Biofuels production in Australia has experienced significant fluctuations over the past decade. From 2013 to 2015, production peaked at 4.82 thousand barrels of oil equivalent per day in 2014 before dropping sharply to 2.35 in 2016. The subsequent years saw considerable volatility, with production bottoming out at 1.99 in 2017 and fluctuating around the 2.0 mark through 2023, where it stood at 2.15 thousand barrels per day. Year-on-year variations showed significant declines and recoveries, with notable declines of -44.78% in 2016 and -15.28% in 2017, and recoveries like 21.7% in 2018. Over the last five years, the compound annual growth rate (CAGR) was -2.34%, indicating a downward trend.
Looking forward from 2024, biofuels production is expected to stabilize and grow modestly. Forecasts indicate a CAGR of 1.31% through 2028, with production forecasted to reach 2.34 thousand barrels per day by then, reflecting a 6.75% growth over the next five years.
Future trends to watch for include advancements in biofuel technology, government policies promoting sustainable energy, and market demands for cleaner fuels. These factors could potentially drive higher production volumes and impact the forecast positively.
