The production of ferromanganese and silicomanganese in South Korea has observed varied growth over the past decade, standing at 733.29 thousand metric tons in 2023. From 2013 to 2023, the sector experienced occasional declines, notably in 2014 and 2020, but overall showcased a positive trend, with significant year-on-year growth in 2021. The 2024 forecast suggests continued steady growth, projected to reach 752.05 thousand metric tons.
Over the last two years:
- 2022 saw a production increase of 2.49% compared to 2021.
- In 2023, the year-on-year growth was 2.38%.
The compound annual growth rate (CAGR) for the past five years (2019-2023) averaged at 2.62%, reflecting a slow yet consistent growth pattern.
For the upcoming five years (2024-2028), the forecasted CAGR is 1.81%, indicating a modest projected annual average growth.
Future trends to watch include:
- Technological advancements and investments in production efficiency.
- Fluctuations in global demand for steel, affecting manganese alloy requirements.
- Potential regulatory changes affecting environmental impacts and production costs.
