The South Korea steel market was volumed at 51.36 MMT in 2025. The industry is expected to grow at a CAGR of 1.90% during the forecast period of 2026-2035. The trend towards smart buildings and green construction processes encourages the use of different innovative products including steel products, thereby providing an avenue for South Korean manufacturers to venture into such advanced sectors. In turn, all these factors have resulted in the market attaining a volume of 62.00 MMT by 2035.
Base Year
Historical Period
Forecast Period
South Korea’s steelmakers depend on exports, sending products mainly to the United States, China and Japan. For example, a recent report suggests that steel is imported by South Korea from more than 70 nations and territories. Their high-tech steel products, such as automotive and shipbuilding steel, enable it to compete in global markets, thereby boosting the growth in the South Korea steel market.
South Korea also ranks first in advanced manufacturing techniques, such as green steel. An example can be seen from the company called POSCO, who invest in hydrogen-based steelmaking in order to cut down carbon emissions, making them leaders in the B2B market when it comes to sustainability.
The South Korean government has advocated for its steel sector through trade agreements and policy incentives, fostering a conducive environment to conduct business. This consists of information about R&D and export-led efforts, helping the steel producers to enter the global market.
Compound Annual Growth Rate
1.9%
Value in MMT
2026-2035
*this image is indicative*
|
South Korea Steel Market Report Summary |
Description |
Value |
|
Base Year |
MMT |
2025 |
|
Historical Period |
MMT |
2019-2025 |
|
Forecast Period |
MMT |
2026-2035 |
|
Market Size 2025 |
MMT |
51.36 |
|
Market Size 2035 |
MMT |
62.00 |
|
CAGR 2019-2025 |
Percentage |
XX% |
|
CAGR 2026-2035 |
Percentage |
1.90% |
|
CAGR 2026-2035 - Market by Product |
Flat Steel |
2.1% |
|
CAGR 2026-2035 - Market by Genre |
Stainless Steel |
2.3% |
The South Korea steel market is industrial based as it is widely used in automotive, shipbuilding, and construction. Market leaders, including POSCO and Hyundai Steel, provide economies of scale and leading-edge technologies to meet domestic and worldwide demand. Motivated by emerging production techniques and a growing focus on sustainability, there is a increasing trend toward higher-value products, including high-strength and specialty steels. Moreover, South Korea is a stronghold for smart manufacturing and digitization, which are boosting production efficiency. South Korea is a world leader in steel innovating and supply chain integration with a comprehensive export strategy.
One particular niche that has been leading the way for demand for steel in South Korea is the automotive industry, with car companies endeavoring to develop lighter, but high-strength steel to be utilized in cars with a view to maximize fuel efficiency and safety. To add to this, electric vehicles (EVs) are increasing, which also lifts demand for higher, more sophisticated steel grades since manufacturers require materials that create longer-lasting cars that are also energy-efficient. POSCO and Hyundai Steel are at the forefront, producing special steels geared toward these changing needs. Moreover, South Korea’s robust shipbuilding industry, which demands advanced steel, especially for massive vessels, liquefied natural gas (LNG) carriers, and other specialty ships are also driving demand growth. Steel demand for shipbuilding is on the rise, as global maritime trade expands, and South Korean companies are at the forefront of engineering corrosion-resistant, high-performance steel solutions.
Ferrous and nonferrous segments of South Korea steel market exhibit solid balance and are still growing. The aluminum market is benefiting from increasing demand for more lightweight materials used in the automotive and aerospace industries. Growing demand in the market is focused on electronics, renewable energy, and construction sectors; all of which will be covered through the copper market. Segment-wise, innovations in flat products including high-strength steels for automobiles, building, and long products are fundamental to infrastructure, while the forging (press and extrusion) segment provides high value-added components for sectors such as aerospace and automotive. All segments are undergoing innovation and sustainability in South Korea in order to grow in the future.
The key trends of the South Korea steel market include green steel, high-strength materials, digitalization, and expanding into emerging market.
Consumers are increasingly shifting their preferences towards green steel production, aiming for innovations like hydrogen-based steelmaking, thereby boosting the South Korea steel market dynamics. POSCO, for example, launched a project to produce steel using hydrogen, which emits no carbon, rather than coal. The trend toward ecological practices is aimed towards reaching the country’s climate targets, with companies increasingly investing in technology to reduce the environmental impact without decreasing production efficiency.
The South Korea steel market has been moving towards high-strength, lightweight steel to meet demand from sectors such as automotive and aerospace. Hyundai Steel and POSCO are working to develop next-generation steel grades that meet automakers' needs for new EVs and fuel-efficient cars that are lighter but stronger. These include steels that help lighten vehicles while also improving safety and meeting ever-increasing regulatory requirements for fuel efficiency and pollution emissions.
Digital technologies, including AI and IoT, are being increasingly applied in steel manufacturing, thereby redefining South Korea steel market growth story. One such example is POSCO, that has incorporated AI into their operations to bring innovations. These technologies provide greater efficiency, cost savings, and enhanced consistency in steel products, allowing businesses to address the constantly evolving customer needs in the automotive, construction, and shipbuilding industries.
Steel makers in the country have been increasingly shifting their focus to emerging and developing markets, mainly Southeast Asia and Africa. With growing infrastructure demand in these regions, POSCO and Hyundai Steel are investing majorly in local steel production facilities to cater to the rising demand in the South Korea steel market. They intend to take the lead in new markets and provide more of what was in great demand in all of the countries collectively.
Companies in the South Korea steel market have an opportunity to supply materials for the growing renewable energy sector, particularly wind and solar power infrastructure. With the country’s government increasingly prioritizing green energy transition, steel producers can benefit from additional steel need for renewable energy plants, turbines, and equipment. Furthermore, the growth of electric vehicles (EVs) bolsters the capacity of South Korean steel companies to provide specialized lightweight steel amid burgeoning automotive sector growth. Steel companies can also meet demand for advanced materials, designed to enhance efficiency and performance of vehicles, by entering supply agreements with local EV producers or prospective global automakers.
The region has massive ongoing infrastructure projects, including urban development, transportation networks, and smart cities, which result in a consistent steel demand in South Korea. With government spending in these areas and a boom in residential and commercial construction, there is a huge market for high quality steel products. Moreover, the ongoing adoption of Industry 4.0 technologies, such as automation, the IoT and 3D printing, allows South Korean steel companies to boost productivity, minimize waste and increment product quality. This technological advantage fosters growth by serving the changing demands of a range of sectors such as automotive, shipbuilding, and construction.
The EMR’s report titled “South Korea Steel Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Product
Market Breakup by Genre
Market Insights by Product
Long steel is getting popular in the market because of its critical application in the construction and infrastructure sectors. Demand for flat steel products, led by the automotive, shipbuilding and home appliance sectors, is also adding to the South Korea steel market value. The flat steel segment is expected to grow at a CAGR of 2.1% over the forecast period. With high durability and performance, forged steel is increasingly preferred for precision applications such as aerospace, automotive, and industrial machinery. The rise within these segments stems from technological progress, quality improvement, and the concentration of South Korea on high-value, specialized merchandise.
Market Analysis by Genre
As per the South Korea steel market analysis, carbon steel is picking up pace owing to its versatility and affordability, commonly utilized in construction, auto, and machinery sectors. The segment of stainless steel is witnessing brisk growth, with it being utilized in premium industries such as aerospace, food processing and medical equipment, where corrosion resistance and strength are imperative parameters. This particular segment is projected to grow at a CAGR of 2.3% over the forecast period. The other segment, which comprises special steels, including alloy and tool steels, is expanding since South Korea is targeting high-performance materials in order to cater to demand for energy, automobile and electronics products. All these segments are also being boosted by technology and innovation.
Along with addressing product quality improvements and the ongoing demand for sustainable operating processes, South Korea steel market players also engage in product expansion in developing economy markets as well. Majority of the South Korea steel companies are focused on manufacturing ultra-high-strength, specialty steel for the automotive, construction, and energy industries and integrates digital technologies for greater efficiency with lower environmental impact.
POSCO Holdings established in 1968, with its headquarters located in Pohang, South Korea, is a global steel giant with state-of-the-art technologies and sustainable steelmaking, and a leading player in the automotive, construction, and energy sectors, boasting top-level innovation and production scale.
Hyundai Steel, founded in 1953 and based in Incheon, South Korea, offers various kinds of good quality steel products, that cater mainly to the automotive, construction, and energy industries. Focusing on technological advancements and sustainable quality, Hyundai Steel strengthens its competitiveness both domestic and abroad markets.
Established in 2007, and located in Seoul, South Korea, KOSTEEL Co., Ltd., is a high-strength carbon steel and specialty alloys manufacturing company with customers from automotive, construction and shipbuilding industries. Its production techniques and specifications of steel in world markets are also appreciated.
Hwanyoung Steel Ind. Co., Ltd., that was founded in 1977, produces cold-rolled and hot-rolled steel for the automotive, machinery and construction industries. The company mainly focuses on precision, quality and sustainability, serving the increasing requirement for steel in multiple applications worldwide.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the South Korea steel market report are Dongil Ind. Co., Ltd, Korea Iron & Steel Co., Ltd, SeAH Besteel Corporation, SeAH CSS Corp., KG Steel Co., Ltd., and TCC Steel.co., among others.
Weathering Steel Market
Stainless Steel Market
Structural Steel Market
Electrical Steel Market
Steel Market
Saudi Arabia Structural Steel Market
North America Stainless Steel Market
Europe Stainless Steel Market
Asia Pacific Stainless Steel Market
Upto 15% Off
USD
$2499 $2249
$3999 $3599
$4999 $4249
$5999 $5099
*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.*
Get in touch with us for a customized solution tailored to your unique requirements and save upto 35%!
In 2025, the South Korea steel market reached an approximate volume of 51.36 MMT.
The market is projected to grow at a CAGR of 1.90% between 2026 and 2035.
The market is estimated to witness healthy growth in the forecast period of 2026-2035 to reach a volume of around 62.00 MMT by 2035.
The major drivers of the market are the rising trend towards mart buildings and green construction processes, growing number of infrastructure projects, including urban development, transportation networks, and smart cities, and the ongoing adoption of Industry 4.0 technologies, such as automation, the IoT and 3D printing.
The key trends of the market include green steel, high-strength materials, digitalization, and expanding into emerging markets.
The various products considered in the market report are long steel flat steel, and forged steel.
The various genres considered in the market report are carbon steel, stainless steel, and others.
시장의 주요 기업은 POSCO Holdings, Hyundai Steel, KOSTEEL Co., Ltd., Hwanyoung Steel Ind. Co., Ltd., Dongil Ind. Co., Ltd, Korea Iron & Steel Co., Ltd, SeAH Besteel Corporation, SeAH CSS Corp., KG Steel Co., Ltd., TCC Steel.co. 등입니다.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product |
|
| Breakup by Genre |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Datasheet
One User
USD 2,499
USD 2,249
tax inclusive*
Single User License
One User
USD 3,999
USD 3,599
tax inclusive*
Five User License
Five User
USD 4,999
USD 4,249
tax inclusive*
Corporate License
Unlimited Users
USD 5,999
USD 5,099
tax inclusive*
*Please note that the prices mentioned below are starting prices for each bundle type. Kindly contact our team for further details.*
Flash Bundle
Small Business Bundle
Growth Bundle
Enterprise Bundle
*Please note that the prices mentioned below are starting prices for each bundle type. Kindly contact our team for further details.*
Flash Bundle
Number of Reports: 3
20%
tax inclusive*
Small Business Bundle
Number of Reports: 5
25%
tax inclusive*
Growth Bundle
Number of Reports: 8
30%
tax inclusive*
Enterprise Bundle
Number of Reports: 10
35%
tax inclusive*
How To Order
Select License Type
Choose the right license for your needs and access rights.
Click on ‘Buy Now’
Add the report to your cart with one click and proceed to register.
Select Mode of Payment
Choose a payment option for a secure checkout. You will be redirected accordingly.
Gain insights to stay ahead and seize opportunities.
Get insights & trends for a competitive edge.
Track prices with detailed trend reports.
Analyse trade data for supply chain insights.
Leverage cost reports for smart savings
Enhance supply chain with partnerships.
Connect For More Information
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
Our expert team of analysts will offer full support and resolve any queries regarding the report, before and after the purchase.
We employ meticulous research methods, blending advanced analytics and expert insights to deliver accurate, actionable industry intelligence, staying ahead of competitors.
Our skilled analysts offer unparalleled competitive advantage with detailed insights on current and emerging markets, ensuring your strategic edge.
We offer an in-depth yet simplified presentation of industry insights and analysis to meet your specific requirements effectively.
Share