From 2013 to 2023, the primary solid biofuels final consumption in the industry in Finland exhibited a fluctuating upward trend, starting at 3.16 million tonnes of oil equivalent and reaching 4.02 million tonnes of oil equivalent in 2023. Significant growth occurred between 2014 and 2019, with notable year-on-year increases above 5% in multiple years. The period experienced a dip in 2020, with a 6.88% decrease, likely influenced by external factors such as market disruptions or economic downturns. Recovery was modest with minor year-on-year growth of less than 1% observed in the subsequent years up to 2023.
Future trends to watch for include the continuous, albeit modest, growth forecast from 2024 to 2028, with a forecasted 5-year CAGR of 0.43%. This suggests a stable market with a 2.18% growth rate over the next five years. Critical factors to monitor include advancements in biofuels technology, policy impacts on energy consumption, and the potential emergence of alternative renewable energy sources which could influence the demand for solid biofuels in industry.