Serbia: Carbon Dioxide Market 2024

Carbon Dioxide Market Size in Serbia

The Serbian carbon dioxide market surged to $X in 2022, increasing by 194% against the previous year. Overall, consumption continues to indicate slight growth. Carbon dioxide consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Carbon Dioxide Production in Serbia

In value terms, carbon dioxide production soared to $X in 2022 estimated in export price. In general, production continues to indicate measured growth. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Carbon Dioxide Exports

Exports from Serbia

In 2022, the amount of carbon dioxide exported from Serbia contracted to X tons, declining by -5.7% compared with the year before. The total export volume increased at an average annual rate of +3.0% over the period 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 2018 with an increase of 31% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, carbon dioxide exports stood at $X in 2022. In general, total exports indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.0% 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 +6.4% against 2018 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 40% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Romania (X tons) was the main destination for carbon dioxide exports from Serbia, accounting for a 68% share of total exports. Moreover, carbon dioxide exports to Romania exceeded the volume sent to the second major destination, Bulgaria (X tons), sixfold. The third position in this ranking was held by Italy (X tons), with an 8.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Romania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+10.7% per year) and Italy (+39.9% per year).

In value terms, Romania ($X) remains the key foreign market for carbon dioxide exports from Serbia, comprising 51% of total exports. The second position in the ranking was taken by Bulgaria ($X), with a 14% share of total exports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Romania was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Bulgaria (+19.5% per year) and Italy (+45.3% per year).

Export Prices by Country

The average carbon dioxide export price stood at $X per ton in 2022, rising by 6.5% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The pace of growth was the most pronounced in 2020 when the average export price increased by 16% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

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 Bosnia and Herzegovina ($X per ton), while the average price for exports to Romania ($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 Bulgaria (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Carbon Dioxide Imports

Imports into Serbia

In 2022, imports of carbon dioxide into Serbia rose rapidly to X tons, growing by 11% on the previous year. Overall, imports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 206% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, carbon dioxide imports amounted to $X in 2022. In general, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2018 with an increase of 182%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

Hungary (X tons), Bosnia and Herzegovina (X tons) and North Macedonia (X tons) were the main suppliers of carbon dioxide imports to Serbia, together comprising 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for North Macedonia (with a CAGR of +102.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, North Macedonia ($X) constituted the largest supplier of carbon dioxide to Serbia, comprising 57% of total imports. The second position in the ranking was held by Hungary ($X), with a 27% share of total imports. It was followed by Bosnia and Herzegovina, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from North Macedonia totaled +60.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hungary (+36.8% per year) and Bosnia and Herzegovina (+6.8% per year).

Import Prices by Country

In 2022, the average carbon dioxide import price amounted to $X per ton, falling by -5.3% against the previous year. Overall, the import price faced a significant curtailment. The growth pace was the most rapid in 2019 a decrease of -3.2% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bosnia and Herzegovina (-20.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform