From 2013 to 2023, the production of Coke and Refined Petroleum Products in South Korea experienced fluctuations, initially declining sharply between 2014 and 2016 with significant year-on-year decreases up to -29.93%, then recovering post-2017 with impressive growth rates of 22.74% in 2018. By 2023, the value stood at 139.72 trillion South Korean Wons, showcasing a 2.01% year-on-year increase.
The average annual growth rate (CAGR) over the last five years ending in 2023 was a modest 0.84%, reflecting a period of stabilization after previous volatility. Forecasts from 2024 to 2028 predict a gradual increase, with a 1.56% CAGR and an 8.02% growth rate by 2028.
Key future trends to watch for include:
- Technological advancements in refining processes.
- Shifts in global oil prices and their impact on production volumes.
- Government policies on energy and environmental regulations.
- Market demand fluctuations due to economic conditions.
