The energy consumption in biodiesel production in South Korea has seen various fluctuations over the past decade. From 2013 to 2023, the values have shown both growth and decline, peaking in 2018 at 566.64 thousand tonnes of oil equivalent. In 2023, the consumption stood at 518.93 thousand tonnes. Year-on-year changes range from an increase of 27.47% in 2013 to a decrease of -1.3% in 2023.
The most notable trends include a significant growth period from 2015 to 2018 and a subsequent decline from 2019 onwards. The compound annual growth rate (CAGR) for the last five years up to 2023 shows a slight decline at -1.74%.
Looking ahead, the forecast for energy consumption in biodiesel production continues to decline gradually, with a forecasted 5-year CAGR of -0.69%, reflecting a cautious approach toward growth in this sector.
Future trends to watch for:
- Technological advancements in biodiesel production improving energy efficiency
- Government policies and regulations impacting biodiesel production and consumption
- Shifts in global oil prices influencing the cost-effectiveness of biodiesel
- Potential increase in renewable energy sources diversifying the energy mix
