Over the years, China's biofuels consumption has shown significant fluctuations. From 2013 to 2023, there have been notable ups and downs, with an initial rise of 37.29% in 2013, followed by a marked decrease in some years such as 2015 (-30.02%) and 2020 (-25.5%). The variations around 2023 present a modest yet positive trend, with a year-on-year increase of 3.2%, which places the consumption at 46.37 thousand barrels of oil equivalent per day.
Looking ahead, the forecasted data from 2024 to 2028 suggests a steady upward trend. The Compound Annual Growth Rate (CAGR) is projected to be 2.05%, resulting in an overall growth rate of 10.68% over the five-year period. This indicates a gradual recovery and stabilization in biofuels consumption.
Future trends to watch for include advancements in biofuel technology, governmental policies supporting renewable energy, and a potential increase in environmental consciousness among the population, which could drive further growth in biofuels consumption. Additionally, China's ongoing commitment to reducing carbon emissions may bolster the biofuels sector.