The forecast for fuel oil consumption in the UK's wood and wood products sector from 2024 to 2028 shows a significant decline. In 2023, consumption levels were at around 670 Tonnes of Oil Equivalent. A year-on-year decrease is expected, with a notable reduction from 2024 to 2025 (21.43%) and the steepest decline occurring in the final forecasted year, 2028 (47.83% from 2027). Over the five years, the compound annual growth rate (CAGR) stands at -35.1%, highlighting a robust downward trend in fuel oil usage within this sector.
Trends to watch for include:
- Transition to alternative energy sources, particularly renewables.
- Adoption of energy-efficient technologies and processes in the wood industry.
- Potential regulatory impacts pushing for reduced fossil fuel dependency.
