Forecast: Value Added of Non-Metallic Mineral Products in South Korea

Analyzing the Value Added of Non-Metallic Mineral Products in South Korea, we observe that between 2015 and 2023, the industry has generally maintained stability with minor fluctuations. The value in 2023 stood at 12.966 trillion South Korean Won, showing a YoY variation of 0.22%. The sector experienced a significant dip in 2020 due to the global pandemic, with a -16.05% YoY variation, but recovered substantially in 2021 with a 20.76% increase. Over the last five years, the average annual growth (CAGR) has been -0.13%, reflecting a slight contraction in the industry's value-added contributions.

Future trends to watch for include:

• Continued recovery post-2020 dip, supported by stable YoY variations forecasted around 0.18%-0.23%.
• Technological advancements in production methods potentially increasing efficiency and reducing costs.
• Global economic conditions and their impact on export demand, especially in construction and manufacturing sectors where non-metallic mineral products are used.
• Environmental regulations influencing production practices and investment in sustainable methods.