Polyester-based paints and varnishes market in Bulgaria

Earlier Report Observations

In 2018, the Bulgarian manufacturer Ninachim EOOD secured grant funding to increase its production capacity and efficiency, strengthening its position in the domestic and nearby European markets for polyester-based paints and varnishes. Over the following years, import volumes rose steadily from 3,065 t in 2018 to a peak of 3,813 t in 2021, while export volumes showed significant volatility, reaching 1,534 t in 2019 before a sharp drop to 491 t in 2020.

The total market volume reached 3,707 t in 2021, then declined by 7% to 3,444 t in 2022, before recovering to 3,752 t in 2023. Domestic production mirrored this trend, falling from 985 t in 2021 to 875 t in 2022 and then rebounding to 1,133 t in 2023. In value terms, the market shrank from $19.9 million in 2020 to $17.1 million in 2022, before a partial recovery to $17.7 million in 2023.

By 2024, the market was impacted by delivery delays for construction materials, including paints and varnishes, due to an overheated construction sector, which exerted upward pressure on prices. Concurrently, purchasing power in Bulgaria increased to 66% of the European average, influencing consumer behavior and demand. Import volume in 2024 edged up to 3,527 t, while exports continued their downward trend to 762 t.

Production polyester-based paints and varnishes in Bulgaria

In value, 2017-2020, K $ US

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

Exports polyester-based paints and varnishes from Bulgaria

Exports in kind, t

After two years of growth, Bulgaria's exports of polyester-based paints and varnishes declined. In 2019, exports reached their peak at 1 534 tonnes, but by 2020, they had fallen to 491 tonnes—a drop of 68.0% compared to the previous year. Over the period from 2017 to 2020, exports decreased by 50.6%, with an average annual decline of 21.0%. The largest year-on-year increase occurred in 2019, when exports rose by 44.1%.

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

From 2017 to 2020, Romania, the United Kingdom, and Moldova were the top buyers of Bulgaria's polyester-based paints and varnishes in terms of volume. Romania accounted for 38.6% of exports, the United Kingdom for 27.0%, and Moldova for 9.6%. Together, these three countries represented 75.2% of Bulgaria's total exports in kind during this period.

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

Following two years of increase, the value of Bulgaria's exports of polyester-based paints and varnishes declined. In 2019, exports peaked at 3 506 thousand US dollars, but in 2020, they dropped to 1 704 thousand US dollars—a sharp decrease of 51.4% compared to the previous year. Over the 2017–2020 period, export values fell by 31.8%, with an average annual decline of 12.0%. The largest year-on-year growth was recorded in 2019, with a 26.5% increase.

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

Between 2017 and 2020, Romania, the United Kingdom, and Greece remained the key destinations for Bulgaria's exports of polyester-based paints and varnishes in value terms. Romania held 39.4% of the export value, the United Kingdom 22.5%, and Greece 13.8%. Collectively, these three countries accounted for 75.6% of Bulgaria's total export flows during this time.

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

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

Imports polyester-based paints and varnishes to Bulgaria

Imports in kind, t

Bulgaria's imports of polyester-based paints and varnishes increased for the third consecutive year. In 2019, imports stood at approximately 3 177 tonnes, rising to 3 313 tonnes in 2020—a growth of 4.3% compared to the previous year. Over the 2017–2020 period, imports grew by 8.5%, with an average annual increase of 2.7%.

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

From 2017 to 2020, Austria, Italy, and Germany were the main sources of polyester-based paints and varnishes imports to Bulgaria in terms of volume. Together, these three markets supplied 68.1% of Bulgaria's total imports in kind during this period.

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 imports of polyester-based paints and varnishes in value terms increased for the third year in a row. In 2019, import value was 13 661 thousand US dollars, climbing to 14 539 thousand US dollars in 2020—a rise of 6.4% compared to the previous year. Over the 2017–2020 period, import values grew by 11.5%, with an average annual increase of 3.7%.

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

Between 2017 and 2020, Austria, Italy, and Germany continued to be the leading suppliers of polyester-based paints and varnishes to Bulgaria in value terms. Austria accounted for 30.4% of imports, Italy for 23.7%, and Germany for 21.8%. Together, these three countries represented 75.8% of Bulgaria's total imports in value during this period.

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

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