South Korea Steel Market Report and Forecast 2024-2032

South Korea Steel Market Size

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.

South Korea Steel Market Outlook

• The steel production in South Korea reached a value of 5300 thousand tonnes in March 2024.

• The crude steel production in South Korea witnessed an increase of 1.5 per cent year-on-year to reach 5.7 million tonnes in January 2024.

• As per the industry report in 2022, South Korea was the fourth largest exporter of iron and steel worldwide.

South Korea Steel Market Growth

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 Industry Segmentation

“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

• Long Steel 
  • Wire Rod 
  • Rebars 
  • Merchant Bars 
  • Heavy Sections 
  • Others 
• Flat Steel 
  • Hot Rolled Wide Strip 
  • Quarto Plate  
  • Others

Market Breakup by Type

• Carbon Steel

• Alloy Steel

• Stainless Steel

• Tool Steel

Market Breakup by Application

• Construction

• Mechanical Engineering

• Automotive

• Domestic Appliances

• Metalware

• Agricultural

• Others

South Korea Steel Market Share

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.

Leading Companies in South Korea Steel Market

The market players are transitioning towards green steel to meet the evolving regulatory landscape.

• POSCO Co., Ltd. 

• Hyundai Steel Co., Ltd, 

• JFE Steel Corporation 

• Mitsui & Co., Ltd. 

• Dongkuk Holdings Co Ltd. 

• KG Steel Co., Ltd. 

• DaehanMetal Co., Ltd. 

• Dongil Industries Co. Ltd. 

• Others

Key Highlights of the Report