The output of non-metallic mineral products in South Korea stood at 43.523 trillion South Korean Wons in 2023. The period from 2015 to 2028 shows significant variability. From 2015 to 2020, the output saw fluctuations with a peak in 2017 and a notable drop in 2020. Post-2020, the output recovered, demonstrating a steady increase into 2023, with a slight year-on-year variation of 0.46%. The CAGR from 2018 to 2023 stands at 0.79%, indicating modest growth.
Considering the forecasted figures, a progressive increase in production is expected from 2024 onwards, reaching 44.554 trillion South Korean Wons by 2028. This period is characterized by a stable annual growth rate, projecting a 0.37% CAGR over the next five years.
Future trends to watch for include:
- Technological advancements in production processes that could enhance output efficiency.
- Global economic conditions influencing demand and trade policies affecting export markets.
- Sustainability initiatives and environmental regulations shaping production practices.
- Fluctuations in raw material costs impacting overall production expenses.