The share in total domestic material consumption of biomass in Malaysia stood at 34.89 in 2023. It has shown a steady decline from its peak of 44.62 in 2015, with the most noticeable drop occurring between 2015 and 2016. The year-on-year variation for 2023 was -1.47%, and the average compound annual growth rate (CAGR) over the last five years was -1.24%, indicating a continual reduction in biomass's share. By 2028, this share is forecasted to further decline to 32.26, marking a forecast 5-year growth rate of -6.06%.
Future trends to watch for:
- Emerging technological advancements in alternative energy sources which could further impact biomass utilization.
- Government policies and environmental regulations influencing material consumption mix.
- Market demand shifts toward more sustainable and eco-friendly materials.