Biofuels consumption in Australia experienced significant fluctuations over the past decade. After a peak in 2014 at 10.81 PJ, there was a sharp decline reaching 4.33 PJ by 2020. However, a moderate recovery trend started in 2021, rising to 5.03 PJ in 2023. The year-on-year variation saw significant drops, particularly in 2015 and 2016, with a stabilization and slight recovery observed in the last two years. From 2024 onwards, consumption is projected to increase gradually, achieving a 5-year CAGR of 1.64% by 2028, reflecting a stabilization trend.
Future trends to watch for include:
- Technological advancements in biofuel production.
- Government policies affecting renewable energy incentives.
- Market dynamics in oil prices influencing biofuel competitiveness.
- Consumer preference shifts towards sustainable energy sources.