The output of refined petroleum products and coke in Spain has exhibited significant fluctuations from 2013 to 2023. Starting at 45.47 billion Euros in 2013, it experienced a notable decline over the following years, hitting a low of 20.6 billion Euros in 2020. The period from 2021 to 2023 showed a rebound, reaching 34.95 billion Euros in 2023. Key year-on-year variations include substantial drops in 2015, 2020, and significant recovery in 2021. The compound annual growth rate (CAGR) over the last five years shows an average decline of 3.2% per year.
Looking into the future, the forecasted data from 2024 to 2028 suggest a gradual decrease, with the output expected to reach 32.45 billion Euros by 2028. The forecasted 5-year CAGR is estimated at -1.18%, indicating a continued but moderate decline.
Future trends to watch include:
- Impact of global oil prices and economic recovery post-pandemic.
- Regulatory changes aimed at reducing carbon emissions and their effect on the industry.
- Innovations in alternative fuels and their adoption rate.
- Investment in refining capacity and technological advancements.
