South Korea's biofuels production has seen fluctuations over the past decade, with significant growth during certain years and declines in others. In 2023, the production stood at 12.14 thousand barrels of oil equivalent per day. The year-on-year variation over the last two years showed a moderate increase, with a 5.54% rise in 2022 followed by a 2.79% increase in 2023. The Compound Annual Growth Rate (CAGR) over the last five years was -1.06%, indicating a slight overall decline in production during this period.
Looking at the forecast period from 2024 to 2028, a steady positive growth is anticipated, with a CAGR of 2%, leading to an overall growth of 10.39% over these five years. By 2028, the production is expected to reach 13.76 thousand barrels of oil equivalent per day.
Future trends to watch for include advancements in biofuel technology, government policies promoting renewable energy, and market demand shifts. The influence of global economic conditions and environmental regulations will also play a significant role in shaping the biofuels sector in South Korea.
