Cement, concrete or artificial stone articles market in Bulgaria

Earlier Report Observations

The Bulgarian market for cement, concrete, and artificial stone articles started the period in 2018 with an oligopolistic structure and limited competitive pressure from imports, while Turkish cement held a 15-20% share due to prices about 20% lower than domestic producers. Market volume grew to 1 238 thousand tons in 2019 and further to 1 332 thousand tons in 2020, despite the COVID-19 pandemic which was estimated to have reduced cement demand by around 2.5%. Simultaneously, production costs surged by 40% because of rising electricity prices, leading producers to pass on 60% of these costs to customers, which pushed the market value up to $130.9 million in 2020.

Growth continued in 2021 as market volume reached 1 402 thousand tons and value rose to $156.5 million, driven by catch-up construction projects that boosted revenues of the top 20 building material producers by about 23%. Soaring energy prices prompted manufacturers like Titan Bulgaria to adopt alternative engineered fuels. In 2022, market volume contracted to 1 228 thousand tons, but value still increased to $164.2 million owing to sustained high prices. Logistics issues hindering Turkish cement imports supported sales of standard products by local producers, and Zlatna Panega Cement managed to improve its financial performance and return to minimal profit.

Regulatory developments shaped the later years, with a draft ordinance on execution, control, and acceptance of concrete and reinforced concrete structures published in 2023, followed by its entry into force in July 2024 (Ordinance No. RD-02-20-3), introducing specific requirements for formwork, reinforcement, and concrete admixtures. Major players such as Holcim Bulgaria and Titan Bulgaria continued to invest in quarry development and production base expansion, while the market was buoyed by vigorous housing construction, despite the absence of large infrastructure projects.

Production cement, concrete or artificial stone articles in Bulgaria

In value, 2017-2020, M $ US

Bulgaria's production of cement, concrete, and artificial stone articles increased for the second consecutive year. In 2020, the output was valued at 126.2 million US dollars, marking a modest uptick of 9.1% from 2019. Over the period from 2018 to 2020, production grew by 12.1%, with a compound annual growth rate of 3.9%.

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

In kind, 2017-2020, K t

Bulgaria's production volume of cement, concrete, and artificial stone articles rose for the third consecutive year. In 2020, the country produced 1 347 thousand tonnes, which is 6.4% higher than in 2019. From 2018 to 2020, production increased by 62.8%, with a compound annual growth rate of 17.6%.

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

Exports cement, concrete or artificial stone articles from Bulgaria

Exports in kind, t

Exported volumes of cement, concrete, and artificial stone articles from Bulgaria increased for the third consecutive year. In 2020, Bulgaria exported 76 751 tonnes, reflecting a significant rise of 14.5% from 2019. Between 2017 and 2020, exports grew by 50.9%, equating to an annualized rate of 14.7%.

Annual dynamics of product's exports from Bulgaria in kind, 2017-2020, t

From 2017 to 2020, the largest buyers of cement, concrete, and artificial stone articles from Bulgaria were Romania, accounting for 36.3% of exports in kind, North Macedonia with 21.9%, and Serbia at 10.8%. Together, these three countries formed 69.0% of total exports in kind.

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

Exports of cement, concrete, and artificial stone articles from Bulgaria increased for the third consecutive year. In 2020, Bulgaria exported 13 754 thousand US dollars worth of these products, showing a gain of 8.2% over 2019. Between 2017 and 2020, exports grew by 45.7%, equating to an annualized rate of 13.4%.

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

Over the period from 2017 to 2020, Greece, Romania, and Italy were the main destinations for Bulgaria's exports in value terms. Greece accounted for 24.3% of exports, Romania for 23.2%, and Italy for 11.0%. Together, they absorbed 58.4% of total exports in value terms.

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

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

Imports cement, concrete or artificial stone articles to Bulgaria

Imports in kind, t

Bulgaria imported 61 065 tonnes of cement, concrete, and artificial stone articles in 2020, indicating an abrupt rise of 60.1% compared to 2019. Between 2017 and 2020, imports increased by 28.6%, equating to an annualized rate of 8.7%. The lowest volume was recorded in 2019 at 38 131 tonnes, which marked the largest decline of 28.9%.

Annual dynamics of product's imports to Bulgaria in kind, 2017-2020, t

From 2017 to 2020, the largest suppliers of cement, concrete, and artificial stone articles to Bulgaria were Romania, with 34.9% of imports in kind, Serbia at 17.0%, and Greece with 14.1%. Together, these three countries formed 65.9% of total imports in kind.

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 imported a total of 18 413 thousand US dollars worth of cement, concrete, and artificial stone articles in 2020, which is 49.9% higher than in 2019. Between 2017 and 2020, imports increased by 63.7%, equating to an annualized rate of 17.9%. The largest decline was recorded in 2019 at 13.3%.

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

Over the period from 2017 to 2020, Romania, Turkey, and Serbia were the largest suppliers of cement, concrete, and artificial stone articles to Bulgaria in value terms, though not dominant. Romania accounted for 18.5% of imports, Turkey for 10.9%, and Serbia for 10.8%. Together, they represented 40.2% of total imports in value terms, against a broad background of smaller partners.

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

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