Eastern Europe: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Eastern Europe

In 2022, the East European carbon dioxide market increased by 2.2% to $X, rising for the second year in a row after three years of decline. Overall, consumption, however, showed a slight slump. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Carbon Dioxide Production in Eastern Europe

In value terms, carbon dioxide production contracted to $X in 2022 estimated in export price. Over the period under review, production, however, showed a pronounced decline. The pace of growth was the most pronounced in 2013 when the production volume increased by 26%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Carbon Dioxide Exports

Exports in Eastern Europe

In 2022, exports of carbon dioxide in Eastern Europe amounted to X tons, surging by 2% on the year before. Total exports indicated noticeable growth from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +16.8% against 2020 indices. The pace of growth was the most pronounced in 2017 when exports increased by 26% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, carbon dioxide exports shrank to $X in 2022. Overall, exports recorded a prominent increase. The pace of growth appeared the most rapid in 2019 when exports increased by 54%. Over the period under review, the exports reached the peak figure at $X in 2021, and then declined in the following year.

Exports by Country

Hungary represented the major exporter of carbon dioxide in Eastern Europe, with the volume of exports resulting at X tons, which was approx. 52% of total exports in 2022. The Czech Republic (X tons) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by Lithuania (6.8%), Latvia (5.5%) and Russia (4.6%). Poland (X tons) and Bulgaria (X tons) followed a long way behind the leaders.

Exports from Hungary increased at an average annual rate of +6.9% from 2012 to 2022. At the same time, Bulgaria (+12.0%), Russia (+10.3%), Poland (+4.5%), Latvia (+3.4%) and Lithuania (+1.8%) displayed positive paces of growth. Moreover, Bulgaria emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +12.0% from 2012-2022. By contrast, the Czech Republic (-2.1%) illustrated a downward trend over the same period. Hungary (+11 p.p.), Russia (+2 p.p.) and Bulgaria (+1.7 p.p.) significantly strengthened its position in terms of the total exports, while Lithuania and the Czech Republic saw its share reduced by -1.9% and -15.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Hungary ($X) remains the largest carbon dioxide supplier in Eastern Europe, comprising 27% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 12% share of total exports. It was followed by Poland, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Hungary stood at +8.9%. In the other countries, the average annual rates were as follows: the Czech Republic (+0.9% per year) and Poland (+6.7% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per ton in 2022, reducing by -16.5% against the previous year. Overall, the export price, however, enjoyed a resilient expansion. The pace of growth was the most pronounced in 2019 when the export price increased by 51%. The level of export peaked at $X per ton in 2020; however, from 2021 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Poland ($X per ton), while Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Latvia (+3.6%), while the other leaders experienced more modest paces of growth.

Carbon Dioxide Imports

Imports in Eastern Europe

Carbon dioxide imports totaled X tons in 2022, remaining stable against the previous year. The total import volume increased at an average annual rate of +3.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 14% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, carbon dioxide imports expanded significantly to $X in 2022. Over the period under review, imports enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 30%. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, Romania (X tons) represented the largest importer of carbon dioxide, constituting 32% of total imports. Latvia (X tons) took the second position in the ranking, followed by Bulgaria (X tons), Hungary (X tons), Estonia (X tons), the Czech Republic (X tons), Ukraine (X tons) and Poland (X tons). All these countries together held approx. 57% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to carbon dioxide imports into Romania stood at +3.4%. At the same time, Ukraine (+149.3%), Hungary (+41.0%), Poland (+11.8%), the Czech Republic (+8.2%) and Estonia (+4.3%) displayed positive paces of growth. Moreover, Ukraine emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +149.3% from 2012-2022. By contrast, Latvia (-1.1%) and Bulgaria (-1.8%) illustrated a downward trend over the same period. While the share of Hungary (+9.3 p.p.), Ukraine (+4.9 p.p.), the Czech Republic (+2.8 p.p.) and Poland (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Latvia (-6.1 p.p.) and Bulgaria (-6.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest carbon dioxide importing markets in Eastern Europe were the Czech Republic ($X), Poland ($X) and Hungary ($X), with a combined 51% share of total imports.

In terms of the main importing countries, Hungary, with a CAGR of +29.9%, saw the highest rates of growth with regard to 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

In 2022, the import price in Eastern Europe amounted to $X per ton, increasing by 5.7% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, carbon dioxide import price increased by +65.4% against 2016 indices. The pace of growth was the most pronounced in 2020 an increase of 19% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Poland ($X per ton), while Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Poland (+12.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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