The commercial industrial gases market in Bulgaria is estimated to have generated revenues of $80 million in 2014. This is up from $25 million in 2004, indicating an average annual growth rate of 11.9% for the decade.
The industrial gas sector in Bulgaria is dominated by five companies that between them control almost 90% of the market. The largest is Air Liquide, with a commanding market share of 36%. The other companies with a sizeable presence include SOL (17%), Messer (14%), Linde (10%) and SIAD (9%). There are also a handful of indigenous distributor businesses active in the country.
We estimate that onsite supply accounted for around a quarter of identified revenues in 2014, generating approximately $20 million. The merchant market spawned a further $60 million, the majority of which ($35 million) was generated through sales of packaged gas.
Within the 2015-2020 timeframe, our forecast models predict growth from 3.1% p.a. in a low scenario to 6.3% p.a. in a high scenario. This should see the industry in Bulgaria achieve revenues of between $102 million to $122 million by 2020.