The actual ferromanganese production in South Korea stood at 402.46 thousand metric tons in 2023. Over the past decade, the production trends exhibited variability, including notable declines in 2014 and 2020 and substantial growth spurts, such as the 23.08% rise in 2021. Despite these fluctuations, the compound annual growth rate (CAGR) over the last five years was 2.16%. Year-on-year growth remained positive but showed signs of slowing down towards 2% from 2022 to 2023.
Looking forward, forecasts indicate a consistent upward trajectory in production volumes with a forecasted 5-year CAGR of 1.53%. By 2028, production is projected to reach 443.44 thousand metric tons, marking an overall growth rate of 7.87% over the forecast period.
Future trends to watch for:
- The potential impact of global economic conditions on production growth rates.
- The influence of technological advancements and environmental regulations on production efficiency.
- Changes in domestic and international demand for ferromanganese affecting market dynamics.
