This character is a Other Letter and is mainly used in the Hangul script. The character is also known as P.
The glyph is not a composition. Its East Asian Width is wide. In bidirectional text it is written from left to right. When changing direction it is not mirrored. U+1111 forms a Korean syllable block with similar characters, which prevents a line break inside it. The glyph can be confused with 19 other glyphs.
The Wikipedia has the following information about this codepoint:
Pieup (character: ㅍ; Korean: 피읖, romanized: pieup) is a consonant of the Korean hangul alphabet. The Unicode for ㅍ is U+314D. It is pronounced aspirated, as [pʰ] at the beginning of a syllable and as [p] at the end of a syllable. For example: aspirated in 프랑스 peurangseu ("France"), but unaspirated in 앞 ap ("front").