South Korea Steel Market Size, Share, and COVID-19 Impact Analysis, By Type (Flat Steel, Long Steel), By Product (Structural Steel, Prestressing Steel, Bright Steel, Welding Wire and Rod, Iron Steel Wire, Ropes, Braids), and South Korea Steel Market Insights, Industry Trend, Forecasts to 2035

South Korea Steel Market Insights Forecasts to 2035

• The South Korea Steel Market Size was Estimated at USD 51,939.4 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 2.90% from 2025 to 2035
• The South Korea Steel Market Size is Expected to Reach USD 71,122.0 Million by 2035

According to a research report published by Spherical Insights & Consulting, the South Korea Steel Market is anticipated to reach USD 71,122.0 million by 2035, growing at a CAGR of 2.90% from 2025 to 2035. The countrys growing infrastructure projects and increased construction activity are driving the market.

Market Overview

The South Korea steel market encompasses the production, processing, and distribution of steel products domestically are all included in the South Korean steel market. The steel industry plays a vital role in supporting important industries like manufacturing, shipbuilding, automotive, and construction as part of South Korea's industrial infrastructure. Additionally, businesses in the steel industry in South Korea have the chance to provide materials for the expanding renewable energy sector, especially the infrastructure for wind and solar power. Steel producers stand to gain from the increased demand for steel for renewable energy plants, turbines, and equipment as such of the nation's government placing a greater emphasis on the green energy transition. Additionally, the rise in electric vehicles (EVs) strengthens South Korean steel producers' ability to supply specialty lightweight steel in the face of the expanding automotive industry. By signing supply agreements with regional EV manufacturers or potential international automakers, steel companies can also satisfy the demand for cutting-edge materials intended to improve the performance and efficiency of automobiles.

Report Coverage

This research report categorizes the market for the South Korea 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 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 steel market.

Driving Factors

The automotive sector is one that has been driving the demand for steel in South Korea, as automakers are working to create lighter, yet more durable, steel for use in vehicles in an effort to increase safety and fuel economy. Additionally, as the number of electric vehicles (EVs) rises, manufacturers need materials that produce cars that are both energy-efficient and long-lasting, which increases demand for higher, more advanced steel grades. Leading the way in creating unique steels tailored to these evolving demands are POSCO and Hyundai Steel. Furthermore, demand is rising due to South Korea's thriving shipbuilding sector, which requires advanced steel, particularly for large ships, LNG carriers, and other specialty ships. As international maritime trade grows, there is an increasing need for steel in shipbuilding, and South Korean businesses are leading the way in the development of high-performance, corrosion-resistant steel solutions.

Restraining Factors

 Steelmakers' ability to reinvest and hold onto market share may be hampered by a decline in steel prices brought on by overproduction, a recession, or trade disputes. This element presents a significant obstacle to the expansion of the steel market in South Korea.

Market Segmentation

The South Korea steel market share is classified into type and product.

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

The South Korea steel market is segmented by type into flat steel and long steel. Among these, the flat steel segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Driven by strong demand from sectors like shipbuilding, construction, and the automotive industry. It is anticipated that the market for flat steel will expand gradually due to improvements in lightweight, high-strength steel production as well as infrastructure projects.

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

The South Korea steel market is segmented by product into structural steel, prestressing steel, bright steel, welding wire and rod, iron steel wire, ropes, and braids. Among these, the structural steel segment held a significant share in 2024 and is expected to grow at a significant CAGR during the forecast period. Driven by its widespread application in industrial, infrastructure, and construction settings. With the help of government-led urban development initiatives and improvements in steel manufacturing technologies, the demand for strong, long-lasting steel keeps rising.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea 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

• POSCO
• Hyundai Steel
• SeAH Steel Corp
• Dongkuk Steel
• Others

Recent Developments:

• In January 2025, Almonty Industries Inc. inked an exclusive offtake contract with SeAH M&S, the largest processor of molybdenum products in South Korea and the second-largest smelter of molybdenum oxide worldwide. During the duration of the mine, SeAH purchased all of the material produced by Almonty's Sangdong Molybdenum Project.

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 Steel Market based on the below-mentioned segments:

South Korea Steel Market, By Type

• Flat Steel
• Long Steel

South Korea Steel Market, By Product

• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids