Press release
South Korea Steel Market to Grow at a CAGR of 7.45% during 2025-2033
South Korea Steel Market Report 2025
Market Statistics
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 7.45% (2025-2033)
According to the latest report by IMARC Group, The South Korea steel market size is projected to exhibit a growth rate (CAGR) of 7.45% during 2025-2033.
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South Korea Steel Industry Trends and Drivers:
The South Korea steel market is primarily driven by strong demand from the construction, automotive and shipbuilding sectors. Urbanization and government led infrastructure initiatives (e.g. smart cities and transport infrastructure) are creating a deep need for structural and long steel products. The increase in the transition to electrification of cars (EVs) is resulting in a higher demand for light weight, high strength flat steel products that are used for battery casings and parts of car structures. New technologies such as electric arc furnaces (EAF) and green steel production offer potential solutions to support South Korea's sustainability agenda and lower carbon emissions. The heavy industry in the Yeongnam region and the automotive and shipbuilding sectors of Honam will be key contributors to steel republic's growth. However, challenges remain in South Korea, particularly with high raw material costs and potential disruptions from reliance on imported iron ore and coal.
With recent tariffs introduced in the U.S., including a 50% tariff on steel and potential costs to import from countries like Britain, these challenges pose further risks to exporters like POSCO and Hyundai steel. These tariffs may prompt South Korea to invest and build capital facilities for production in the U.S.A. There are opportunities for the steel SMEs in the region to embrace technologies associated with Industry 4.0 and expand their markets by establishing their presence in high value, specialty steel markets.
South Korea Steel Market Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest South Korea steel market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.
Breakup by Type
• Flat Steel
• Long Steel
Breakup by Product
• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids
Breakup by Application
• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances
Breakup by Region
• Seoul Capital Area
• Yeongnam (Southeastern Region)
• Honam (Southwestern Region)
• Hoseo (Central Region)
• Others
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Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Additionally, the report features detailed profiles of all major companies in the South Korea steel industry, including POSCO Holdings, Hyundai Steel, KOSTEEL Co., Ltd., and others.
Other Key Points Covered in the Report:
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About Us
IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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