Bulgaria: Organic Pigments Market 2024

Organic Pigments Market Size in Bulgaria

The Bulgarian organic pigments market stood at $X in 2021, with an increase of 2.6% against the previous year. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Organic Pigments Production in Bulgaria

In value terms, organic pigments production amounted to $X in 2021 estimated in export price. Over the period under review, production recorded a sharp slump. The most prominent rate of growth was recorded in 2017 when the production volume decreased by -0.7% against the previous year. Over the period under review, production hit record highs at $X in 2016; however, from 2017 to 2021, production remained at a lower figure.

Organic Pigments Exports

Exports from Bulgaria

In 2021, approx. X tons of synthetic organic coloring matter and pigments were exported from Bulgaria; waning by -19% against 2020 figures. Over the period under review, exports faced a abrupt decline. The pace of growth was the most pronounced in 2013 when exports increased by 158% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, organic pigments exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 64%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

Exports by Country

Romania (X tons) was the main destination for organic pigments exports from Bulgaria, with a 44% share of total exports. Moreover, organic pigments exports to Romania exceeded the volume sent to the second major destination, Greece (X tons), threefold. Italy (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Romania amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (+21.9% per year) and Italy (-26.1% per year).

In value terms, the largest markets for organic pigments exported from Bulgaria were Romania ($X), the United Arab Emirates ($X) and Greece ($X), with a combined 55% share of total exports.

In terms of the main countries of destination, the United Arab Emirates, with a CAGR of +264.0%, saw the highest growth rate of 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

The average organic pigments export price stood at $X per ton in 2021, surging by 58% against the previous year. In general, the export price posted buoyant growth. The growth pace was the most rapid in 2018 when the average export price increased by 117%. The export price peaked in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to Serbia ($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 Armenia (+19.7%), while the prices for the other major destinations experienced more modest paces of growth.

Organic Pigments Imports

Imports into Bulgaria

Organic pigments imports into Bulgaria was estimated at X tons in 2021, approximately equating 2020. Overall, imports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2020 with an increase of 13% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, organic pigments imports amounted to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2014 when imports increased by 11% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Romania (X tons), Greece (X tons) and Italy (X tons) were the main suppliers of organic pigments imports to Bulgaria, together accounting for 64% of total imports.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +6.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Italy ($X) and Greece ($X) appeared to be the largest organic pigments suppliers to Bulgaria, together comprising 51% of total imports. Turkey, Romania, India, Austria and China lagged somewhat behind, together comprising a further 24%.

In terms of the main suppliers, Turkey, with a CAGR of +11.7%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average organic pigments import price stood at $X per ton in 2021, leveling off at the previous year. Over the last nine years, it increased at an average annual rate of +4.6%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 54%. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Romania ($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 (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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