Based on the forecasted data, the import of liquefied propane to South Korea in 2024 is projected to be $2.9797 billion, with an increase to $3.0581 billion in 2025, $3.1348 billion in 2026, $3.2101 billion in 2027, and $3.2838 billion in 2028. Comparing these values to an actual import value of $2.898 billion in 2023, the forecast indicates a steady year-on-year growth:
- 2024: 2.83%
- 2025: 2.63%
- 2026: 2.51%
- 2027: 2.40%
- 2028: 2.30%
The Compound Annual Growth Rate (CAGR) over the five-year period is approximately 2.53%.
Future trends to watch for include potential impacts from global energy market fluctuations, advances in renewable energy alternatives, and South Korea's energy policies aimed at reducing carbon emissions. These factors could significantly influence future import volumes and expenses related to liquefied propane. Additionally, evolving technologies in energy efficiency and storage might also alter the forecasted growth trajectory.
