From 2013 to 2023, South Korea’s pig iron production experienced fluctuations. A significant drop occurred in 2016 and 2020, with the most drastic decline in 2020 at -15.18%. However, production rebounded strongly in 2021 with a 23.02% increase. As of 2023, production stands at 53.91 million metric tons, representing a 1.94% year-on-year increase. The CAGR for the last five years has been approximately 2.11%, indicating steady growth. Forecasts predict a continuing upward trend, with a projected CAGR of 1.5% from 2024 to 2028, reaching 59.28 million metric tons in 2028.
Future trends to watch for include:
- Technological advancements in production.
- Changes in global demand and steel industry dynamics.
- Environmental regulations impacting production processes.
- Potential shifts in trade policies and tariffs affecting the industry.
