The biofuels consumption in South Korea stood at 31.12 Petajoules in 2023. Analyzing the historical trends from 2013 to 2023, we observe initial fluctuations with significant decreases and increases in consumption. Note the considerable spike from 2017 to 2018 (+59.58%) followed by a relatively stable increase. The consumption saw another notable rise between 2021 and 2022 (+24.5%) but remained stable in 2023 (-0.016%). The five-year CAGR leading to 2023 is approximately 1.7%. Looking ahead, an increase is projected with a forecasted five-year CAGR of 2% and overall growth expected to reach 35.3 Petajoules by 2028.
Future trends to watch for:
- Enhanced production efficiency and technological advancements in biofuels.
- Government policies and incentives promoting cleaner energy alternatives.
- Market shifts due to geopolitical influences and global fuel price trends.
- Possible impact of sustainable practices on long-term biofuels demand.