South Korea Flat Steel Market Size, Share, and COVID-19 Impact Analysis, By Type (HRC, CRC, Sheets, and Others), By Application (Construction, Automotive & Transportation, Mechanical Equipment, Energy, Packaging, and Others), and South Korea Flat Steel Market Insights, Industry Trend, Forecasts to 2035

South Korea Flat Steel Market Insights Forecasts to 2035

• The South Korea Flat Steel Market Size Was Estimated at USD 18.35 Billion in 2024
• The Market Size is Expected to Grow at a CAGR of around 6.88% from 2025 to 2035
• The South Korea Flat Steel Market Size is Expected to Reach USD 38.16 Billion by 2035

According to a research report published by Spherical Insights and Consulting, The South Korea Flat Steel Market Size is anticipated to reach USD 38.16 Billion by 2035, growing at a CAGR of 6.88% from 2025 to 2035. The efficiency, quality, and variety of flat steel products have all increased as such of steel production innovations like better rolling procedures and sophisticated manufacturing techniques. These developments make steel more affordable and versatile, which helps to meet the demand for it across a range of industries. The market for flat steel is also driven by changes in customer tastes for stronger, lighter, and more aesthetically pleasing materials, particularly in industries like appliances, construction, and automobiles.

Market Overview

The industry that includes the manufacture, sale, and use of flat steel products, such as coils, plates, and sheets, is known as the "flat steel market." These goods, which are usually made by rolling techniques, are distinguished by their rectangular shape and flat, consistent thickness. The market offers a range of products, including coated steel, cold-rolled coil, and hot-rolled coil (HRC). In general, flat steel is less expensive than other materials, which lowers the cost of manufacture and construction. Because it is simple to shape and produce, flat steel can be used for a variety of purposes, including decking, cladding, and structural elements. The flat profile of flat steel makes welding and fabrication simple, which streamlines production and building operations. One of the main factors driving growth is the increasing need for flat steel in the construction of buildings, bridges, and infrastructure projects. The market is further stimulated by the automobile industry's requirement for lightweight, high-strength materials. To ensure quality and safety, the government has issued a number of measures to stop the production and importation of non-standardized steel.             

Report Coverage

This research report categorizes the market for South Korea flat steel market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea flat steel market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment South Korea flat steel market.

Driving Factors

Flat steel is used extensively in the construction industry, which is fueled by government investments in infrastructure projects, urbanization, and population increase. Flat steel is used extensively in the automobile industry to make body panels, chassis parts, and structural elements for vehicles. The need for high-strength flat steel is also being driven by the move to lighter and more fuel-efficient automobiles.

Restraining Factors

Volatility in raw material costs, particularly iron ore, coal, and other essential inputs, makes it difficult for producers to maintain stable pricing for flat steel. Additionally, its inherent susceptibility to corrosion often necessitates extra protective measures, potentially reducing its attractiveness in industries where long-term durability and low maintenance are critical.

Market Segmentation

The South Korea Flat Steel Market share is classified into type and application.

• The HRC segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea flat steel market is segmented by type into HRC, CRC, sheets, and others. Among these, the HRC segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. The growing demand from machinery, construction, pipe-making, and agricultural equipment, the HRC segment is predicted to maintain its leadership position during the projected period. High strength, durability, temperature resistance, and formability are all attributes that this product helps to provide.

• The construction segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea flat steel market is segmented by application into construction, automotive & transportation, mechanical equipment, energy, packaging, and others. Among these, the construction segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. It’s ideal cost, safety, and lightweight qualities, the product is mostly used in the construction industry for roofs, sheds, welded structures, and staircases. The demand for the product in the building sector will also be increased by the growing desire for contemporary methods, such as monolithic construction, for quicker project completion.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea flat steel market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• POSCO Holdings Inc.
• Hyundai Steel Co., Ltd.
• KG Steel Co., Ltd.
• Dongkuk Steel Mill Co., Ltd.
• SeAH Steel Holdings
• Hyundai Hysco Co., Ltd.
• SeAH Besteel Corporation
• Hwanyoung Steel Ind. Co., Ltd.
• KOSTEEL Co., Ltd.
• Dongil Ind. Co., Ltd.
• Korea Iron & Steel Co., Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the South Korea flat steel market based on the below-mentioned segments:

South Korea Flat Steel Market, By Type

• HRC
• CRC
• Sheets
• Others

South Korea Flat Steel Market, By Application

• Construction
• Automotive & Transportation
• Mechanical Equipment
• Energy
• Packaging
• Others