While the world's supply chains tremble, South Korea's industrial behemoths—from producing every fifth exported semiconductor to launching enough LNG carriers to shoulder 40% of the global market—stand unshaken, cementing its status as a manufacturing titan that punches vastly above its weight.
Key Takeaways
- In 2022, South Korea's manufacturing sector contributed 27.5% to the total GDP, amounting to approximately 512.3 trillion KRW
- The manufacturing PMI index for South Korea stood at 51.2 in December 2023, indicating expansion in the sector
- South Korea produced 3.89 million tons of cement in 2022, ranking 5th globally
- In 2022, Hyundai Motor Company produced 3.37 million vehicles, holding 40% of domestic market share
- South Korea's automobile exports reached 2.45 million units in 2022, valued at 64.2 billion USD
- Kia Corporation's global sales were 2.91 million units in 2023, up 6.5% YoY
- In 2022, Samsung Electronics' semiconductor revenue was 76.3 trillion KRW
- South Korea's semiconductor exports totaled 128.8 billion USD in 2022
- Memory chip market share of South Korean firms: 73.5% globally in Q4 2023
- In 2022, Hyundai Heavy Industries delivered 25 vessels totaling 2.5 million CGT
- South Korea's shipbuilding orderbook stood at 1,078 ships (86.5 million DWT) in Dec 2023
- Global shipbuilding market share: 29% in 2022 with 15.5 million CGT
- POSCO's crude steel production was 38.5 million metric tons in 2022
- South Korea's petrochemical production capacity reached 55 million tons per year in 2023
- LG Chem's battery materials revenue: 20 trillion KRW in 2022
South Korea's manufacturing sector is a high-tech, export-driven powerhouse globally.
Automotive
- In 2022, Hyundai Motor Company produced 3.37 million vehicles, holding 40% of domestic market share
- South Korea's automobile exports reached 2.45 million units in 2022, valued at 64.2 billion USD
- Kia Corporation's global sales were 2.91 million units in 2023, up 6.5% YoY
- Domestic vehicle production totaled 4.09 million units in 2022
- Electric vehicle production in Korea hit 187,000 units in 2022
- R&D investment by Korean automakers was 12.5 trillion KRW in 2022
- Automobile industry employment was 510,000 workers in 2022
- Parts and components exports were 45.6 billion USD in 2022
- Hyundai's hydrogen vehicle NEXO sales reached 12,000 units globally by 2023
- Average fuel efficiency of new Korean cars was 14.2 km/L in 2022
- Automobile production PMI was 52.1 in Q4 2023
- Export share of vehicles to US was 28% in 2022
- Localization rate of auto parts was 87% in 2023
- Number of EV charging stations reached 250,000 in 2023
- Kia EV6 production capacity expanded to 300,000 units/year in 2023
- Automobile trade balance surplus was 38 billion USD in 2022
- Investment in battery plants for EVs was 20 trillion KRW in 2022
- Share of hybrid vehicles in production was 15% in 2023
- Global ranking of Korea auto production: 5th with 4.1 million units in 2022
- Capacity utilization in auto plants averaged 82% in 2023
- Number of auto patents filed by Korean firms: 15,000 in 2022
- Average vehicle price exported: 26,000 USD in 2022
- Growth in luxury vehicle exports: 12% YoY in 2023
- Auto industry contribution to manufacturing GDP: 8.5% in 2022
- Overseas production ratio: 52% of total output in 2023
- Safety rating average for Korean cars: 4.8/5 stars in global tests 2023
- Samsung SDI battery production for EVs: 100 GWh capacity in 2023
- LG Energy Solution's market share in EV batteries: 14% globally in 2023
- SK On's EV battery shipments: 200,000 units in 2023
- Total EV battery production value: 15 trillion KRW in 2022
Automotive Interpretation
While Korea's auto industry remains a global powerhouse built on volume and value, these figures reveal a nation aggressively shifting gears, investing its substantial conventional success into an electric and technological future that it clearly intends to lead.
Chemicals and Steel
- POSCO's crude steel production was 38.5 million metric tons in 2022
- South Korea's petrochemical production capacity reached 55 million tons per year in 2023
- LG Chem's battery materials revenue: 20 trillion KRW in 2022
- Steel exports totaled 16.5 million tons in 2022, valued at 18 billion USD
- Hyundai Steel's production capacity: 20 million tons annually after expansion
- Ethylene production: 10.2 million tons in 2022
- Fine chemical exports: 12 billion USD in 2022
- Steel industry employment: 120,000 in 2022
- R&D in chemicals: 3.2 trillion KRW in 2022
- Bio-chemical production value: 5 trillion KRW in 2023
- Steel plate exports for auto: 5 million tons in 2022
- Polymer production: 15 million tons capacity in 2023
- Carbon steel output growth: 2.5% YoY in 2023
- Specialty steel market share: 25% in Asia
- Fertilizer production: 8 million tons in 2022
- Green steel production pilot: 100,000 tons H2-reduced in 2023
- Chemical trade surplus: 25 billion USD in 2022
- Number of chemical firms: 8,500 in 2023
- Stainless steel production: 2.2 million tons in 2022
- Synthetic rubber output: 1.5 million tons in 2022
- Paint and coating exports: 4 billion USD in 2023
- Steel recycling rate: 92% in 2022
- Investment in CCUS for chemicals: 1 trillion KRW by 2030
- Global ranking in plastics exports: 3rd in 2022
- Patent filings in new materials: 5,000 in 2022
- Capacity utilization in steel mills: 78% in 2023
- SK Innovation's petrochemical revenue: 30 trillion KRW in 2022
- Wire rod production: 4 million tons for construction in 2022
Chemicals and Steel Interpretation
While South Korea might be better known for exporting K-pop idols, its industrial backbone shows it's far more adept at manufacturing the steel for stadiums, the batteries for their microphones, and the petrochemicals for their elaborate stage costumes, quietly building the modern world one high-value ton at a time.
Electronics
- In 2022, Samsung Electronics' semiconductor revenue was 76.3 trillion KRW
- South Korea's semiconductor exports totaled 128.8 billion USD in 2022
- Memory chip market share of South Korean firms: 73.5% globally in Q4 2023
- SK Hynix DRAM revenue: 25.4 trillion KRW in 2022
- Foundry capacity in Korea: 20% of global total by 2025 projection
- Display panel production value: 40 trillion KRW in 2022
- Samsung Display OLED shipments: 150 million units in 2023
- LG Display's large OLED panels: 2.5 million units in 2022
- Semiconductor R&D spend: 30 trillion KRW in 2022
- Fab equipment investment: 50 billion USD planned for 2023-2025
- Chip production PMI: 48.2 in Dec 2023, signaling contraction
- Export share of semiconductors: 20% of total exports in 2022
- Number of semiconductor firms: 1,200 in 2023
- Employment in electronics industry: 1.8 million in 2022
- Advanced node (sub-10nm) production capacity: 15% global share
- NAND flash market share: 60% by Samsung and SK Hynix in 2023
- Smartphone component exports: 30 billion USD in 2022
- Investment in HBM memory: 10 trillion KRW in 2023
- Global ranking in electronics exports: 2nd place in 2022
- Capacity utilization in fabs: 85% average in 2023
- Patents in semiconductors: 20,000 filed in 2022
- AI chip revenue projection: 5 trillion KRW by 2025
- OLED TV panel market share: 90% by Korean firms in 2023
- System IC production value: 25 trillion KRW in 2022
- Quantum dot display production: 100 million units in 2023
- Wearable device exports: 10 billion USD in 2023
- 5G component market share: 25% globally
- Samsung's foldable phone shipments: 10 million units in 2023
Electronics Interpretation
While Korea’s semiconductor industry clearly has the memory market in a headlock and OLEDs on visual lockdown, the slightly sweating PMI suggests its economic backbone is currently doing Pilates to stretch for the future.
Manufacturing
- In 2022, South Korea's manufacturing sector contributed 27.5% to the total GDP, amounting to approximately 512.3 trillion KRW
- The manufacturing PMI index for South Korea stood at 51.2 in December 2023, indicating expansion in the sector
- South Korea produced 3.89 million tons of cement in 2022, ranking 5th globally
- The value added by manufacturing in South Korea reached 1,034.7 billion current US dollars in 2021
- South Korea's manufacturing employment was 4.12 million persons in 2022
- Industrial production index for manufacturing grew by 2.1% year-on-year in November 2023
- South Korea's machinery manufacturing output was 128.5 trillion KRW in 2022
- The share of high-tech manufacturing in total manufacturing was 32.4% in 2022
- South Korea exported 1.2 trillion USD worth of manufactured goods in 2022
- Manufacturing R&D expenditure was 28.7 trillion KRW in 2021, representing 4.9% of sales
- Productivity growth in manufacturing averaged 3.2% annually from 2018-2022
- South Korea's fabrication sector output increased by 4.5% in Q4 2023
- Number of manufacturing firms in South Korea was 152,000 in 2022
- Average wage in manufacturing sector was 4.8 million KRW per month in 2022
- Energy consumption in manufacturing was 32.4% of total national energy use in 2021
- CO2 emissions from manufacturing totaled 285 million tons in 2021
- Digital transformation adoption rate in manufacturing reached 65% in 2023
- Investment in manufacturing plant and equipment was 95.2 trillion KRW in 2022
- Manufacturing value added per worker was 250 million KRW in 2022
- Share of SMEs in manufacturing output was 42.7% in 2022
- Export dependency of manufacturing sector was 88% in 2022
- Capacity utilization rate in manufacturing averaged 76.5% in 2023
- Number of manufacturing patents filed was 45,200 in 2022
- Manufacturing sector's contribution to national R&D was 48% in 2022
- Inventory-to-sales ratio in manufacturing was 1.25 in Q3 2023
- Growth in non-manufacturing vs manufacturing was -1.2% vs 2.3% in 2023
- Manufacturing's share in industrial accidents was 35% in 2022
- Automation rate in manufacturing reached 55% by 2023
- Manufacturing trade surplus was 120 billion USD in 2022
- Resilience index of manufacturing supply chains was 82/100 in 2023
Manufacturing Interpretation
South Korea's manufacturing engine is not just humming along; it's a high-tech, high-stakes juggernaut that powers over a quarter of the nation's economy, pours out a global river of cement and exports, and—despite its voracious appetite for energy and its sobering accident rate—is relentlessly automating, innovating, and racking up a trade surplus so large you'd think it had its own gravitational pull.
Shipbuilding
- In 2022, Hyundai Heavy Industries delivered 25 vessels totaling 2.5 million CGT
- South Korea's shipbuilding orderbook stood at 1,078 ships (86.5 million DWT) in Dec 2023
- Global shipbuilding market share: 29% in 2022 with 15.5 million CGT
- Samsung Heavy Industries LNG carrier orders: 50 units in 2023
- Daewoo Shipbuilding & Marine Engineering (Hanwha Ocean) revenue: 12 trillion KRW in 2022
- Container ship production: 1.2 million TEU capacity in 2022
- Offshore platform orders: 20 units worth 5 billion USD in 2023
- Shipbuilding exports: 18 billion USD in 2022
- Employment in shipbuilding: 180,000 workers in 2022
- R&D investment: 1.5 trillion KRW in 2022
- LNG carrier market share: 40% globally in 2023
- New orders in 2023: 32 million CGT, up 50% YoY
- Eco-friendly vessel deliveries: 60% of total in 2023
- Shipyard capacity utilization: 92% in Q4 2023
- VLCC production: 50 vessels in 2022
- Digital twin adoption in shipyards: 70% by 2023
- Patents in shipbuilding tech: 2,500 in 2022
- Investment in ammonia-ready ships: 2 trillion KRW planned 2024-2028
- Global ranking: 1st in LNG carriers, 2nd overall in 2023
- Repair and conversion revenue: 3 trillion KRW in 2022
- Autonomous ship prototypes: 5 delivered by 2023
- Steel plate supply for shipbuilding: 10 million tons in 2022
- Order backlog completion rate: 85% on schedule in 2023
- Hydrogen-powered vessel first delivery planned 2024
- Car carrier orders: 30 units in 2023
- FPSO construction contracts: 3 units worth 4 billion USD in 2023
- Productivity growth: 4.2% YoY in 2023
Shipbuilding Interpretation
Korea’s shipbuilders are not just constructing titans of the sea but are meticulously engineering a blue-water fortress of technology, employment, and eco-innovation, cementing their dominion from LNG carriers to the future of fuel while hitting nearly every target on time.
Sources & References
- Reference 1KOSTATkostat.go.krVisit source
- Reference 2MARKITECONOMICSmarkiteconomics.comVisit source
- Reference 3STATISTAstatista.comVisit source
- Reference 4DATAdata.worldbank.orgVisit source
- Reference 5TRADINGECONOMICStradingeconomics.comVisit source
- Reference 6INDEXindex.go.krVisit source
- Reference 7KOREATIMESkoreatimes.co.krVisit source
- Reference 8MSITmsit.go.krVisit source
- Reference 9OECDoecd.orgVisit source
- Reference 10ENGLISHenglish.moef.go.krVisit source
- Reference 11MOELmoel.go.krVisit source
- Reference 12KESISkesis.kier.re.krVisit source
- Reference 13GIIKOREAgiikorea.co.krVisit source
- Reference 14KOREAHERALDkoreaherald.comVisit source
- Reference 15DATAdata.oecd.orgVisit source
- Reference 16KOSMESkosmes.or.krVisit source
- Reference 17KDIkdi.re.krVisit source
- Reference 18USPTOuspto.govVisit source
- Reference 19NSTnst.re.krVisit source
- Reference 20BOKbok.or.krVisit source
- Reference 21IFRifr.orgVisit source
- Reference 22CUSTOMScustoms.go.krVisit source
- Reference 23MCKINSEYmckinsey.comVisit source
- Reference 24HYUNDAIhyundai.comVisit source
- Reference 25KAMAkama.or.krVisit source
- Reference 26KIAkia.comVisit source
- Reference 27OICAoica.netVisit source
- Reference 28IEAiea.orgVisit source
- Reference 29KAPAkapa.or.krVisit source
- Reference 30EVPOSTevpost.co.krVisit source
- Reference 31KOREAITTIMESkoreaittimes.comVisit source
- Reference 32MOTIEmotie.go.krVisit source
- Reference 33KIPOkipo.go.krVisit source
- Reference 34GENESISgenesis.comVisit source
- Reference 35NHTSAnhtsa.govVisit source
- Reference 36SAMSUNGSDIsamsungsdi.comVisit source
- Reference 37LGENSOLlgensol.comVisit source
- Reference 38SKsk.comVisit source
- Reference 39SAMSUNGsamsung.comVisit source
- Reference 40TRENDFORCEtrendforce.comVisit source
- Reference 41NEWSnews.skhynix.comVisit source
- Reference 42DIGITIMESdigitimes.comVisit source
- Reference 43OLED-INFOoled-info.comVisit source
- Reference 44LGDISPLAYlgdisplay.comVisit source
- Reference 45SEMICONDUCTORSsemiconductors.orgVisit source
- Reference 46SEMICONKOREAsemiconkorea.orgVisit source
- Reference 47COUNTERPOINTRESEARCHcounterpointresearch.comVisit source
- Reference 48GSMARENAgsmarena.comVisit source
- Reference 49WITSwits.worldbank.orgVisit source
- Reference 50VLSI-RESEARCHvlsi-research.comVisit source
- Reference 51REUTERSreuters.comVisit source
- Reference 52KISEkise.or.krVisit source
- Reference 53SAMSUNGDISPLAYsamsungdisplay.comVisit source
- Reference 54IDCidc.comVisit source
- Reference 55SAMMOBILEsammobile.comVisit source
- Reference 56HYUNDAIHEAVYhyundaiheavy.comVisit source
- Reference 57CLARKSONSclarksons.comVisit source
- Reference 58SAMSUNGSHIsamsungshi.comVisit source
- Reference 59HANWHAOCEANhanwhaocean.comVisit source
- Reference 60ALPHALINERalphaliner.comVisit source
- Reference 61OFFSHORE-ENERGYoffshore-energy.bizVisit source
- Reference 62KOSHIPAkoshipa.or.krVisit source
- Reference 63HELLENICSHIPPINGNEWShellenicshippingnews.comVisit source
- Reference 64ISRANAVALFEWSisranavalfews.comVisit source
- Reference 65HDHYUNDAIhdhyundai.comVisit source
- Reference 66TANKERS-INTERNATIONALtankers-international.comVisit source
- Reference 67BIMCOSHIPbimcoship.comVisit source
- Reference 68POSCOposco.comVisit source
- Reference 69OFFSHORE-MAGoffshore-mag.comVisit source
- Reference 70KIIPkiip.or.krVisit source
- Reference 71LGCHEMlgchem.comVisit source
- Reference 72WORLDSTEELworldsteel.orgVisit source
- Reference 73HYUNDAI-STEELhyundai-steel.comVisit source
- Reference 74CEFICcefic.orgVisit source
- Reference 75KCIkci.or.krVisit source
- Reference 76KRIBBkribb.re.krVisit source
- Reference 77LOTTECHEMlottechem.comVisit source
- Reference 78WORLDSTAINLESSworldstainless.orgVisit source
- Reference 79HANKOOKTIREhankooktire.comVisit source
- Reference 80KPEFkpef.or.krVisit source
- Reference 81SKINNOVATIONskinnovation.comVisit source