Press release
South Korea Steel Market Size Growth, Industry Trends & Report 2033
South Korea Steel Market Overview
The South Korea Steel Market reached a size of USD 61.4 Billion in 2024. It is expected to expand to USD 135.4 Billion by 2033, growing at a CAGR of 7.45% during the forecast period from 2025 to 2033. The market growth is driven by increasing construction activities and expanding infrastructure projects in the country.
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Study Assumption Years
Base Year: 2024
Historical Years: 2019-2024
Forecast Period: 2025-2033
South Korea Steel Market Key Takeaways
Current Market Size: USD 61.4 Billion in 2024
CAGR: 7.45%
Forecast Period: 2025-2033
The automotive production growth in South Korea demands high-quality steel, fostering market expansion and technological advancements.
Rising government infrastructure projects and urban development are increasing steel demand and production.
Regional demand varies, with Seoul Capital Area focusing on eco-friendly production, Yeongnam on automotive and shipbuilding, Honam on energy sectors, and Hoseo on machinery manufacturing.
The high cost of raw materials and dependence on imports raise production expenses, affecting profit margins.
Investing in advanced technology and alternative materials is expected to strengthen future market growth.
South Korea Steel Market Growth Factors
The South Korea steel market is significantly propelled by the growing automotive production in the country that requires high-quality steel. This demand supports both market expansion and technological advancements in manufacturing processes, reflecting the critical role of the automotive sector as a growth driver.
Government infrastructure initiatives and increasing urban development projects further enhance the demand for steel products. These activities stimulate increased production and industry growth, making the construction and infrastructure segment a vital contributor to the market's trajectory.
Regional factors also influence the market, with the Seoul Capital Area driving demand for eco-friendly steel production processes. Meanwhile, the Yeongnam region emphasizes steel demand linked to automotive and shipbuilding industries; the Honam region is growing in energy-related steel applications, and Hoseo supports machinery manufacturing. These regional dynamics collectively bolster the market expansion.
South Korea Steel Market Segmentation
Breakup by Type:
Flat Steel: Includes sheets and plates mainly used in automotive and appliance sectors, supporting South Korea's industrial applications.
Long Steel: Comprises beams, rods, and bars vital for construction and infrastructure projects, underpinning the country's robust construction industry.
Breakup by Product:
Structural Steel: Used primarily in construction and infrastructure for strength and durability.
Prestressing Steel: Essential in reinforcing concrete structures.
Bright Steel: Utilized in automotive and manufacturing sectors due to its finish and strength.
Welding Wire and Rod: Critical for steel joining processes.
Iron Steel Wire: Important for various industrial applications.
Ropes: Used in industrial and transportation applications.
Braids: Applied in manufacturing and specialty uses.
Breakup by Application:
Building and Construction: Steel used in infrastructure development and architectural frameworks.
Electrical Appliances: Steel components in consumer and industrial electrical goods.
Metal Products: Steel forming the basis of various manufactured products.
Automotive: Used extensively in vehicle manufacturing.
Transportation: Integral for transportation equipment and infrastructure.
Mechanical Equipment: Steel used in machinery and equipment production.
Domestic Appliances: Steel applied in household appliances for strength and durability.
Breakup by Region:
Seoul Capital Area: Focused on advanced steel for construction and infrastructure with demand for eco-friendly processes.
Yeongnam (Southeastern Region): Driven by automotive and shipbuilding industries needing high-strength steel.
Honam (Southwestern Region): Growth centered on energy sectors involving steel applications.
Hoseo (Central Region): Emphasis on basic and structural steel products for machinery manufacturing.
Others: Smaller-scale industrial activities adopting specialized steel solutions.
Regional Insights
The Seoul Capital Area emerges as a dominant region, focusing heavily on advanced and eco-friendly steel production processes for construction and infrastructure projects. This area benefits from increased investment in sustainable production techniques, supporting overall market growth across South Korea.
South Korea Steel Market Recent Developments & News
August 2024: Dongkuk Steel announced plans to increase its market share in the color-coated steel sector through a strategic acquisition, aiming to expand product offerings, competitiveness, and industry presence.
July 2024: South Korea's SeAH Group invested approximately USD 110 Million to build a high-performance metal manufacturing facility, creating over 100 new jobs and expanding its North American market presence.
June 2024: POSCO Holdings developed a hydrogen-fueled steel production plant in Pohang using the HyREX process to reduce carbon emissions and produce 24 tons of molten iron daily with significantly lower emissions, advancing carbon neutrality efforts.
South Korea Steel Market Key Players
Dongkuk Steel
SeAH Group
POSCO Holdings
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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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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