulgaria, comprising 48% of total imports. The second position in the ranking was held by Italy ($X), with a 9.8% share of total imports. It was followed by Turkey, with a 9.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-1.0% per year) and Turkey (+6.8% per year).

Import Prices by Country

The average silicone import price stood at $X per ton in 2021, surging by 12% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.2%. The most prominent rate of growth was recorded in 2017 an increase of 25% against the previous year. The import price peaked in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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