In 2023, fuel oil consumption in China for manufacturing raw chemical materials and products stood at a key baseline value. From 2024, the usage is expected to consistently increase, with forecasted figures reaching 1.01, 1.03, 1.05, 1.07, and 1.09 in ten million metric tons for the years 2024 through 2028, respectively. This implies a steady growth rate year-on-year, highlighting a gradual increase in demand. This trend signifies a projected Compound Annual Growth Rate (CAGR) suggesting that consumption is anticipated to rise modestly over the forecast period.
Future trends to watch for include:
- Technological advancements potentially reducing fuel oil dependency.
- Government policies regarding energy consumption and environmental impact.
- The global oil price fluctuations affecting fuel consumption costs in China.
