Between 2013 and 2023, energy consumption in biodiesel production in the US showed a consistent upward trend with some fluctuations. The increase from 4.43 million tonnes of oil equivalent in 2013 to 9.95 million tonnes in 2023 represents a significant growth. Notably, from 2022 to 2023, there was an increase of 6.97%, with a CAGR of 8.01% over the last five years. Moving forward, from 2024 to 2028, the forecasted CAGR is 4.34%, indicating a continued, albeit slower, growth rate. Projected energy consumption by 2028 is 13.09 million tonnes of oil equivalent, reflecting a 23.65% increase over this period.
Future trends to watch for:
- Technological advancements in biodiesel production.
- Government policies and regulations promoting renewable energy.
- Fluctuations in the crude oil market impacting biodiesel demand.
- Environmental concerns driving growth in renewable energy sources.
