South Korea Automotive Steel Market Outlook

south korea’s automotive industry is continuing to grow, with strong demand for automotive steel. according to reports, south korea’s production of automobiles rose by 8.6% in 2017 and is expected to further grow in the years to come. this growth is likely to in turn drive increased demand for automotive steel in the south korean market. south korea’s automotive steel market mainly consists of automakers and their parts suppliers. according to reports, advanced high-strength steels (ahss) currently account for nearly 25% of all steel used for automotive production. this figure is expected to grow further as new technologies and trends emerge in the sector. in terms of pricing, automotive steel has strengthened owing to strong demand from the car makers. this has been driven by the combination of greater production levels and technological advancements that have made automotive steel lightweight and highly beneficial for vehicle manufacturers. in terms of outlook, the automotive steel market is likely to remain robust over the forecast period (2018 to 2032). this is due to the long-term growth of the automotive industry, as well as the need for lighter materials. in addition, technological advances are expected to continue to drive higher demand for aligned automotive steel products in the south korean market. furthermore, industry participants in south korea have been working on increasing the efficiency of production processes while also investing in quality of products. this is expected to boost the market prospects for automotive steel over the long-term. overall, south korea’s automotive steel market is expected to remain robust over the forecast period (2018 to 2032). with car makers in the country driving increasing demand, the market is expected to maintain strong momentum over the long-term. furthermore, technological advances are likely to aid in the development of lighter automotive steel products that could help to further drive the market.