In 2023, China’s crude oil consumption in manufacturing raw chemical materials and products was at a comparable volume to 4.21 ten million metric tons. Forecasts for 2024 through 2028 indicate a steady annual increase in consumption, with each year's value incrementally higher by approximately 2.14% year-on-year from the previous year, culminating in 4.57 ten million metric tons by 2028. This trend reflects a Compound Annual Growth Rate (CAGR) of approximately 2.11% over the five-year period.

Future trends to watch for:

Technological advancements improving efficiency in chemical manufacturing processes, potentially impacting crude oil demand.
Policy shifts towards sustainable and renewable resources, possibly affecting crude oil consumption in favor of alternatives.
Economic factors such as global oil price fluctuations and China's industrial growth influencing future consumption patterns.