South Korea Electrical Steel Market Size & Outlook
South Korea electrical steel market, 2018-2030 (US$M)
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South Korea electrical steel market highlights
- The South Korea electrical steel market generated a revenue of USD 660.2 million in 2023 and is expected to reach USD 876.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 4.1% from 2024 to 2030.
- In terms of segment, non-grain oriented was the largest revenue generating product in 2023.
- Grain Oriented is the most lucrative product segment registering the fastest growth during the forecast period.
Electrical steel market data book summary
| Market revenue in 2023 | USD 660.2 million |
| Market revenue in 2030 | USD 876.1 million |
| Growth rate | 4.1% (CAGR from 2023 to 2030) |
| Largest segment | Non-grain oriented |
| Fastest growing segment | Grain Oriented |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Grain Oriented, Non-Grain Oriented |
| Key market players worldwide | ArcelorMittal SA Depository Receipt, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corp, POSCO Holdings Inc ADR, Tata Steel Ltd GDR - 144A, Thyssenkrupp AG |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.3% of the global electrical steel market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China electrical steel market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,058.8 million by 2030.
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Electrical Steel Market Scope
Electrical Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea electrical steel market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to electrical steel market will help companies and investors design strategic landscapes.
Non-grain oriented was the largest segment with a revenue share of 69.4% in 2023. Horizon Databook has segmented the South Korea electrical steel market based on grain oriented, non-grain oriented covering the revenue growth of each sub-segment from 2018 to 2030.
An increase in renewable power generation to reduce dependency on fossil fuels accelerates the demand for transmission equipment which is anticipated to drive the electrical steel market. For instance.
In September 2020, Total, an oil company, and Macquarie's Green Investment Group partnered to develop five large floating offshore wind projects in South Korea which are projected to start construction in 2023.
In addition, the South Korean government had planned an investment of USD for producing renewable energy. Thus, increasing investment in renewable energy sources augments the use of transformers which is expected to propel the growth for electrical steel in coming years.
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Our clientele includes a mix of electrical steel market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea electrical steel market , including forecasts for subscribers. This country databook contains high-level insights into South Korea electrical steel market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea electrical steel market size, by product, 2018-2030 (US$M)
South Korea Electrical Steel Market Outlook Share, 2023 & 2030 (US$M)
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