South Korea Stainless Steel 400 Series Market Size & Outlook
South Korea stainless steel 400 series market, 2018-2030 (US$M)
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South Korea stainless steel 400 series market highlights
- The South Korea stainless steel 400 series market generated a revenue of USD 676.2 million in 2021 and is expected to reach USD 1,108.1 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.6% from 2022 to 2030.
- In terms of segment, consumer goods was the largest revenue generating application in 2021.
- Consumer goods is the most lucrative application segment registering the fastest growth during the forecast period.
Stainless steel 400 series market data book summary
| Market revenue in 2021 | USD 676.2 million |
| Market revenue in 2030 | USD 1,108.1 million |
| Growth rate | 5.6% (CAGR from 2021 to 2030) |
| Largest segment | Consumer goods |
| Fastest growing segment | Consumer goods |
| Historical data | 2018 - 2020 |
| Base year | 2021 |
| Forecast period | 2022 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Building & Construction, Automotive & Transportation, Consumer goods, Mechanical Engineering & Heavy Industries, Medical, Aerospace, Other |
| Key market players worldwide | Acerinox SA, Outokumpu Oyj Class A, POSCO Holdings Inc ADR, Thyssenkrupp AG, BAOSTEEL, Yieh United Steel, Jindal Stainless, Fushun Special Steel, Aperam |
Other key industry trends
- In terms of revenue, South Korea accounted for 2.5% of the global stainless steel 400 series market in 2021.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China stainless steel 400 series 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 2,334.0 million by 2030.
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Stainless Steel 400 Series Market Scope
Stainless Steel 400 Series Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea stainless steel 400 series 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 stainless steel 400 series market will help companies and investors design strategic landscapes.
Consumer goods was the largest segment with a revenue share of 36.14% in 2021. Horizon Databook has segmented the South Korea stainless steel 400 series market based on building & construction, automotive & transportation, consumer goods, mechanical engineering & heavy industries, medical, aerospace, other covering the revenue growth of each sub-segment from 2018 to 2030.
According to the Bank of Korea, the GDP of South Korea grew by 0.7% in the first quarter of 2022 that was slower than the 1.2% growth witnessed by it in the fourth quarter of 2021. The slow economic growth of the country can be attributed to the decline in private consumption due to the COVID-19 restrictions and inflation.
The International Monetary Fund (IMF) lowered its 2022 economic growth projections for South Korea to 2.5% from 3.0% and increased its inflation projections from 3.1% to 4.0%. Moreover, capital investments in the country fell by 4.1% and construction investments declined by 2.4% in 2022.
The imposition of restrictions to curb the spread of coronavirus and the global semiconductor chip shortage have significantly affected automobile production in the country. According to the 2022 Automobile Industry Trends report by the South Korean Ministry of Trade, Industry, and Energy.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea stainless steel 400 series market , including forecasts for subscribers. This country databook contains high-level insights into South Korea stainless steel 400 series market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea stainless steel 400 series market size, by application, 2018-2030 (US$M)
South Korea Stainless Steel 400 Series Market Outlook Share, 2021 & 2030 (US$M)
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