Petroleum consumption in China's industry stood at 32.0 Ten Million Metric Tons in 2023. The forecasted data for the upcoming years show a steady increase in consumption: 33.36 in 2024, 34.77 in 2025, 36.16 in 2026, 37.53 in 2027, and 38.9 in 2028. This represents a year-on-year growth rate: 4.25% in 2024, 4.23% in 2025, 3.99% in 2026, 3.79% in 2027, and 3.65% in 2028. The compound annual growth rate (CAGR) over the next five years is forecasted to be approximately 4.18%.
Future trends to watch for:
- The impact of government policies aimed at reducing fossil fuel consumption and increasing the use of renewable energy sources.
- Changes in industrial activities and economic growth rates that may affect overall petroleum demand.
- Technological advancements that may improve energy efficiency and reduce petroleum dependency in industries.
- Global oil market fluctuations and supply chain dynamics that could influence petroleum availability and prices.