Biofuel consumption in Argentina has experienced several fluctuations over the past decade. Following a steady increase from 42.85 Petajoules in 2013 to a peak of 66.34 Petajoules in 2017, consumption saw a decline and subsequently stabilized around mid-60 Petajoules. However, 2020 marked a significant drop to 34.73 Petajoules, reflecting a nearly 50% decrease, likely driven by global disruptions. Post-2020, consumption showed recovery, reaching 51.56 Petajoules in 2023, indicating a slight year-on-year growth of 2.8%.
Key variations:
- 2013-2014: 14.48% growth
- 2014-2015: 16.71% growth
- 2015-2016: 5.99% growth
- 2016-2017: 14.91% growth
- 2017-2018: -4.53% decline
- 2018-2019: 2.14% growth
- 2019-2020: -46.32% decline
- 2020-2021: 8.02% growth
- 2021-2022: 33.71% growth
- 2022-2023: 2.8% growth
The 5-year compound annual growth rate (CAGR) for the period leading up to 2023 stands at -4.03%, indicating a recovery trend post-2020. Looking ahead to 2028, the forecast predicts a moderate growth potential with a 5-year CAGR of 2%, culminating in a projected consumption of 58.48 Petajoules.
Future trends to watch for include:
- Government policies and incentives for renewable energy
- Technological advancements in biofuel production
- Global market shifts and economic stability
- Environmental regulations and commitments
- Localized impacts of climate change on biofuel resources