Water-based acrylic or vinyl paints and varnishes market in Bulgaria

Earlier Report Observations

The market for water-based acrylic or vinyl paints and varnishes in Bulgaria was valued at 26.2 million USD in 2018. That December, Ordinance No. 8 introduced new specific labeling and packaging requirements for chemical substances and mixtures, including paints, imposing fresh regulatory obligations on manufacturers and traders. The following year, the market contracted by 19% to 21.1 million USD. This decline coincided with the full implementation of new EU-aligned CLP labeling and packaging rules, which increased compliance costs and likely temporarily suppressed market activity. In 2020, the market rebounded strongly by 27% to 26.8 million USD. The COVID-19 pandemic disrupted supply chains and altered consumer behavior, boosting demand for DIY home improvement products like paints.

Market growth accelerated sharply in 2021, surging 28% to 34.2 million USD. By 2022, growth stabilized, with the market reaching 34.9 million USD. In 2023, the market saw a modest 5% correction to 33.1 million USD. During this period, company Ninachim EOOD executed a project to expand its production capacity for water-dispersion paints and primers, aiming to strengthen its market position. Amendments to the Public Procurement Act, aligned with the national recovery plan, also modified market access conditions. Concurrently, the enduring consumer shift towards eco-friendly, water-based, low-solvent products continued to shape the market landscape.

The market recovered to 35.3 million USD in 2024, a 7% increase from the previous year. This growth was supported by new regulations, including an ordinance limiting emissions of volatile organic compounds (VOCs) from specific paints and varnishes, with a compliance deadline of March 31, 2024, which further incentivized the adoption of water-based formulations. Investment in capacity expansion persisted, with leading producer Orgahim AD reinforcing its market presence. Rising consumer preference for ecological, water-based paints with lower solvent content remained a key market driver.

Production water-based acrylic or vinyl paints and varnishes in Bulgaria

In value, 2017-2020, K $ US

In Bulgaria, the production value of water-based acrylic or vinyl paints and varnishes reached 19 323 thousand US dollars in 2020, showing a notable increase of 15.6% compared to the previous year. Over the period from 2017 to 2020, production grew by 8.8%, with an average annual growth rate of 2.8%. The lowest value was recorded in 2019 at 16 709 thousand US dollars, while the highest was in 2018 at 19 463 thousand US dollars. The most significant decline occurred in 2019, with a drop of 14.1%.

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

In kind, 2017-2020, t

Following a two-year decline, Bulgaria's production of water-based acrylic or vinyl paints and varnishes rebounded in 2020, with output reaching 17 653 tonnes, marking a substantial increase of 21.5% from 2019. However, over the full period from 2017 to 2020, production decreased by 9.5%, translating to an average annual decline of 3.3%. The lowest production level was in 2019 at 14 525 tonnes, which also saw the largest decline of 17.0%.

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

Exports water-based acrylic or vinyl paints and varnishes from Bulgaria

Exports in kind, t

Bulgaria's exports of water-based acrylic or vinyl paints and varnishes amounted to 9 082 tonnes in 2020, representing a significant year-over-year decrease of 38.6%. From 2017 to 2020, exports fell by 29%, with an average annual decline of 10.8%. The peak export volume was in 2019 at 14 786 tonnes, which also experienced the largest increase of 28.4%.

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

Between 2017 and 2020, Bulgaria's exports of water-based acrylic or vinyl paints and varnishes were almost entirely directed to Romania, which accounted for 90.7% of total export volume.

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

In 2020, Bulgaria's export value of water-based acrylic or vinyl paints and varnishes totaled 6 858 thousand US dollars, indicating a sharp decrease of 30.2% compared to the previous year. Over the period from 2017 to 2020, exports declined by 20.1%, equivalent to an average annual rate of 7.2%. The highest export value was recorded in 2019 at 9 824 thousand US dollars, which also saw the largest increase of 18.8%.

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

From 2017 to 2020, Romania was the dominant buyer of water-based acrylic or vinyl paints and varnishes from Bulgaria, representing 79.1% of total export value, with other countries accounting for 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 water-based acrylic or vinyl paints and varnishes to Bulgaria

Imports in kind, t

Bulgaria's imports of water-based acrylic or vinyl paints and varnishes declined for the second consecutive year in 2020, with a total of 4 320 tonnes imported, showing a modest decrease of 4.2% year-over-year. Between 2017 and 2020, imports fell by 15.7%, corresponding to an average annual decline of 5.5%. The largest decline occurred in 2019 at 12.0%, while the largest increase was in 2018 at 0.0%.

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

During 2017–2020, Italy, Romania, and Greece were the primary sources for Bulgaria's imports of water-based acrylic or vinyl paints and varnishes by volume, accounting for 20.8%, 16.7%, and 16.5% of imports, respectively. Together, these three countries represented 53.9% of total import flows.

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

In 2020, Bulgaria's import value of water-based acrylic or vinyl paints and varnishes reached 14 320 thousand US dollars, reflecting a slight increase of 0.7% compared to the previous year. Over the period from 2017 to 2020, imports grew by 8%, with an average annual growth rate of 2.6%. The highest import value was in 2018 at 15 011 thousand US dollars, which also experienced the largest increase of 13.2%, while the largest decline was in 2019 at 5.3%.

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

From 2017 to 2020, Greece, Italy, and Romania were the leading sources for Bulgaria's imports of water-based acrylic or vinyl paints and varnishes by value, with shares of 19.0%, 17.4%, and 14.3%, respectively. Collectively, these three countries accounted for 50.8% of total import value.

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

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