Bulgaria chem market to achieve strong growth

21 November 2007 15:24  [Source: ICIS news]

TORONTO (ICIS news)--Bulgaria’s chemicals market is set to achieve double-digit growth in applications linked to pharmaceuticals, cosmetics, paints, coatings and construction, offering good opportunities for importers, Germany’s foreign trade agency said on Wednesday.

 

On average, the overall market - estimated to be worth some €3bn ($4.4bn) in 2007 - should grow by 5% to 6% a year, the agency said in a report to clients.

 

Chemicals with application in environmental markets and technologies would also offer very strong growth opportunities, driven by Bulgaria's effort to meet EU and global standards, BFAI said.

 

Foreign companies claim a 60% share of the Bulgarian market, with German chemicals makers holding almost 20% of the import market.

 

Bulgaria’s local chemicals production – including petrochemicals, fertilizers, rubber and plastics – employs some 45,000 workers.

 

The local chemicals industry would invest some €750m in the near-term to adapt and upgrade plants to comply with EU norms by 2011, BFAI said. 

 

Unlike Romania, Bulgaria’s industry was not granted the longer transition period through 2017, it added.

 

The biggest local producers are petrochemicals maker Lukoil-Neftochim and Solvay Chemicals' Solvay-Sodi AD, an important producer of soda ash and other inorganics.

 

Bulgaria’s largest plastics processors are Asenova Krepost and Plastchim-T, BFAI said in its report.

 

In fertilizers, the largest local producers are Agropolichim und Neochim, BFAI said.

 

($1 = €0.68)

By: Stefan Baumgarten
+1 713 525 2653

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