Asia-Pacific: Solid Biofuel Market 2023

Solid Biofuel Market Size in Asia-Pacific

For the sixth consecutive year, the Asia-Pacific solid biofuel market recorded growth in sales value, which increased by 16% to $X in 2022. The total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.4% against 2016 indices. The level of consumption peaked in 2022 and is likely to continue growth in years to come.

Solid Biofuel Production in Asia-Pacific

In value terms, solid biofuel production stood at $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.5% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 35% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Solid Biofuel Exports

Exports in Asia-Pacific

In 2022, solid biofuel exports in Asia-Pacific stood at X tons, approximately equating the year before. In general, exports showed a significant increase. The pace of growth appeared the most rapid in 2014 when exports increased by 144%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, solid biofuel exports dropped modestly to $X in 2022. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2014 when exports increased by 75% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2021, and then shrank in the following year.

Exports by Country

In 2022, Vietnam (X tons) was the key exporter of solid biofuels, achieving 56% of total exports. Malaysia (X tons) held the second position in the ranking, followed by Indonesia (X tons) and India (X tons). All these countries together held approx. 29% share of total exports. The Philippines (X tons), China (X tons) and Lao People's Democratic Republic (X tons) held a minor share of total exports.

Vietnam was also the fastest-growing in terms of the solid biofuels exports, with a CAGR of +46.6% from 2012 to 2022. At the same time, Lao People's Democratic Republic (+44.2%), Malaysia (+23.9%), the Philippines (+23.3%), India (+17.6%), Indonesia (+9.3%) and China (+4.3%) displayed positive paces of growth. Vietnam (+46 p.p.), the Philippines (+4.3 p.p.) and Lao People's Democratic Republic (+2.3 p.p.) significantly strengthened its position in terms of the total exports, while India, China and Indonesia saw its share reduced by -2.8%, -14.8% and -24.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest solid biofuel supplying countries in Asia-Pacific were Vietnam ($X), China ($X) and Indonesia ($X), together comprising 70% of total exports. The Philippines, India, Malaysia and Lao People's Democratic Republic lagged somewhat behind, together comprising a further 26%.

Lao People's Democratic Republic, with a CAGR of +41.4%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per ton, with a decrease of -1.5% against the previous year. In general, the export price continues to indicate a pronounced reduction. The most prominent rate of growth was recorded in 2015 an increase of 28% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+11.9%), while the other leaders experienced more modest paces of growth.

Solid Biofuel Imports

Imports in Asia-Pacific

In 2022, solid biofuel imports in Asia-Pacific expanded sharply to X tons, surging by 12% against the year before. Overall, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 112% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, solid biofuel imports skyrocketed to $X in 2022. Over the period under review, imports posted a strong increase. The pace of growth was the most pronounced in 2014 with an increase of 67%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, Japan (X tons) was the major importer of solid biofuels, mixing up 55% of total imports. It was distantly followed by South Korea (X tons) and China (X tons), together creating a 42% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +37.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constitutes the largest market for imported solid biofuels in Asia-Pacific, comprising 59% of total imports. The second position in the ranking was taken by South Korea ($X), with a 29% share of total imports.

From 2012 to 2022, the average annual growth rate of value in Japan amounted to +20.9%. The remaining importing countries recorded the following average annual rates of imports growth: South Korea (+26.4% per year) and China (+8.9% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, increasing by 10% against the previous year. Over the period under review, the import price, however, saw a abrupt descent. The growth pace was the most rapid in 2015 an increase of 15% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (-1.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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