The biofuels consumption in China has shown notable fluctuations over the past decade, with values ranging from a high of 134.63 Petajoules in 2014 to a low of 82.1 Petajoules in 2020. The year-on-year variations indicate volatility, with significant drops in 2015 and 2020 followed by partial recoveries. As of 2023, biofuel consumption stands at 103.57 Petajoules, with a slight increase of 3.21% from the previous year.
Over the last five years, the compound annual growth rate (CAGR) was -3.31%, indicating a general decline. However, the forecast period from 2024 to 2028 predicts a more stable growth pattern, with a forecasted 5-year CAGR of 2.05% and an overall growth rate of 10.68%, suggesting a gradual recovery and increase in biofuel consumption reaching 117.81 Petajoules by 2028.
Future trends to watch for include policy changes, technological advancements in biofuel production, and shifts in energy demand patterns. These factors could influence biofuel consumption and provide opportunities for growth in the sector.
