TMT Steel Bar in South Korea shall reach a value of $X Million in 2033, growing with a CAGR of X% during the forecast period of 2023 to 2033.
Thermo-Mechanically Treated steel bars are a form of high-strength reinforcement steel commonly used in the building sector. They have various advantages over conventional steel bars, making them a preferred alternative for concrete structures such as buildings, bridges, and highways.
The government infrastructure development in renewable energy, green infrastructure projects and other infrastructure projects in residential and non-residential construction are the major factors driving the growth of the TMT steel bars in South Korea.
Investments in further developments of the Incheon airport expansion increases the demand for TMT steel bars.
The fourth and final phase of the ongoing expansion project at Seoul Incheon International Airport is now 82.9% complete. Furthermore, the Corporation looked forward to the day when the airport would be able to accommodate more than 100 million passengers per year "in earnest," despite the fact that the fourth phase is currently planned to be completed in the second half of 2024. The KRW4.8 trillion phase is expected to enhance the airports capacity from 77 million to 106 million passengers per year once completed in 2H2024. Cargo tonnage capacity would rise from 5.8 million tonnes per year to 6.3 million. The project includes both the construction of a new satellite terminal and the enlargement of current terminals thereby driving the demand for TMT steel bars in the terminals reinforced concrete constructions such as beams, columns, slabs, and walls.
Investment in Ulsan floating offshore wind project drives the market growth.
The Ulsan floating offshore wind project is being developed by BadaEnergy, a joint venture between offshore wind developer Corio Generation, TotalEnergies, and renewable energy solutions supplier SK ecoplant. The 1.5GW project, commonly known as the Gray Whale floating offshore wind project, will be one of the worlds largest floating offshore wind farms once completed. The projects phased construction will commence in 2025, with full commercial operation slated for 2028. Once operational, the project can power over 1.5 million homes and reduce CO₂ emissions by 2.3 million tonnes annually. These foundations are gigantic steel constructions attached to the seabed to sustain the wind turbines above the water thereby driving the demand for TMT steel bars for reinforcing the concrete in these foundations, and can endure the hostile sea climate and the enormous forces applied by the wind turbines.
Development of smart grid projects in Jeju Island, South Korea increases the demand for TMT steel bars.
South Koreas government has set lofty targets to reduce CO2 emissions by 30% from "business as usual" levels in 2020. The government and private enterprises have collaborated to establish a national smart grid project on Jeju Island to test and assess Koreas green growth infrastructure and services. Approximately 240 billion won will be invested in the project, with 64 billion won pledged by the government and the balance by private enterprises. The goal is to expand the commercial and worldwide reach of the innovation thereby driving the demand for TMT steel bars in the construction of substation buildings, transformer yards, and other supporting structures.
Years considered for this report
• Historical Years: 2021 - 2022
• Base Year: 2022
• Forecast Period: 2023-2032
TMT Steel Bar Market in South Korea Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2033)
• Data breakdown for application Industries (2022 - 2033)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
TMT Steel Bar Market in South Korea Market Segments
By Diameter Range (Revenue, USD Million, 2022 - 2033)
• 6mm to 8mm.
• 8mm to 12mm.
• 12mm and above
By Application Type (Revenue, USD Million, 2022 - 2033)
• Residential.
• Commercial.
• Infrastructure.
By Grade Type (Revenue, USD Million, 2022 - 2033)
• Fe-415.
• Fe-500.
• Fe-550.
• Fe-600.
• Others.
TMT Steel Bar Market in South Korea Companies
• POSCO
• Hyundai Steel
• Dongkuk Steel Mill Co.
• Hanwha Steel
• KG Dongbu Steel Co., Ltd.
• SeAH Steel Corp.
• Dongnam Steel Co Ltd.
