The value added of coke and refined petroleum products in South Korea exhibited fluctuations over the historical period from 2013 to 2023, with values ranging from 14.163 trillion South Korean Wons in 2014 to 16.733 trillion South Korean Wons in 2023. The year-on-year variations have seen highs and lows, including a notable peak of 13.39% growth in 2017 and a significant drop of -12.1% in 2018. The latter part of the period stabilizes with moderate year-on-year increases, reaching 1.51% in 2023. The Compound Annual Growth Rate (CAGR) for the last five years (2018-2023) stood at 2.41%, reflecting a stable, albeit modest, uptrend.
Looking forward from 2024 to 2028, the sector is projected to continue its upward trajectory, with forecasted year-on-year growth rates maintaining a positive trend. The forecasted 5-year CAGR is 1.07%, indicating continuous but modest growth, accumulating a forecasted 5.45% growth over these years. This signals a period of steady expansion for the industry.
Future trends to watch for include technological advancements in refining processes, regulatory changes towards greener production methods, and potential impacts of global oil price fluctuations. Additionally, emerging market dynamics and economic conditions will play crucial roles in shaping the sector’s growth trajectory.
