The chemical manufacturing sector in South Korea has seen fluctuating trends over the past decade. The output increased from 144.82 trillion KRW in 2015 to a peak of 172.08 trillion KRW in 2018, followed by a dip to 137.68 trillion KRW in 2020. Recovery has been gradual, with the output standing at 170.58 trillion KRW in 2023. The year-on-year variation for 2022 was 6.25%, with the compound annual growth rate (CAGR) since 2018 at -0.44%. The year 2023 saw a slight growth with a 0.91% increase, indicating a positive outlook with an average annual growth of 1.25% over the past five years.
Looking ahead, the projected CAGR for 2028 is 0.74%, with an overall forecasted growth rate of 3.76% over the next five years. Future trends to watch include technological advancements in chemical processes, the impact of global trade policies, and shifts in environmental regulations which could influence production costs and output stability. Monitoring these factors will be crucial for stakeholders in the South Korean chemical manufacturing industry.
