South Korea Stainless Steel Market Size, Share, and COVID-19 Impact Analysis, By Product (Flat and Long), By Grade (200 Series, 300 Series, 400 Series, Duplex Series, and Others), and South Korea Stainless Steel Market Insights, Industry Trend, Forecasts to 2035

South Korea Stainless Steel Market Insights Forecasts to 2035

• The South Korea Stainless Steel Market Size is Expected to Grow at a CAGR of around 4.98% from 2024 to 2035 
• The South Korea Stainless Steel Market Size is Expected to reach a significant share by 2035. 

According to a research report published by Spherical Insights and Consulting, The South Korea Stainless Steel Market Size is expected to grow 4.98% CAGR from 2024 to 2035, is expected to reach a significant share by 2035. Some of the major factors propelling the market are the rising number of residential and commercial buildings being built, the ongoing advancements in the electronics sector, and the increased emphasis on renewable energy sources like solar and wind.

Market Overview

The South Korea stainless steel market encompasses the production, use, and commerce of stainless steel a corrosion-resistant alloy mainly made of iron, chromium, and variable amounts of other elements like nickel, molybdenum, and manganese are all included in the South Korean stainless-steel market. Stainless steel is widely used in many industries, such as heavy engineering, consumer goods, construction, and the automotive sector, due to its strength, durability, and aesthetic appeal. Additionally, a positive market outlook is being provided by the growing demand for cars with strong and lightweight components. Additionally, the market is being positively impacted by the growing demand for electrical appliances and ongoing advancements in the electronics sector. Furthermore, the demand for stainless steel for the construction of ships, offshore platforms, and marine equipment is being stimulated by the booming shipbuilding and marine industries. Accordingly, in order to improve longevity and durability, the nation's governing bodies are encouraging the use of stainless steel in building projects. The need for stainless steel is also being fueled by the enforcement of environmental regulations, which are forcing industries to look for long-lasting, sustainable materials that are resistant to corrosion. In addition, stainless steel is becoming more affordable and widely available due to ongoing improvements in production methods.

Report Coverage

This research report categorizes the market for the South Korea stainless steel market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea stainless 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 of the South Korea stainless steel market.

Driving Factors

The first of the main drivers of market expansion is the growing population and the rising number of residential and commercial buildings being constructed. A lot of decorative elements, interior finishes, and building facades use stainless steel. The demand for stainless steel in a variety of consumer goods, from furniture to kitchen appliances, is also being driven by growing consumer preferences for products with a sleek, contemporary, and clean appearance. In addition, the nation's market is being positively impacted by the increased emphasis on renewable energy sources. Solar panel frames and wind turbine structures are just two examples of the renewable energy infrastructure components that use stainless steel. In addition, the growth of the automotive sector and rising sales of electric vehicles (EVs) are supporting the market's expansion in South Korea.

Restraining Factors

The goal of South Korea's trade laws and anti-dumping levies is to shield homegrown stainless-steel manufacturers from cheap imports, mostly from China. Chinese stainless steel is less competitive in the market as a result of these policies, which raise import prices. Local manufacturers profit as a result, but supply chain modifications and increased costs are faced by businesses that depend on imported steel.

Market Segmentation

The South Korea Stainless Steel Market share is classified into product and grade.

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

The South Korea stainless steel market is segmented by product into flat and long. Among these, the flat segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. This includes coils, plates, and sheets of stainless steel, which are extensively utilized in the consumer goods, construction, and automotive industries. Flat stainless steel is a popular choice for many applications due to its corrosion resistance, durability, and aesthetic appeal.

• The 300 series segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period.

The South Korea stainless steel market is segmented by grade into 200 series, 300 series, 400 series, duplex series, and others. Among these, the 300 series segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. With its great resistance to corrosion, longevity, and adaptability, this series which includes grades like 304 and 316 is widely used. It is frequently used in consumer goods, industrial, automotive, and construction applications.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea stainless 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 current news and developments of the companies, which includes 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

• JACQUET Korea
• thyssenkrupp Materials Korea
• Kwangyang ENS
• K-Build.online
• Others

Recent Developments:

• In September 2024, South Korea launched an anti-dumping investigation into Chinese-made hot-rolled stainles steel plates.

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 Stainless Steel Market based on the below-mentioned segments:

South Korea Stainless Steel Market, By Product

• Flat
• Long

South Korea Stainless Steel Market, By Grade

• 200 Series
• 300 Series
• 400 Series
• Duplex Series
• Others