Marine Castings and Forgings Market size was valued at USD 12.5 Billion in 2024 and is forecasted to grow at a CAGR of 5.2% from 2026 to 2033, reaching USD 18.3 Billion by 2033.
The South Korea Marine Castings and Forgings Market plays a crucial role in the country’s industrial landscape, supporting key sectors like shipbuilding, offshore oil and gas, and marine engineering. With South Korea being one of the global leaders in shipbuilding, the demand for marine castings and forgings has significantly increased over the years. These components are essential for constructing robust, durable vessels that can withstand the harsh conditions of the sea. As industries evolve, so too does the need for advanced, high-quality materials in the maritime sector.
Marine castings and forgings are used in a variety of applications, including ship engines, propellers, and hull structures. These materials are specially designed to meet the demanding standards of marine environments, providing strength, corrosion resistance, and long-term durability. The types of marine castings and forgings produced in South Korea include various alloys such as steel, aluminum, and bronze, all tailored to meet the specific needs of different marine applications.
The requirement for these materials is largely driven by the shipbuilding industry, which remains one of South Korea's key economic sectors. Additionally, the growing offshore exploration and production activities, particularly in the oil and gas sectors, have led to an increasing demand for high-performance marine castings and forgings. As the industry continues to expand, South Korean manufacturers are innovating, developing new alloys and techniques to enhance the performance and longevity of these critical components.
In recent years, the Marine Castings and Forgings Market in South Korea has also seen a rise in demand from other sectors, such as defense and commercial marine vessels. With the increasing need for advanced technology and materials in these industries, the production of castings and forgings has evolved to meet these specific requirements. Manufacturers are now focusing on improving material properties, such as tensile strength, wear resistance, and thermal stability, to better serve the growing needs of these diverse industries.
South Korea's competitive edge in the global marine castings and forgings market is a result of its advanced manufacturing capabilities and commitment to quality. The market is expected to continue growing, driven by ongoing industrial advancements and the continuous demand for high-performance marine components.
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JSW
KOBE STEEL
LTD.
Doosan Heavy Industries & Construction
ThomasNet
Sheffield Forgemasters
CFHI
Elcee Group
Luoyang Zhongtai Industries Co.
Ltd.
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 Castings and Forgings Market
Marine Castings
Marine Forgings
Steel
Aluminum
Iron
Alloys
Engine Components
Propellers
Hull & Structural Components
Deck & Auxiliary Equipment
Other Marine Components
Shipbuilders
Marine Equipment Manufacturers
Repair & Maintenance Service Providers
Sand Casting
Die Casting
Investment Casting
Forging
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Marine Castings and Forgings 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 Castings and Forgings Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Marine Castings and Forgings Market, By Type
6. South Korea Marine Castings and Forgings Market, By Application
7. South Korea Marine Castings and Forgings Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Marine Castings and Forgings Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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