Forecast: Biofuels Consumption in Thailand

Biofuels consumption in Thailand peaked at 93.44 petajoules in 2019, but has since shown a consistent decline. In 2023, the consumption stood at 68.61 petajoules, marking an 8.91% year-on-year decrease. This comes after year-on-year decreases of 10.3% in 2021 and 10.17% in 2022, representing a negative CAGR of -3.89% over the last five years. Between 2024 and 2028, the biofuel consumption is forecasted to continue declining at an average rate of -4.37% per year, ending at 50.57 petajoules by 2028.

Future trends to pay attention to:

• Potential policy changes or governmental initiatives to boost biofuels demand.
• Technological advancements that may make biofuels more cost-effective and widely adoptable.
• Global energy market dynamics, including crude oil price fluctuations, impacting biofuels competitiveness.