South Korea Biofuels Market Size & Outlook, 2023-2030
South Korea biofuels market, 2018-2030 (US$M)
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South Korea biofuels market highlights
- The South Korea biofuels market generated a revenue of USD 604.5 million in 2023 and is expected to reach USD 1,401.8 million by 2030.
- The South Korea market is expected to grow at a CAGR of 12.8% from 2024 to 2030.
- In terms of segment, solid biofuel was the largest revenue generating form in 2023.
- Liquid Biofuel is the most lucrative form segment registering the fastest growth during the forecast period.
Biofuels market data book summary
| Market revenue in 2023 | USD 604.5 million |
| Market revenue in 2030 | USD 1,401.8 million |
| Growth rate | 12.8% (CAGR from 2023 to 2030) |
| Largest segment | Solid biofuel |
| Fastest growing segment | Liquid Biofuel |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Solid Biofuel, Liquid Biofuel, Gaseous Biofuel |
| Key market players worldwide | Air Liquide SA, Archer-Daniels Midland Co, Bunge Global SA, Green Plains Inc, Petroleo Brasileiro SA Petrobras ADR, Chevron Corp, International Flavors & Fragrances Inc, Shell PLC, Wilmar International Ltd |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.6% of the global biofuels market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China biofuels market is projected to lead the regional market in terms of revenue in 2030.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 1,401.8 million by 2030.
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Biofuels Market Scope
Biofuels Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea biofuels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to biofuels market will help companies and investors design strategic landscapes.
Solid biofuel was the largest segment with a revenue share of 57.72% in 2023. Horizon Databook has segmented the South Korea biofuels market based on solid biofuel, liquid biofuel, gaseous biofuel covering the revenue growth of each sub-segment from 2018 to 2030.
The growing government initiatives to introduce a number of green growth programs for the structural growth of the economy and numerous green technologies for different sectors is expected to propel the demand for biofuels in the country.
For instance, in October 2022, South Korea announced the plan to increase domestic biofuel use by implementing marine biofuel by 2025, sustainable aviation fuel (SAF) by 2026, and increasing its biofuels blending mandate in the diesel pool by 2030.
For instance, in May 2022, GS Caltex and Posco International collaborated for biofuel push to make a significant push into the expanding biofuel industry amid rising demands for global emissions cuts.
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Our clientele includes a mix of biofuels market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea biofuels market , including forecasts for subscribers. This country databook contains high-level insights into South Korea biofuels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea biofuels market size, by form, 2018-2030 (US$M)
South Korea Biofuels Market Outlook Share, 2023 & 2030 (US$M)
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