From the chips that power our phones to the cars we drive and the ships that cross our oceans, South Korea’s industrial might is not just competing on the global stage—it is definitively leading it, as proven by its semiconductor industry producing 68.5% of the world’s DRAM chips in 2023.
Key Takeaways
- In 2023, South Korea's semiconductor industry produced 68.5% of the world's DRAM chips, with Samsung Electronics holding a 42.1% global market share in DRAM sales valued at $28.7 billion
- South Korea's semiconductor exports reached $128.9 billion in 2023, representing 19.8% of total national exports and growing 35.2% year-over-year
- SK Hynix supplied 28.3% of global NAND flash memory in Q4 2023, with production capacity exceeding 1.2 million wafers per month at its Cheongju fab
- South Korea's Hyundai Motor Group produced 4.22 million vehicles in 2023, capturing 8.6% of global passenger car production and exporting 3.1 million units worth $60.5 billion
- Kia Corporation's EV sales reached 250,000 units in 2023, with EV6 and EV9 models contributing $12.4 billion in revenue and 14% global BEV market share in SUVs
- Hyundai's Genesis brand luxury vehicle production hit 180,000 units in 2023, with 65% exported to North America generating $8.7 billion
- South Korea's shipbuilding industry secured orders for 1,247 vessels totaling 105.3 million CGT in 2023, achieving a 68% global market share and $52.7 billion in contract value
- HD Hyundai Heavy Industries delivered 85 ships in 2023, including 20 LNG carriers with 174,000 cbm capacity each, backlog at 1,200 vessels
- Samsung Heavy Industries holds 25% of global LNG carrier orders, building 30 units in 2023 with ME-GI engines reducing emissions by 30%
- South Korea's POSCO produced 38.5 million tons of crude steel in 2023, maintaining 2.2% global share with EAF ratio at 28%
- POSCO's Pohang works output 21.4 million tons in 2023, including 5.2 million tons of automotive HEA steel grades
- Hyundai Steel's Dangjin plant produced 21.2 million tons in 2023, with 62% direct reduced iron for green steel transition
- South Korea's petrochemical production capacity reached 52 million tons per year in 2023, with LG Chem's Yeosu complex outputting 12.5 million tons including 4.2 million tons of ethylene
- Lotte Chemical's Daesan plant generated $15.2 billion revenue in 2023 from 3.1 million tons of propylene and 2.8 million tons of polypropylene
- South Korea's paraxylene production hit 8.9 million tons in 2023, 12% global share led by S-Oil's 2.5 million ton PX plant
South Korea's industry is globally dominant in semiconductors, automobiles, shipbuilding, and advanced manufacturing.
Automotive
- South Korea's Hyundai Motor Group produced 4.22 million vehicles in 2023, capturing 8.6% of global passenger car production and exporting 3.1 million units worth $60.5 billion
- Kia Corporation's EV sales reached 250,000 units in 2023, with EV6 and EV9 models contributing $12.4 billion in revenue and 14% global BEV market share in SUVs
- Hyundai's Genesis brand luxury vehicle production hit 180,000 units in 2023, with 65% exported to North America generating $8.7 billion
- South Korea's auto parts exports totaled $47.3 billion in 2023, led by transmission systems from Hyundai Mobis at $15.2 billion
- Kia’s Ulsan plant produced 1.4 million vehicles in 2023, utilizing 45% automation with 1,200 robots for EV battery assembly lines
- Hyundai Motor's hydrogen fuel cell vehicles sold 15,000 NEXO units globally in 2023, with stack efficiency at 60% and $1.2 billion revenue
- South Korea's commercial vehicle production was 450,000 units in 2023, with Hyundai Mighty trucks exporting 120,000 to ASEAN markets
- Mobis' ADAS module production reached 5 million units in 2023, supplying Level 2+ systems to 70% of Hyundai/Kia models
- Kia EV9 won 2024 World Car of the Year, with battery capacity of 99.8 kWh and 304-mile EPA range, production ramped to 50,000 units in 2023
- South Korea's auto R&D investment was $12.5 billion in 2023, filing 2,800 patents for autonomous driving tech
- Hyundai Steel produced 7.1 million tons of automotive steel sheets in 2023, with 55% AHSS for lightweighting 40 models
- Kia's Asan plant EV output was 300,000 units in 2023, with 95% localization rate for batteries from SK On
- South Korea exported $5.6 billion in EV batteries in 2023, with LG Energy Solution shipping 120 GWh capacity cells
- Hyundai's IONIQ 5 production reached 150,000 units in 2023, with V2L output of 3.6 kW and 800V architecture
- Tata Daewoo commercial vehicles produced 35,000 units in 2023, exporting 80% to India and Middle East
Automotive Interpretation
While Korea's car industry can't be called a one-trick pony, it's certainly a highly automated, luxury-chasing, hydrogen-dabbling, patent-filing workhorse that builds everything from transmissions to trophy-winning EVs and exports them in numbers that demand the world's attention.
Chemicals/Petrochemicals
- South Korea's petrochemical production capacity reached 52 million tons per year in 2023, with LG Chem's Yeosu complex outputting 12.5 million tons including 4.2 million tons of ethylene
- Lotte Chemical's Daesan plant generated $15.2 billion revenue in 2023 from 3.1 million tons of propylene and 2.8 million tons of polypropylene
- South Korea's paraxylene production hit 8.9 million tons in 2023, 12% global share led by S-Oil's 2.5 million ton PX plant
- Hanwha Solutions' Yeocheon site produced 1.2 million tons of PVC in 2023, with suspension process capacity at 95% utilization
- LG Chem exported 1.8 million tons of synthetic rubber in 2023, holding 22% global market with SSBR for EV tires
- Korea's benzene production was 7.4 million tons in 2023, GS Caltex Ulsan outputting 2.1 million tons for phenol derivatives
- South Korea's battery-grade electrolyte solvents production was 120,000 tons in 2023, Soulbrain leading with 99.9% purity EC/EMC
- KP Chemical produced 950,000 tons of cumene in 2023, supplying phenol plants with 98% conversion efficiency
- LG Chem's cathode active materials output hit 150,000 tons NCM in 2023, for 1 TWh battery capacity equivalent
- South Korea's TDI/MDI production for polyurethanes was 1.1 million tons in 2023, Kumho Mitsui at 400,000 tons TDI
- S-Oil's aromatics complex produced 1.9 million tons BTX in 2023, with benzene at 850,000 tons for styrenics
- Kolon Industries' PET resin output was 1.2 million tons in 2023, 60% for BOPET film in electronics
- PanOcean Chemical's VCM production reached 1.05 million tons in 2023, feeding PVC chain with low mercury catalyst
- South Korea's polycarbonate production was 650,000 tons in 2023, LG Chem's PC for auto headlamps at 300,000 tons
- SKC's PEN film production capacity expanded to 45,000 tons in 2023 for display protection layers
Chemicals/Petrochemicals Interpretation
South Korea's petrochemical prowess isn't just about staggering tonnage; it's a meticulously engineered orchestra where molecules like ethylene and paraxylene are the virtuosos, quietly composing the plastics, batteries, and advanced materials that power everything from your smartphone to your electric car.
Chemicals/Petrolchemicals
- SK Innovation's Ulsan refinery produced 840,000 barrels per day in 2023, yielding 18 million tons of naphtha feedstock for crackers
- Hyosung Chemical's spandex fiber output reached 180,000 tons in 2023, Creora brand with 45% global share in premium apparel
Chemicals/Petrolchemicals Interpretation
While South Korea’s SK Innovation fuels the chemical foundations of modern life, Hyosung Chemical is quietly ensuring those lives are comfortably and stylishly stretched, proving the nation's industrial portfolio is equally adept at powering economies and fitting into our favorite jeans.
Electronics/Semiconductors
- In 2023, South Korea's semiconductor industry produced 68.5% of the world's DRAM chips, with Samsung Electronics holding a 42.1% global market share in DRAM sales valued at $28.7 billion
- South Korea's semiconductor exports reached $128.9 billion in 2023, representing 19.8% of total national exports and growing 35.2% year-over-year
- SK Hynix supplied 28.3% of global NAND flash memory in Q4 2023, with production capacity exceeding 1.2 million wafers per month at its Cheongju fab
- Samsung Display produced 45.6% of global OLED panels for smartphones in 2023, shipping 650 million units worth $32.4 billion
- South Korea's foundry market share hit 17.2% in 2023, led by Samsung Foundry's 5nm process with 1.5 million wafers shipped annually
- In 2022, Korea's logic chip production was valued at $45.2 billion, with system LSIs comprising 62% of output from facilities in Giheung and Hwaseong
- TSMC and Samsung together hold 55% of advanced node (below 10nm) capacity, but Korea's share grew to 22% with new Pyeongtaek line producing 3nm chips since 2022
- South Korea invested $47.3 billion in semiconductor R&D from 2021-2023, focusing on EUV lithography with 1,200 patents filed in 2023 alone
- Memory chip prices surged 150% in 2023, boosting Korea's top 5 firms' revenue to $195 billion, 73% from memory
- Korea's fab equipment spending reached $25.6 billion in 2023, 32% of global total, led by ASML EUV tools for Samsung's $17B HBM line
- Samsung's Exynos processors powered 15% of global premium smartphones in 2023, with 4nm yields at 75% in Austin fab
- South Korea's sensor market output was $12.8 billion in 2023, with image sensors from Samsung at 250 million units for automotive use
- DB HiTek produced 800,000 analog/power management ICs wafers in 2023, capturing 18% of global PMIC market
- Korea's compound semiconductor output grew 28% to $4.5 billion in 2023, with GaN devices from Samsung LED for 5G base stations
- In 2023, Korea held 65% of global eMMC/UFS storage market, shipping 1.2 billion units worth $18.9 billion
- LG Display's OLED TV panel production reached 7.2 million units in 2023, with 55% market share in 77-inch+ sizes
- Samsung Electro-Mechanics supplied 40% of Apple's rigid-flex PCBs in 2023, revenue $6.7 billion from HDI boards
- Korea's photomask market was $1.2 billion in 2023, with DNP Korea producing EUV masks for 3nm nodes at 99.5% defect-free rate
- SK Siltron's 12-inch silicon wafers output hit 2.8 million in 2023, 25% of global supply for logic chips
- Korea's packaging/OSAT revenue was $14.3 billion in 2023, with Amkor Korea assembling 45% of advanced SiP modules
- Samsung's system LSI division revenue reached $11.5 billion in 2023, with image sensors growing 40% YoY
- In 2023, Korea exported $8.9 billion in display drivers, with MagnaChip leading analog drivers at 22% share
- Hana Micron's FC-BGA substrates output was 12 million units in 2023, supplying Nvidia's H100 GPUs
- Korea's RF chip market hit $3.2 billion in 2023, with Samsung RF supplying 30% of 5G PA modules
- LCD panel production in Korea fell to 22% global share in 2023 but OLED rose to 98%, with BOE challenging in LCD
Electronics/Semiconductors Interpretation
South Korea has so thoroughly cornered the market on essential memory and displays that the world's tech gadgets now essentially whisper "Samsung" and "SK Hynix" with every byte they process and every pixel they illuminate.
Shipbuilding
- South Korea's shipbuilding industry secured orders for 1,247 vessels totaling 105.3 million CGT in 2023, achieving a 68% global market share and $52.7 billion in contract value
- HD Hyundai Heavy Industries delivered 85 ships in 2023, including 20 LNG carriers with 174,000 cbm capacity each, backlog at 1,200 vessels
- Samsung Heavy Industries holds 25% of global LNG carrier orders, building 30 units in 2023 with ME-GI engines reducing emissions by 30%
- South Korea's newbuilding price index rose 15% to $45.2 million per vessel in 2023, driven by eco-friendly VLCCs at $110 million each
- Hanwha Ocean launched 12 containerships of 15,000 TEU in 2023, with LNG dual-fuel systems and $1.8 billion revenue from offshore orders
- Korea's offshore wind vessel orders hit 50 units in 2023, including CSOVs with dynamic positioning DP3 class
- POSCO International secured 15 PCTC orders for 8,000 CEU in 2023, with pure car carriers featuring battery hybrid propulsion
- South Korea's shipbuilding export value was $28.4 billion in 2023, up 22% YoY, with 75% from tankers and bulkers
- HD Hyundai Samho delivered 22 VLCCs averaging 308,000 DWT in 2023, with efficiency 20% better than IMO standards
- Daewoo Shipbuilding won $3.2 billion in FPSO orders in 2023, including 1.5 million bpd capacity units for Guyana fields
- Korea's repair and conversion market handled 450 vessels in 2023, generating $2.1 billion, specializing in scrubber retrofits
- Samsung Heavy's ammonia-ready tankers numbered 40 in 2023 orders, designed for zero-emission fuels by 2030
- South Korea built 320 bulk carriers over 80,000 DWT in 2023, holding 82% market share with K-Line designs
- Hanwha Philly Shipyard delivered 5 Jones Act tankers in 2023, each 35,000 DWT with IMO Tier III compliance
- Korea's shipbuilding workforce was 152,000 in 2023, with productivity at 12,500 CGT per employee annually
- Fincantieri and Hyundai Mipo cooperative yards produced 18 product tankers of 50,000 DWT in 2023
Shipbuilding Interpretation
South Korea’s shipyards aren’t just building boats; they are constructing a near-monopoly on the world’s maritime future, one zero-emission, record-breaking, and staggeringly expensive vessel at a time.
Steel/Metals
- South Korea's POSCO produced 38.5 million tons of crude steel in 2023, maintaining 2.2% global share with EAF ratio at 28%
- POSCO's Pohang works output 21.4 million tons in 2023, including 5.2 million tons of automotive HEA steel grades
- Hyundai Steel's Dangjin plant produced 21.2 million tons in 2023, with 62% direct reduced iron for green steel transition
- South Korea's stainless steel production reached 2.45 million tons in 2023, led by POSCO's 430 grade at 800,000 tons
- Korea Zinc smelted 1.28 million tons of refined zinc in 2023, world's largest with 30% global share and $4.1 billion revenue
- SeAH Steel's seamless pipe output was 1.1 million tons in 2023, supplying 25% of global OCTG for oil rigs
- POSCO International traded 15.3 million tons of steel products in 2023, with exports to US at 3.2 million tons under quota
- South Korea's aluminum production was 750,000 tons in 2023, Novels Abrasives leading rolled products at 400,000 tons
- Dongkuk Steel's cold-rolled coil output hit 6.8 million tons in 2023, with GI/GL exports to 120 countries
- Korea's special steel production grew 12% to 4.2 million tons in 2023, Hyundai Steel tool steels for auto molds
- POSCO's hydrogen-reduced iron plant in Pohang produced 5,000 tons pilot in 2023, aiming for 2.5M tons by 2027
- South Korea exported 17.8 million tons of steel in 2023, value $32.4 billion despite 25% anti-dumping duties in US
- Union Steel's wire rod production was 2.9 million tons in 2023, 40% for tire cord with PC strand grade
- Korea's silicon steel output for motors was 450,000 tons in 2023, POSCO ECT holding 35% EV traction share
- Hyundai Green Steel invested $1.5 billion in EAF upgrades in 2023, reducing CO2 by 70% at Sunndal plant
- South Korea's copper refined production was 420,000 tons in 2023, LS-Nikko at 380,000 tons with 99.99% purity
Steel/Metals Interpretation
South Korea's steel industry, from POSCO's towering crude output to its pioneering green hydrogen pilot, demonstrates a global powerhouse deftly forging both the automotive present and a lower-carbon future, all while navigating the sharp edges of international trade disputes.
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