The US biofuels production has seen varying trends over the past decade. From 2013 to 2018, there was a steady growth with significant annual increases, peaking in 2018 at 1.4 million barrels of oil equivalent per day. However, in 2019, production saw a slight decline and a marked drop in 2020 of 8.74%, likely impacted by global disruptions. Recovery was evident from 2021 onwards, leading to an actual value of 1.5 million barrels of oil equivalent per day in 2023. The last two years recorded 6.27% and 3.08% year-on-year growth, respectively, with a 5-year CAGR of 1.37%. Forecasts for 2024 to 2028 show a continuing upward trend with a 5-year CAGR of 2.16%, expected to reach 1.72 million barrels of oil equivalent per day by 2028.
Future trends to watch for:
- Technological advancements in biofuel production processes
- Policy changes and incentives for renewable energy sources
- Market dynamics and competition with traditional fossil fuels
- Impact of global economic conditions on production and consumption patterns
