The turnover in chemical products in South Korea is forecasted to rise from 83.926 trillion South Korean Wons in 2024 to 87.053 trillion South Korean Wons in 2028. Compared to 2023, the growth continues steadily with annual percentage increments: 0.96% from 2024 to 2025, 0.93% from 2025 to 2026, 0.90% from 2026 to 2027, and 0.88% from 2027 to 2028. The compound annual growth rate (CAGR) over the next five years is approximately 0.92%.
Future trends to watch for:
- Technological innovations and advancements in chemical engineering which could enhance productivity.
- Government policies and regulations impacting the chemical industry's environmental compliance and sustainability efforts.
- Global economic conditions influencing both supply chain dynamics and market demand for chemical products.
- Investment and development in renewable energy and eco-friendly alternatives, potentially reshaping the market landscape.
