Water-based polymer paints and varnishes market in Bulgaria

Earlier Report Observations

The market for water-based polymer paints and varnishes in Bulgaria, measured in value, contracted from 48.4 million USD in 2018 to 35.8 million USD in 2019, before recovering to 40.2 million USD in 2020. This recovery was supported by growing consumer preference for eco-friendly, low-solvent water-based coatings and significant investments by leading producers. Companies like Orgachim AD, the largest paint manufacturer in the country, and Ninachim EOOD expanded their production capacities and launched new product lines, including water-based paints for wood, metal, and anti-corrosion primers.

Market value continued to rise sharply, reaching 48.2 million USD in 2021 and 48.8 million USD in 2022. This growth was primarily driven by sustained demand for environmentally friendly products and continuous innovation from major manufacturers. For instance, Orgachim introduced Protecta, a combined rust converter, primer, and water-based paint for metal, while producers focused on developing formulations with lower solvent content to cater to health-conscious consumers.

After the growth period, the market stabilized, with value edging down to 47.4 million USD in 2023 and then slightly up to 47.9 million USD in 2024. In physical terms, market volume peaked at 32 463 t in 2021, declined to 28 095 t in 2023, and partially recovered to 29 186 t in 2024, reflecting a period of consolidation.

Production water-based polymer paints and varnishes in Bulgaria

In value, 2017-2020, K $ US

In 2020, Bulgaria's production of water-based polymer paints and varnishes was valued at 27 529 thousand US dollars, marking a 25.6% decrease compared to the previous year. Between 2017 and 2020, production fell by 17.2%, which translates to an average annual decline of 6.1%. The lowest value was recorded in 2019 at 26 995 thousand US dollars, while the peak occurred in 2018 with 36 292 thousand US dollars. The most significant drop of 25.6% took place in 2019, whereas the largest increase of 9.1% was observed in 2018.

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

In kind, 2017-2020, t

In 2020, Bulgaria produced 28 740 tonnes of water-based polymer paints and varnishes, showing little change from 2019. Over the period from 2017 to 2020, production declined by 32.5%, averaging an annual decrease of 12.3%.

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

Exports water-based polymer paints and varnishes from Bulgaria

Exports in kind, t

In 2020, Bulgaria's exports of water-based polymer paints and varnishes amounted to 9 207 tonnes, a 38.4% drop from 2019. From 2017 to 2020, exports decreased by 29.3%, with a compound annual growth rate of -10.9%. The highest export volume was recorded in 2019 at 14 957 tonnes, which also saw the largest increase of 27.9%.

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

Between 2017 and 2020, Romania was the primary destination for Bulgaria's water-based polymer paints and varnishes exports, accounting for 89.5% of total exports in volume. Other markets played a much smaller role 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

In 2020, Bulgaria's exports of water-based polymer paints and varnishes reached 7 489 thousand US dollars, down 29.0% from 2019. From 2017 to 2020, exports fell by 18.5%, equating to an average annual decline of 6.6%. The peak value was in 2019 at 10 555 thousand US dollars, which also experienced the largest increase of 19.9%.

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

From 2017 to 2020, Romania dominated Bulgaria's exports in value terms, capturing 74.9% of the total. The remaining share was distributed among other countries.

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 polymer paints and varnishes to Bulgaria

Imports in kind, t

In 2020, Bulgaria imported 12 430 tonnes of water-based polymer paints and varnishes, a 4.0% rise compared to 2019. Between 2017 and 2020, imports decreased by 5.9%, with an average annual rate of -2.0%. The lowest import volume was in 2019 at 11 951 tonnes, which also saw the most significant decline of 9.5%.

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

During 2017–2020, the three largest sources for Bulgaria's imports in volume were Greece, Italy, and Romania, collectively accounting for 57.1% of total imports.

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 imports of water-based polymer paints and varnishes totaled 20 202 thousand US dollars, up 4.4% from the previous year. Over the 2017–2020 period, imports grew by 6.1%, with a compound annual growth rate of 2.0%. The highest value was recorded in 2018 at 20 936 thousand US dollars, which also experienced the largest increase of 10.0%. In contrast, the most significant decrease of 7.6% occurred in 2019.

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

From 2017 to 2020, Greece, Italy, and Romania were the main sources for Bulgaria's imports in value terms, with shares of 22.4%, 16.3%, and 12.7%, respectively. Together, they accounted for 51.4% of total imports of water-based polymer paints and varnishes.

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

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