Biofuels consumption in Spain has witnessed considerable fluctuations from 2013 to 2023. The consumption value stood at 25.66 thousand barrels of oil equivalent per day in 2023. Between 2013 and 2014, the year-on-year variation showed a significant recovery from -56.61% to 5.47%, followed by modest growth until 2015. A dramatic increase was seen from 2016 to 2018, peaking at 31.47 thousand barrels in 2018. However, this was followed by a decline and stabilization from 2019 to 2022, with a slight uptick in 2023.
From 2024 onward, forecast data indicates a steady growth trajectory, suggesting the biofuels consumption will continue to rise, reaching 29.15 thousand barrels per day by 2028. The calculated 5-year CAGR from 2023 to 2028 stands at 2.03%, reflecting a moderate growth rate.
Future trends to watch for include advancements in biofuel technologies, government policies promoting clean energy, and potential economic or environmental shifts that could impact consumption patterns. Additionally, ongoing investments in renewable energy infrastructure could further bolster the biofuel market in Spain.