The value-added of refined petroleum products and coke in South Korea stood at 14.143 trillion South Korean Wons in 2023, reflecting a year-on-year decrease of 0.27%. Analyzing trends over the last decade, the period from 2015 to 2017 saw significant growth, peaking in 2017. However, since 2018, the sector has faced a decline, with minor fluctuations in growth. The compound annual growth rate (CAGR) over the last five years indicates a general downturn.
Looking at future trends, the forecast for the next five years signals a continuous decline at an average rate of 0.2% per year. Key future trends to watch for include:
- Potential shifts in government policies towards renewable energy.
- Global oil price volatility impacting the local market.
- Technological advancements in refining processes.
- Rising environmental regulations and sustainability initiatives.
