Key Market Indicators
SEOUL — Korean biofuel demand is projected to surge, reaching approximately 15,800 barrels of oil equivalent per day by 2028. This marks an increase from around 13,900 barrels per day in 2023, reflecting an average annual growth rate of 2%. Since 2009, the demand for biofuel in Korea has grown consistently, posting an average year-on-year increase of 1.7%. On the production front, Korean biofuel output is expected to climb to roughly 13,800 barrels of oil equivalent per day by 2028. This figure is up from about 12,100 barrels per day in 2023, also growing at an average annual rate of 2%. However, since 2007, biofuel supply in Korea has seen a decline, decreasing by an average of 1.1% per year. These trends highlight both the rising demand and the challenges in boosting production, setting a complex stage for Korea’s biofuel industry over the next five years.
