South Korea Electrical Steel Market to 2032
Overview
The South Korea Electrical Steel Market is expected to reach a 1.74 USD Billion by 2032 and is projected to grow at a CAGR of 5.36% from 2025 to 2032.
Revenue, 2024 (USD Billion)
1.15
Forecast, 2032 (USD Billion)
1.74
CAGR, 2024 - 2032
5.36%
Report Coverage
South Korea
South Korea Electrical Steel Market 2018-2032 USD Billion
South Korea Electrical Steel Market, Key Findings (2025-2032)
Market Growth and Projections:
- Market Size (2024): 1.15 USD Billion
- Projected Market Size (2032): 1.74 USD Billion
- CAGR (2025-2032): 5.36%
Key Findings of South Korea Electrical Steel Market
- The South Korea Electrical Steel Market was valued at 1.15 USD Billion in 2024.
- The South Korea Electrical Steel Market is likely to grow at a CAGR of 5.36% during the forecast period of 2024 to 2032.
- In 2024, the Largest segment Non Oriented Electrical Steel (CRNGO) in Type Segment accounted for the largest share of the market with a revenue of 0.85 USD Billion
- The fastest growing segment Above 1.76 Tesla in Flux Density Segment grew Fastest with a CAGR of 6.58% during the forecast period from 2024 to 2032.
South Korea Electrical Steel Market Scope
South Korea Electrical Steel Market Segmentation & Scope
Application
- Battery (direct use)
- Electrical Ballasts (lighting)
- Wound Cores
- Inductors
- Others
- Shunt Reactors
- Converters (power electronics / inverters)
- Power Generators (incl. gensets)
- Motors
- Transformers
End-User
- Others
- Building & Construction
- Household Appliances
- Automobiles
- Energy & Power
Type
- Grain Oriented Steel (CGRO)
- Non Oriented Electrical Steel (CRNGO)
Thickness
- Others / specialized grades
- 0.5–0.65 mm
- 0.25–0.27 mm
- 0.35 mm
- 0.5 mm
Core Losses
- 1.9
- 2.1
- >4.0
- 2.3
- 2.5
- 2.7
- 2.7-4.02
Flux Density
- Less Than 1.65 Tesla
- Above 1.76 Tesla
- 1.65 Tesla to 1.69 Tesla
- 1.73 Tesla to 1.76 Tesla
- 1.69 Tesla to 1.73 Tesla
South Korea Electrical Steel Market Data Coverage Insights
| Study Period | 2024-2032 |
| Base Year | 2024 |
| Unit | Revenue in USD Billion |
| Market Value in 2024 | 1.15 USD Billion |
| Market Value in 2032 | 1.74 USD Billion |
| CAGR (2025-2032) | 5.36% |
| Historic Data | 2016-2023 |
| Market Segments Covered | Application,End-User,Type,Thickness,Core Losses,Flux Density |
Regional Insights:
-
Leading Market (2024-2032): South Korea, leading in terms of revenue 1.15 USD Billion in 2024
- Key Country: South Korea, leading in terms of revenue with value of 1,152.72 USD Million in 2024.
Segments and Scope
-
South Korea Electrical Steel Market to 2032, By Application
- Transformers is the largest segment in South Korea Electrical Steel Market to 2032 with a revenue of 557.91 USD Billion in the year 2024.
- Transformers is the Fastest growing segment in South Korea Electrical Steel Market to 2032 with a Growth rate of 6.19 % in forecast period 2025-2032.
-
South Korea Electrical Steel Market to 2032, By End-User
- Energy & Power is the largest segment in South Korea Electrical Steel Market to 2032 with a revenue of 612.96 USD Billion in the year 2024.
- Automobiles is the Fastest growing segment in South Korea Electrical Steel Market to 2032 with a Growth rate of 4.94 % in forecast period 2025-2032.
-
South Korea Electrical Steel Market to 2032, By Type
- Non Oriented Electrical Steel (CRNGO) is the largest segment in South Korea Electrical Steel Market to 2032 with a revenue of 851.05 USD Billion in the year 2024.
- Non Oriented Electrical Steel (CRNGO) is the Fastest growing segment in South Korea Electrical Steel Market to 2032 with a Growth rate of 5.57 % in forecast period 2025-2032.
-
South Korea Electrical Steel Market to 2032, By Thickness
- 0.5 mm is the largest segment in South Korea Electrical Steel Market to 2032 with a revenue of 567.82 USD Billion in the year 2024.
- 0.5 mm is the Fastest growing segment in South Korea Electrical Steel Market to 2032 with a Growth rate of 5.80 % in forecast period 2025-2032.
-
South Korea Electrical Steel Market to 2032, By Core Losses
- 2.7-4.02 is the largest segment in South Korea Electrical Steel Market to 2032 with a revenue of 560.83 USD Billion in the year 2024.
- 2.7-4.02 is the Fastest growing segment in South Korea Electrical Steel Market to 2032 with a Growth rate of 6.01 % in forecast period 2025-2032.
-
South Korea Electrical Steel Market to 2032, By Flux Density
- 1.69 Tesla to 1.73 Tesla is the largest segment in South Korea Electrical Steel Market to 2032 with a revenue of 582.83 USD Billion in the year 2024.
- Above 1.76 Tesla is the Fastest growing segment in South Korea Electrical Steel Market to 2032 with a Growth rate of 5.34 % in forecast period 2025-2032.
South Korea Electrical Steel Market Company Share Analysis
| Company Name |
|
||
| ArcelorMittal | |||
| Nippon Steel Corporation | |||
| JFE Steel Corporation | |||
| thyssenkrupp AG | |||
| Baosteel Co.,Ltd. | |||
South Korea Electrical Steel Market Geographical Sales Distribution, 2018-2032 USD Billion
South Korea Electrical Steel Market Company Profiling
Industry Related Reports
Frequently Asked Questions
The South Korea Electrical Steel Market is segmented based on Segmentation Application,End-User,Type,Thickness,Core Losses,Flux Density.
South Korea Electrical Steel Market was valued at USD 1.15(Revenue in USD Billion) in 2024.
South Korea Electrical Steel Market is projected to grow at a CAGR of 5.36% during the forecast period of 2024 to 2032.
The Non Oriented Electrical Steel (CRNGO) segment is expected to dominate the South Korea Electrical Steel Market, holding a largest market share of 0.85 USD Billion in 2024
South Korea Electrical Steel Market Scope
South Korea Electrical Steel Market Segmentation & Scope
Application
- Battery (direct use)
- Electrical Ballasts (lighting)
- Wound Cores
- Inductors
- Others
- Shunt Reactors
- Converters (power electronics / inverters)
- Power Generators (incl. gensets)
- Motors
- Transformers
End-User
- Others
- Building & Construction
- Household Appliances
- Automobiles
- Energy & Power
Type
- Grain Oriented Steel (CGRO)
- Non Oriented Electrical Steel (CRNGO)
Thickness
- Others / specialized grades
- 0.5–0.65 mm
- 0.25–0.27 mm
- 0.35 mm
- 0.5 mm
Core Losses
- 1.9
- 2.1
- >4.0
- 2.3
- 2.5
- 2.7
- 2.7-4.02
Flux Density
- Less Than 1.65 Tesla
- Above 1.76 Tesla
- 1.65 Tesla to 1.69 Tesla
- 1.73 Tesla to 1.76 Tesla
- 1.69 Tesla to 1.73 Tesla
Frequently Asked Questions
The South Korea Electrical Steel Market is segmented based on Segmentation Application,End-User,Type,Thickness,Core Losses,Flux Density.
South Korea Electrical Steel Market was valued at USD 1.15(Revenue in USD Billion) in 2024.
South Korea Electrical Steel Market is projected to grow at a CAGR of 5.36% during the forecast period of 2024 to 2032.
The estimated market value of the South Korea Electrical Steel Market for final year is USD 1.74 (USD Billion).
South Korea Electrical Steel Market Company Profiling
Frequently Asked Questions
The South Korea Electrical Steel Market is segmented based on Segmentation Application,End-User,Type,Thickness,Core Losses,Flux Density.
South Korea Electrical Steel Market was valued at USD 1.15(Revenue in USD Billion) in 2024.
South Korea Electrical Steel Market is projected to grow at a CAGR of 5.36% during the forecast period of 2024 to 2032.
The estimated market value of the South Korea Electrical Steel Market for final year is USD 1.74 (USD Billion).
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