Base Year
Historical Year
Forecast Year
The South Korea steel market reached approximately 53.62 MMT in 2023. The market is projected to grow at a CAGR of 1.30% between 2024 and 2032, reaching a volume of around 60.53 MMT by 2032.
Increased investment in infrastructure development and growth of the real estate sector are two of the crucial factors bolstering the market growth. Due to rapid urbanisation, there has been an increase in demand for housing solutions in urban areas, which fuels the requirement for steel, a raw product in the construction sector. As per the Construction Association of Korea (CAK) and the Construction & Economy Research Institute of Korea (CERIK), the construction sector stood at a value of USD 166 billion in 2023.
Favourable government incentives for the production of green steel to reduce carbon emissions from steel, which constitutes of about 40 per cent of the overall industrial emission of the country , also fuel the steel market expansion. The South Korean government announced the allocation of USD 115.9 million in funds in February 2023 to produce low-emission steel. As per this initiative, the government aims to replace 11 blast furnaces with 14 hydrogen direct reduction reactors by 2050 and ensure a consistent supply of ferrous scrap.
“South Korea Steel Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Type
Market Breakup by Application
Stainless steel is extensively used in the residential and commercial sectors in South Korea due to its utilisation in a large number of utensils and tableware. Meanwhile, in the automotive sector, steel is utilised for the production of automotive bodies, doors, and suspension, among others, as its flexibility allows it to be moulded into different shapes. It further finds usage in equipment such as hammers and shovels as well as machinery which is used in the production of cranes and other heavy equipment.
The market players are transitioning towards green steel to meet the evolving regulatory landscape.
| 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:
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| Breakup by Product |
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| Breakup by Type |
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| Breakup by Application |
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| 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.*
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In 2023, the market reached an approximate volume of 53.62 MMT.
The market is estimated to grow at a CAGR of 1.30% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around 60.53 MMT by 2032.
The market is being driven due to increased investment in infrastructure development and the growth of the real estate sector.
The key trends aiding the market include favourable government incentives for the production of green steel and technological advancements in the steel production process.
Based on product, market segmentations include long steel and flat steel.
Different types of steel are carbon steel, alloy steel, stainless steel, and tool steel.
The major players in the market are POSCO Co., Ltd., Hyundai Steel Co., Ltd, JFE Steel Corporation, Mitsui & Co., Ltd., Dongkuk Holdings Co Ltd., KG Steel Co., Ltd., DaehanMetal Co., Ltd., and Dongil Industries Co. Ltd., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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