The US biofuels consumption has experienced fluctuations over the years, with actual consumption peaking at 3.19 thousand petajoules in 2023. From 2020 to 2021, the market rebounded with a 9.92% year-on-year increase, followed by a steadier growth in 2022 at 4.33% and a moderate 2.25% in 2023. The last five years indicate an average yearly increase (CAGR) of 1.86%. Future forecasts predict continued growth, reaching 3.7 thousand petajoules by 2028, supported by a forecasted 5-year CAGR of 2.32%, culminating in a 12.13% total growth over the period.
Future trends to watch for:
- Expansion in renewable energy policies and incentives driving biofuels adoption.
- Technological advancements improving biofuels production efficiency.
- Potential volatility in crude oil prices influencing biofuels demand.
- Environmental regulations impacting biofuels usage in various sectors.
- Consumer preferences shifting towards sustainable and green energy solutions.