Argon market in Bulgaria

Earlier Report Observations

The Bulgarian argon market demonstrated strong growth from 2018 to 2023, starting at approximately $3.0 million and more than doubling to over $8.5 million. The most significant jump occurred in 2019, when the market value increased by over 57% to $4.7 million. This upward trajectory continued through the following years, with consistent double-digit growth rates between 20% and 22% from 2021 to 2023.

After five years of expansion, the market experienced a modest correction in 2024, contracting by about 5.5% to $8.1 million. The market is served by established industrial gas suppliers such as Messer Bulgaria and is supported by industry associations like BIGA, which oversees standards for cylinders and filling equipment.

Production argon in Bulgaria

In value, 2017-2020, K $ US

Bulgaria's argon production has increased for the third consecutive year. In 2020, output was valued at 3 538 thousand US dollars, marking a 3.6% gain compared to 2019. Over the period from 2017 to 2020, production grew by 88.6%, with a compound annual growth rate of 23.5%.

Annual dynamics of production in Bulgaria in value, 2017-2020, K $ US

In kind, 2017-2020, K m³

Bulgaria's argon production has risen for the second consecutive year. In 2020, the country produced 2 989 thousand cubic meters of argon, reflecting a modest 0.6% year-on-year increase. From 2017 to 2020, production surged by 217.7%, with a compound annual growth rate of 47.0%.

Annual dynamics of production in Bulgaria in kind, 2017-2020, K m³

Exports argon from Bulgaria

Exports in kind, K m³

Bulgaria's cross-border shipments of argon have declined for the second consecutive year. In 2020, exports totaled 1 296 thousand cubic meters, which is 17.4% lower than in 2019. Over the period from 2017 to 2020, exports decreased by 13.2%, with a compound annual growth rate of -4.6%. The highest export volume was recorded in 2018 at 1 627 thousand cubic meters, with the largest increase of 9.0% also occurring that year.

Annual dynamics of product's exports from Bulgaria in kind, 2017-2020, K m³

From 2017 to 2020, two countries—Greece and Romania—accounted for the majority of Bulgaria's argon exports in volume terms, while other markets played a less significant role individually.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Bulgaria in kind, 2017-2020

Exports in value, K $ US

Bulgaria's argon exports have declined for the second consecutive year. In 2020, exports amounted to 665 thousand US dollars, down 21.3% from 2019. Between 2017 and 2020, exports fell by 15.7%, equating to an annualized rate of -5.5%. The peak value was recorded in 2018 at 1 102 thousand US dollars, with the largest increase of 39.6% also in 2018, while the largest decline of 23.3% occurred in 2019.

Annual dynamics of product's exports from Bulgaria in value, 2017-2020, K $ US

From 2017 to 2020, Romania and Greece remained the primary markets for Bulgaria's argon exports in value terms, jointly representing 89.1% of total flows, with other partners making up the remainder.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Bulgaria in value, 2017-2020

Imports argon to Bulgaria

Imports in kind, K m³

Bulgaria's argon imports have declined for the second consecutive year. In 2020, the country imported 2 999 thousand cubic meters of argon, representing a notable 13.1% decrease compared to 2019. Between 2017 and 2020, imports decreased by 7.4%, with an annualized rate of -2.5%. The highest import volume was recorded in 2018 at 3 538 thousand cubic meters, with the largest increase of 9.3% also in that year.

Annual dynamics of product's imports to Bulgaria in kind, 2017-2020, K m³

From 2017 to 2020, two leading markets—Serbia and Ukraine—together accounted for 86.3% of Bulgaria's total argon imports in volume terms, while the remaining volume was distributed across a wide range of other countries.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Bulgaria in kind, 2017-2020

Imports in value, K $ US

Bulgaria's argon imports have declined for the second consecutive year. In 2020, imports totaled 1 930 thousand US dollars, indicating a limited loss of 8.8% from the previous year. Between 2017 and 2020, imports increased by 3.5%, with an annualized rate of 1.2%. The peak value was recorded in 2018 at 2 191 thousand US dollars, with the largest increase of 17.5% also occurring that year.

Annual dynamics of product's imports to Bulgaria in value, 2017-2020, K $ US

From 2017 to 2020, two leading markets—Serbia and Ukraine—together accounted for 85.8% of Bulgaria's total argon imports in value terms, while the remaining volume was dispersed across a wide range of other countries.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Bulgaria in value, 2017-2020