The production of man-made fibres in South Korea is projected to experience a consistent decline from 2024 to 2028. In 2024, the forecasted production value stands at 818.8 billion South Korean Wons, but by 2028, it is expected to decrease to 617.45 billion South Korean Wons. This marks a year-on-year decline each year: -6.33% from 2024 to 2025, -6.62% from 2025 to 2026, -6.95% from 2026 to 2027, and -7.34% from 2027 to 2028. Over the five-year period, the Compound Annual Growth Rate (CAGR) is approximately -6.91%, reflecting a sustained downtrend.
Future trends to watch for:
- Technological advancements in fibre production may influence cost structures and efficiency.
- Market demand shifts towards sustainable and eco-friendly fibres could potentially upend traditional production metrics.
- Global competitive pressures and trade policies may impact South Korea's fibre production industry.
- Economic conditions, both domestically and globally, could lead to variances in production output and value.