Forecast: Biofuels Production in Thailand

Analyzing the biofuels production in Thailand, the value in 2023 stands at 33.84 thousand barrels of oil equivalent per day. The year-on-year variation for 2023 was a decrease of 6.27%, continuing a downward trend observed since 2019. Over the last five years, the compound annual growth rate (CAGR) has been -3.08%, indicating a contraction in biofuels production.

From 2013 to 2018, Thailand saw generally increasing biofuels production with fluctuating growth rates. The period of 2013-2019 saw an overall upward trend, culminating in a peak production of 44.45 thousand barrels of oil equivalent per day in 2020. Subsequently, there was a notable decline, with production dropping sharply by 11.24% in 2021, followed by continued declines to 2023.

The forecast data from 2024 to 2028 indicates a continuing decline in biofuels production, with an average annual decrease (CAGR) of -2.83%. The production is expected to fall to 27.75 thousand barrels of oil equivalent per day by 2028, marking a significant decline of 13.36% over this period.

Future trends to watch for include developments in alternative energy sources, legislative and policy changes affecting biofuels, advancements in biofuel technology, and market dynamics such as supply chain disruptions and global oil prices. These factors will play crucial roles in shaping the trajectory of biofuels production in Thailand.