Marine Steel Plate Market size is estimated to be USD 10.5 Billion in 2024 and is expected to reach USD 15.2 Billion by 2033 at a CAGR of 4.8% from 2026 to 2033.
The South Korean marine steel plate market has experienced significant fluctuations recently, influenced by global trade dynamics and domestic industry demands. Central to these developments is the escalating reliance on imported steel plates, particularly from China, and the subsequent regulatory measures implemented to address this trend.
In 2023, South Korea's heavy plate imports surged by 17.7% year-over-year, totaling over 1.98 million tonnes. Notably, China emerged as the primary supplier, accounting for more than 56% of these imports. This influx of competitively priced Chinese steel plates has intensified competition within the domestic market, especially affecting local producers. The affordability of Chinese products has made them a preferred choice for South Korean shipbuilders, leading to complex negotiations between shipbuilders and domestic steelmakers regarding pricing and supply terms.
The shipbuilding sector, a cornerstone of South Korea's economy, heavily depends on steel plates, which constitute approximately 20% of total shipbuilding costs. The availability of lower-priced Chinese steel has prompted domestic shipbuilders to advocate for reduced prices from local steelmakers. In response, South Korean steel companies, including industry giants like POSCO and Hyundai Steel, have expressed concerns over the detrimental impact of these imports on their profitability and market position.
Addressing these challenges, South Korea's industry ministry provisionally imposed tariffs of up to 38% on Chinese steel plate imports in early 2025, following investigations into alleged dumping practices. This measure aims to protect the domestic steel industry from unfair competition and stabilize market prices. However, this action has elicited mixed reactions. While steelmakers view it as a necessary step to safeguard their interests, shipbuilders express apprehension about potential increases in production costs and the overall competitiveness of the South Korean shipbuilding industry.
Furthermore, global trade policies have compounded these complexities. The U.S. administration's decision to implement a 25% tariff on all steel and aluminum imports has prompted countries like Vietnam, India, and South Korea to adopt protective measures against Chinese steel imports. Specifically, South Korea's decision to impose tariffs aligns with broader international efforts to address the challenges posed by China's steel export strategies.
In this intricate landscape, South Korean steelmakers are exploring strategies to enhance their competitiveness. Investments in high value-added steel plate production, particularly for offshore wind farm infrastructures and LNG terminals, are underway. Hyundai Steel, for instance, projects a significant increase in demand for offshore wind heavy plates, from 1.36 million tonnes in 2024 to 9.81 million tonnes by 2030. By focusing on specialized products, domestic steelmakers aim to mitigate the impact of low-cost imports and cater to the evolving needs of industries such as renewable energy and advanced shipbuilding.
In summary, the South Korean marine steel plate market is navigating a period of transformation, shaped by the interplay of international trade dynamics, domestic industry requirements, and strategic initiatives by local steelmakers. The outcomes of tariff implementations, ongoing price negotiations, and investments in high-value products will be pivotal in determining the future trajectory of this vital sector.
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Nippon Steel Corporation
Arcelor Mittal
BAOSTEEL GROUP
POSCO
JFE Steel Corporation
KOBE STEEL
Dillinger Hütte
Valin Xiangtan Steel
Chongqing Steel
Ansteel
Nanjing Steel
Metinvest
Dongkuk
Xinyu Steel
Hyundai
Shougang Group
Aesteiron Steels
Struqta
Anyang General International
Murray Steel Products
GNEE
Stigterstaal
Leeco Steel LLC
Shandong Iron & Steel Group
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Marine Steel Plate Market
Boron Steel Plates
Carbon Steel Plates
High-strength Low-alloy Steel Plates
Stainless Steel Plates
Alloy Steel Plates
Thin Plates (up to 5 mm)
Medium Plates (5 mm to 20 mm)
Thick Plates (above 20 mm)
Shipbuilding
Offshore Structures
Marine Equipment Manufacturing
Ship Repair and Maintenance
Others
Commercial Shipping
Naval Defense
Fishing Industry
Yachting and Leisure
Others
Hot Rolled Processes
Cold Rolled Processes
Thermally Treated Processes
Metallic Coated Processes
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Marine Steel Plate Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Marine Steel Plate Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Marine Steel Plate Market, By Type
6. South Korea Marine Steel Plate Market, By Application
7. South Korea Marine Steel Plate Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Marine Steel Plate Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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