Over the last decade, fuel oil consumption in China's industry has shown volatility with periods of significant growth and decline. From 2013 to 2015, consumption consistently increased, but then dropped slightly in 2016 and remained stable through 2017. A notable decrease occurred in 2018 and 2019, followed by a sharp increase in 2020. From 2021 to 2023, consumption stabilized around 3.2 ten million metric tons. The compound annual growth rate (CAGR) over the past five years (2019-2023) is 3.64%. For 2023, fuel oil consumption stood at 3.21 ten million metric tons.
Looking ahead, forecasted data from 2024 to 2028 shows a slight growth trend, with the five-year forecasted CAGR at 0.16%. This indicates a rather stagnant increase in consumption, reflecting a plateauing effect in the industrial use of fuel oil in China.
Future trends to watch for:
- Technological advancements in energy efficiency that could further reduce fuel oil consumption.
- Policy changes on fossil fuel usage and environmental regulations.
- Potential shifts towards alternative and renewable energy sources.
- Economic factors that may impact industrial output and energy demand in China.
