The biofuels consumption in India has shown a dramatic upward trend over the past decade. From 43.38 Petajoules in 2013, consumption increased significantly to 142.58 Petajoules in 2023. The year-on-year variations have fluctuated, with notable peaks such as a 33.94% rise in 2018 and a 39.91% increase in 2021. The CAGR for the past five years (2019-2023) stands at 14.19%, reflecting robust growth. Looking ahead to the forecasted period (2024-2028), consumption is expected to continue climbing at a CAGR of 6.93%, reaching 221.66 Petajoules by 2028, signifying an overall growth rate of 39.8% over these five years.
Future trends to watch for:
- India’s policy changes and investments in biofuels infrastructure, which could further accelerate consumption rates.
- Global oil price volatility, influencing biofuel alternatives.
- Technological advancements in biofuel production methods, improving efficiency and output.