Bulgaria: Market for Liquefied Petroleum Gas (LPG) 2022

Market Size for Liquefied Petroleum Gas (LPG) in Bulgaria

In 2021, after two years of decline, there was significant growth in the Bulgarian liquefied petroleum gas (LPG) market, when its value increased by 37% to $X. Over the period under review, consumption, however, recorded a slight downturn. Liquefied petroleum gas (LPG) consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Production of Liquefied Petroleum Gas (LPG) in Bulgaria

In value terms, liquefied petroleum gas (LPG) production soared to $X in 2021 estimated in export price. In general, production showed a abrupt curtailment. Liquefied petroleum gas (LPG) production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Liquefied Petroleum Gas (LPG)

Exports from Bulgaria

In 2021, shipments abroad of liquefied petroleum gas (LPG) decreased by -1.6% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, exports, however, posted pronounced growth. The most prominent rate of growth was recorded in 2019 when exports increased by 46% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) exports surged to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when exports increased by 77%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

North Macedonia (X tons) was the main destination for liquefied petroleum gas (LPG) exports from Bulgaria, with a 70% share of total exports. Moreover, liquefied petroleum gas (LPG) exports to North Macedonia exceeded the volume sent to the second major destination, Croatia (X tons), threefold. The third position in this ranking was taken by Serbia (X tons), with a 4.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to North Macedonia totaled +2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+47.2% per year) and Serbia (+8.3% per year).

In value terms, North Macedonia ($X) remains the key foreign market for liquefied petroleum gas (LPG) exports from Bulgaria, comprising 69% of total exports. The second position in the ranking was held by Croatia ($X), with a 28% share of total exports. It was followed by Serbia, with a 2.6% share.

From 2012 to 2021, the average annual growth rate of value to North Macedonia was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Croatia (+52.0% per year) and Serbia (-1.4% per year).

Export Prices by Country

The average liquefied petroleum gas (LPG) export price stood at $X per ton in 2021, increasing by 49% against the previous year. Over the period under review, the export price, however, saw a perceptible curtailment. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Serbia ($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 Italy (+330.3%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Liquefied Petroleum Gas (LPG)

Imports into Bulgaria

In 2021, purchases abroad of liquefied petroleum gas (LPG) was finally on the rise to reach X tons after two years of decline. The total import volume increased at an average annual rate of +2.8% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 19% against the previous year. Over the period under review, imports attained the maximum at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, liquefied petroleum gas (LPG) imports skyrocketed to $X in 2021. Over the period under review, imports, however, saw a relatively flat trend pattern. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Romania (X tons), Russia (X tons) and Switzerland (X tons) were the main suppliers of liquefied petroleum gas (LPG) imports to Bulgaria, together comprising 76% of total imports. These countries were followed by Turkey, Albania, Ukraine, Italy, Kazakhstan and the Czech Republic, which together accounted for a further 15%.

From 2012 to 2021, the biggest increases were in Italy (with a CAGR of +127.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Romania ($X), Russia ($X) and Switzerland ($X) constituted the largest liquefied petroleum gas (LPG) suppliers to Bulgaria, with a combined 74% share of total imports. These countries were followed by Turkey, Albania, Italy, Ukraine, Kazakhstan and the Czech Republic, which together accounted for a further 16%.

In terms of the main suppliers, Italy, with a CAGR of +121.3%, 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

The average liquefied petroleum gas (LPG) import price stood at $X per ton in 2021, picking up by 69% against the previous year. Overall, the import price, however, continues to indicate a pronounced decline. The import price peaked at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Italy ($X per ton), while the price for the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+11.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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