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South Korea Ammunition Market Size, Share, Analysis: By Calibre: Small Calibre, Medium Calibre, Large Calibre, Rockets and Missiles, Others; By Product Type: Rimfire, Centrefire; By Application: Civil and Commercial, Defence; Market Dynamics: SWOT Analysis; Value Chain Analysis; Trade Data Analysis; Competitive Landscape; 2024-2032
South Korea Ammunition Market Size
The South Korea ammunition market is projected to grow at a CAGR of 3.10% between 2024 and 2032.
South Korea Ammunition Market Outlook
- As per the industry reports, South Korea produces about 200,000 155 mm shells per year.
- On December 1st, 2023, Poland signed a deal worth USD 2.6 billion with South Korea for the purchase of 150 K9 howitzers.
- According to public reports, South Korea possesses around 3.4 million 105 mm artillery shells as of March 2024.
South Korea Ammunition Market Growth
The military modernisation efforts, growing tension with North Korea, and rising exports of ammunition are some of the major factors influencing the market growth. Due to the burgeoning development and testing of weapons and ballistic missiles in North Korea, South Korea is increasingly investing in research and development efforts to advance ammunition and weaponry and strengthen its defence abilities.
There is also an increased emphasis on the production of smart weaponry which consists of high-end ammunition and precision-guided munitions that can aid the military sector of the country. Moreover, the government is expanding the presence of their ammunition on a global scale through an increased supply of artilleries. For instance, in 2023, The South Korean government worked with the United States government to supply around 300,000 155-millimeter (mm) shells to the Ukraine government to offer aid in the Russia-Ukraine war.
The European region offers lucrative opportunities to the ammunition manufacturers of South Korea for the supply of weapons and ammunition. For example, Poongsan, a Seoul-based ammunition provider, announced that it signed a USD 230 million deal with Hyundai Rotem and a USD 133.5 million agreement with Hanwha Aerospace for the supply of K9 Thunder self-propelled howitzers and K2 Black Panther tanks to Poland.
South Korea Ammunition Industry Segmentation
“South Korea Ammunition Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Caliber
- Small Caliber
- Medium Caliber
- Large Caliber
- Rockets and Missiles
- Others
Market Breakup by Product Type
- Rimfire
- Centrefire
Market Breakup by Application
- Civil and Commercial
- Defence
South Korea Ammunition Market Share
The regular intensive training programs in the military sector of the country also fuel the ammunition market expansion as such training often necessitates the steady requirement of artillery shells to offer an immersive training program to the military personnel, so they are better equipped to deal with the real situations.
Leading Companies in South Korea Ammunition Market
The market players are increasing their export volume to gain a competitive edge in the market.
- Bae Systems Plc
- Poongsan Corporation
- Northrop Grumman Corp.
- Hanwha Corp.
- Saab AB
- LIG Nex1 Co. Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Caliber |
|
| Breakup by Product Type |
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| Breakup by Application |
|
| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Ammunition Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Ammunition Historical Market (2018-2023)
8.3 Asia Pacific Ammunition Market Forecast (2024-2032)
9 South Korea Ammunition Market Overview
9.1 Key Industry Highlights
9.2 South Korea Ammunition Historical Market (2018-2023)
9.3 South Korea Ammunition Market Forecast (2024-2032)
10 South Korea Ammunition Market by Calibre
10.1 Small Calibre
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Medium Calibre
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Large Calibre
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Rockets and Missiles
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 South Korea Ammunition Market by Product Type
11.1 Rimfire
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Centrefire
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 South Korea Ammunition Market by Application
12.1 Civil and Commercial
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Defence
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators for Demand
13.4 Key Indicators for Price
14 Value Chain Analysis
15 Trade Data Analysis (HS Code – 930690)
15.1 Major Exporting Countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Importing Countries
15.2.1 By Value
15.2.2 By Volume
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Bae Systems Plc
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Poongsan Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Northrop Grumman Corp.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Hanwha Corp.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Saab AB
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 LIG Nex1 Co. Ltd.
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Ammunition Market: Key Industry Highlights, 2018 and 2032
2. South Korea Ammunition Market: Key Industry Highlights, 2018 and 2032
3. South Korea Ammunition Historical Market: Breakup by Calibre (USD Million), 2018-2023
4. South Korea Ammunition Market Forecast: Breakup by Calibre (USD Million), 2024-2032
5. South Korea Ammunition Historical Market: Breakup by Product Type (USD Million), 2018-2023
6. South Korea Ammunition Market Forecast: Breakup by Product Type (USD Million), 2024-2032
7. South Korea Ammunition Historical Market: Breakup by Application (USD Million), 2018-2023
8. South Korea Ammunition Market Forecast: Breakup by Application (USD Million), 2024-2032
9. Major Exporting Countries by Value
10. Major Importing Countries by Value
11. Major Exporting Countries by Volume
12. Major Importing Countries by Volume
13. South Korea Ammunition Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 3.10% between 2024 and 2032.
The market is being driven due to military modernisation efforts, growing tension with North Korea, and rising exports of ammunition.
The key trends aiding the market include increased emphasis on the production of smart weaponry and regular intensive training programs in the military sector.
Based on calibre, market segmentations include small calibre, medium calibre, large calibre, and rockets and missiles, among others.
Various product types are rimfire and centrefire.
The major players in the market are Bae Systems Plc, Poongsan Corporation, Northrop Grumman Corp., Hanwha Corp., Saab AB, and LIG Nex1 Co. Ltd, among others.
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