Bulgaria: Nitrogen Market 2022

Nitrogen Market Size in Bulgaria

After two years of growth, the Bulgarian nitrogen market decreased by -X% to $X in 2021. In general, consumption, however, recorded a remarkable increase. Nitrogen consumption peaked at $X in 2020, and then reduced in the following year.

Nitrogen Production in Bulgaria

In value terms, nitrogen production fell to $X in 2021 estimated in export price. In general, production, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2020, and then reduced modestly in the following year.

Nitrogen Exports

Exports from Bulgaria

In 2021, nitrogen exports from Bulgaria soared to X cubic meters, rising by X% compared with 2020. Overall, exports saw a perceptible expansion. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. The exports peaked at X cubic meters in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, nitrogen exports soared to $X in 2021. In general, total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +X% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Romania (X cubic meters) and Greece (X cubic meters) were the main destinations of nitrogen exports from Bulgaria.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Romania (with a CAGR of +X value terms, Greece ($X) and Romania ($X) appeared to be the largest markets for nitrogen exported from Bulgaria worldwide.

Romania, with a CAGR of +X%, recorded 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.

Export Prices by Country

In 2021, the average nitrogen export price amounted to $X per cubic meter, rising by X% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2014 when the average export price increased by X%. The export price peaked in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat for the major overseas markets. In 2021, the country with the highest price was Greece ($X per cubic meter), while the average price for exports to Romania totaled $X per cubic meter.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+X%).

Nitrogen Imports

Imports into Bulgaria

In 2021, overseas purchases of nitrogen decreased by -X% to X cubic meters, falling for the second year in a row after four years of growth. Over the period under review, imports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X cubic meters in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, nitrogen imports shrank remarkably to $X in 2021. In general, imports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2020, and then fell significantly in the following year.

Imports by Country

Serbia (X cubic meters), Romania (X cubic meters) and Turkey (X cubic meters) were the main suppliers of nitrogen imports to Bulgaria, together comprising X% of total imports.

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

In value terms, Serbia ($X) constituted the largest supplier of nitrogen to Bulgaria, comprising X% of total imports. The second position in the ranking was held by Romania ($X), with a X% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Serbia stood at +X%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (+X% per year) and Turkey (+X% per year).

Import Prices by Country

In 2021, the average nitrogen import price amounted to $X per cubic meter, falling by -X% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2020 when the average import price increased by X%. As a result, import price reached the peak level of $X per cubic meter, and then dropped rapidly in the following year.

Prices varied noticeably by the country of origin: the country with the highest price was Turkey ($X per cubic meter), while the price for Romania ($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 Serbia (+X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform