자원·환경경제연구 ISSN:1229-9146(Print) Environmental and Resource Economics Review

As geopolitical risks destabilize energy supply chains and intensify price volatility, empirical analysis is needed to examine differences in industrial energy consumption adjustment patterns under different types of external shocks. This study compares demand-type and cost-type shocks using LMDI decomposition based on industry-level and manufacturing subsector data from 1995 to 2024, comparing crisis-period averages with non-crisis averages. The results show that the 1998 currency crisis and the 2020 COVID-19 pandemic were characterized as demand-type shocks, whereas the 2022 energy price surge was characterized as a cost-type shock. The 2009 global financial crisis showed relatively weaker demand-type shock characteristics. During demand-type shocks, reductions in the activity effect appeared as a major contributor to energy consumption adjustment, while during the cost-type shock, reductions in the intensity effect were more pronounced. These adjustment patterns were closely linked to factor contributions within manufacturing. At the subsector level, energy-intensive industries showed adjustment mainly through reductions in the intensity effect during the cost-type shock, whereas other manufacturing subsectors showed demand-driven adjustment centered on the activity effect. These findings suggest that energy consumption adjustment mechanisms may vary across subsectors even under similar external shocks, depending on energy intensity and process characteristics.