Bulgaria: Insulating Board Market 2023

Insulating Board Market Size in Bulgaria

The Bulgarian insulating board market declined rapidly to $X in 2021, reducing by -31.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a tangible increase. Insulating board consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Insulating Board Exports

Exports from Bulgaria

In 2021, exports of insulating board from Bulgaria surged to X cubic meters, jumping by 73% compared with the year before. In general, exports, however, showed a deep contraction. The most prominent rate of growth was recorded in 2019 with an increase of 229% against the previous year. As a result, the exports reached the peak of X cubic meters. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, insulating board exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2019 when exports increased by 177%. As a result, the exports attained the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Greece (X cubic meters), Kenya (X cubic meters) and Turkey (X cubic meters) were the main destinations of insulating board exports from Bulgaria, together comprising 98% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Kenya (with a CAGR of +14.6%), while the other leaders experienced mixed trend patterns.

In value terms, Greece ($X), Kenya ($X) and Turkey ($X) appeared to be the largest markets for insulating board exported from Bulgaria worldwide, together accounting for 93% of total exports.

Kenya, with a CAGR of +4.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average insulating board export price amounted to $X per cubic meter, falling by -1.6% against the previous year. Over the period under review, the export price, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2020 an increase of 101%. As a result, the export price reached the peak level of $X per cubic meter, and then fell slightly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per cubic meter), while the average price for exports to Kenya ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Azerbaijan (+38.3%), while the prices for the other major destinations experienced more modest paces of growth.

Insulating Board Imports

Imports into Bulgaria

In 2021, overseas purchases of insulating board decreased by -28.6% to X cubic meters, falling for the third consecutive year after three years of growth. In general, imports, however, continue to indicate pronounced growth. The most prominent rate of growth was recorded in 2017 when imports increased by 96%. Imports peaked at X cubic meters in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, insulating board imports fell rapidly to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 56%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Turkey (X cubic meters) constituted the largest supplier of insulating board to Bulgaria, with a 73% share of total imports. Moreover, insulating board imports from Turkey exceeded the figures recorded by the second-largest supplier, Poland (X cubic meters), threefold. The third position in this ranking was held by the Czech Republic (X cubic meters), with a 2.4% share.

From 2012 to 2021, the average annual growth rate of volume from Turkey totaled +76.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-2.2% per year) and the Czech Republic (-24.8% per year).

In value terms, Turkey ($X) constituted the largest supplier of insulating board to Bulgaria, comprising 70% of total imports. The second position in the ranking was taken by Poland ($X), with a 21% share of total imports. It was followed by the Czech Republic, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Turkey amounted to +66.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (-5.6% per year) and the Czech Republic (-24.8% per year).

Import Prices by Country

The average insulating board import price stood at $X per cubic meter in 2021, falling by -3.1% against the previous year. Over the period under review, the import price showed a noticeable setback. The pace of growth appeared the most rapid in 2018 when the average import price increased by 11%. The import price peaked at $X per cubic meter in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per cubic meter), while the price for Turkey ($X per cubic meter) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+13.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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