India: Solid Biofuel Market 2023

Solid Biofuel Market Size in India

The Indian solid biofuel market surged to $X in 2022, with an increase of 23% against the previous year. In general, consumption, however, saw a perceptible shrinkage. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Solid Biofuel Production in India

In value terms, solid biofuel production expanded to $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 when the production volume increased by 26%. Solid biofuel production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Solid Biofuel Exports

Exports from India

After five years of growth, overseas shipments of solid biofuels decreased by -18.9% to X tons in 2022. In general, exports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2018 when exports increased by 194% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2021, and then dropped remarkably in the following year.

In value terms, solid biofuel exports totaled $X in 2022. Overall, exports, however, posted strong growth. The pace of growth was the most pronounced in 2018 when exports increased by 48% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see steady growth in the near future.

Exports by Country

Bhutan (X tons) was the main destination for solid biofuel exports from India, accounting for a 48% share of total exports. It was followed by Sri Lanka (X tons), with a 1.5% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Bhutan stood at +142.9%.

In value terms, Bhutan ($X) remains the key foreign market for solid biofuels exports from India, comprising 45% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 3.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Bhutan stood at +115.5%.

Export Prices by Country

In 2022, the average solid biofuel export price amounted to $X per ton, rising by 35% against the previous year. In general, the export price, however, recorded a noticeable descent. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Sri Lanka ($X per ton), while the average price for exports to Bhutan totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Sri Lanka (+5.2%).

Solid Biofuel Imports

Imports into India

In 2022, imports of solid biofuels into India soared to X tons, with an increase of 25% on the previous year's figure. In general, imports recorded a significant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 802% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, solid biofuel imports fell sharply to $X in 2022. Over the period under review, imports recorded a significant expansion. The pace of growth was the most pronounced in 2018 when imports increased by 1,597%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Bhutan (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of solid biofuel imports to India, with a combined 46% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +62.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and Sri Lanka ($X) appeared to be the largest solid biofuel suppliers to India, with a combined 43% share of total imports.

Among the main suppliers, China, with a CAGR of +45.3%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average solid biofuel import price stood at $X per ton in 2022, falling by -47.1% against the previous year. Over the period under review, the import price, however, recorded a pronounced increase. The pace of growth appeared the most rapid in 2013 when the average import price increased by 206%. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Sri Lanka ($X per ton), while the price for Bhutan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+3.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Market Intelligence Platform

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