The Value of the Steel industry in South Korea, attained a value of USD 54,547.62 Millions in 2021
The indicator recorded a historical growth by a CAGR of 7.11% between 2018 to 2021, and is expected to decline by ...
GlobalData projects the indicator to decline at a CAGR of ...
Steel industry in South Korea
The Korean steel market increased in 2021. The market reported a decline between the year 2018-2020.
The steel market consists of the production of crude steel in the stated country or region. Crude steel production refers to the production of the first solid steel products upon solidification of liquid steel. It includes ingots (in conventional mills) and semis (in modern mills with continuous casting facilities). Crude steel also includes liquid steel, which goes into the production of steel castings.
The market has recorded a conitious growth during the past few years. The market is forecast to grow at a slower rate over the next five years.
The market grew strongly in 2017 and 2018, largely due to growth in the construction and automotive industries. This resulted in steady increases in the demand for steel, driving growth. Global increases in demand for steel, driven by economic growth, further enabled growth in the market.
Decline in 2020 was induced by the COVID-19 pandemic, which caused a significant downturn in many global markets. This resulted in confidence among investors and consumers declining heavily. As investment and spending slowed, activity in key industries fell greatly, resulting in a further decline in market value. Additionally, the market suffered from constrictions to the steel supply chain. Primary sector activities, such as exploration and mining, became infrequent harming growth in the market.
The steel market is highly concentrated to a few large players, as the importance of scale economies favors concentration to larger companies. However, as the steel market remains highly cyclical, it is subject to intense competition. The main challenges that steelmakers face include volatility, shifting demand centers, complex supply chains, productivity and cost-efficiency. The market is also affected by general economic conditions and end-use markets, including the automotive, appliance, construction, and energy industries. As these industries experience a downturn, the steel market usually follows their trend.
Geography segmentation
South Korea accounts for a significant share in the Asia-Pacific steel market value. China accounts for a further share in the Asia-Pacific market.
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