Bulgaria: Sulphuric Acid Market 2024

Sulphuric Acid Market Size in Bulgaria

In 2022, the Bulgarian sulphuric acid market decreased by -17.8% to $X, falling for the second consecutive year after two years of growth. In general, consumption posted measured growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Sulphuric Acid Production in Bulgaria

In value terms, sulphuric acid production fell modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 with an increase of 41%. Sulphuric acid production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Sulphuric Acid Exports

Exports from Bulgaria

For the third year in a row, Bulgaria recorded growth in shipments abroad of sulphuric acid and oleum, which increased by 100% to X tons in 2022. In general, exports recorded a resilient increase. The pace of growth appeared the most rapid in 2021 with an increase of 131%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, sulphuric acid exports surged to $X in 2022. Over the period under review, exports showed a strong expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Turkey (X tons) was the main destination for sulphuric acid exports from Bulgaria, with a 66% share of total exports. Moreover, sulphuric acid exports to Turkey exceeded the volume sent to the second major destination, Serbia (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Turkey stood at +12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+107.9% per year) and Cyprus (+690.6% per year).

In value terms, Turkey ($X), Serbia ($X) and Cyprus ($X) appeared to be the largest markets for sulphuric acid exported from Bulgaria worldwide, with a combined 93% share of total exports.

Cyprus, with a CAGR of +992.7%, recorded 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 sulphuric acid export price amounted to $X per ton, jumping by 19% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 58%. Over the period under review, the average export prices attained the maximum at $X per ton in 2019; however, from 2020 to 2022, the export prices stood at a somewhat 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 Cyprus ($X per ton), while the average price for exports to Turkey ($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 Cyprus (+37.3%), while the prices for the other major destinations experienced mixed trend patterns.

Sulphuric Acid Imports

Imports into Bulgaria

In 2022, approx. X tons of sulphuric acid and oleum were imported into Bulgaria; growing by 105% compared with the previous year's figure. Over the period under review, imports showed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 655% against the previous year. As a result, imports attained the peak of X tons. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, sulphuric acid imports declined remarkably to $X in 2022. Overall, imports, however, continue to indicate a mild descent. The pace of growth was the most pronounced in 2015 with an increase of 119% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Slovakia (X tons) constituted the largest sulphuric acid supplier to Bulgaria, with a 83% share of total imports. Moreover, sulphuric acid imports from Slovakia exceeded the figures recorded by the second-largest supplier, Cyprus (X tons), sixfold. The third position in this ranking was taken by Serbia (X tons), with a 1.1% share.

From 2012 to 2022, the average annual growth rate of volume from Slovakia stood at +83.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Cyprus (+1.5% per year) and Serbia (-5.5% per year).

In value terms, Slovakia ($X), Cyprus ($X) and Serbia ($X) constituted the largest sulphuric acid suppliers to Bulgaria, together accounting for 85% of total imports.

Slovakia, with a CAGR of +60.6%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average sulphuric acid import price stood at $X per ton in 2022, waning by -64.2% against the previous year. Overall, the import price faced a abrupt decrease. The pace of growth was the most pronounced in 2018 when the average import price increased by 595% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Serbia ($X per ton), while the price for Slovakia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cyprus (+1.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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