The output of refined petroleum products and coke in South Korea showed significant fluctuations from 2015 to 2023. Starting at 96.935 trillion Wons in 2015, it experienced a notable dip in 2016 (-12.76%). A strong recovery followed in 2017 and 2018, with year-on-year increases of 29.11% and 22.74%, respectively. The output decreased slightly in 2019 (-6.11%), followed by a sharp decline in 2020 (-14.83%) due to global disruptions. Recovery began in 2021 with a 16.82% rise, stable growth in 2022 (7.35%), and a modest increase in 2023 (1.9%), standing at 136.93 trillion Wons in 2023.
Looking forward, the forecast reveals a steady upward trend with the output expected to reach 149.89 trillion Wons by 2028. Over the next five years, growth is anticipated to moderate, with a forecasted CAGR of 1.48% and an overall forecasted five-year growth rate of 7.63%.
Future Trends to Watch For:
- Technological advancements in refining processes improving efficiency and output.
- Potential impact of global economic fluctuations and geopolitical factors on petroleum demand.
- Shift towards sustainable and renewable energy sources affecting long-term petroleum output.
