Dongkuk Steel 'Luxteel VS Posco Steel Sheet 'Inpinelli'
Color Steel Sheet Market to Grow to 33 Trillion KRW in 2024
Strengthening Marketing Targeting High-End Color Steel Sheet Users in Appliances and Construction
[Asia Economy Reporter Hwang Yoon-joo] Posco Steel Sheet has issued a challenge to Dongkuk Steel, which maintains the number one market share in the color steel sheet market with its 'super-gap' strategy. Dongkuk Steel's 'Luxteel' brand leads the premium color steel sheet market. Recently, Posco Steel Sheet launched its premium brand 'INFINeLI' and is making a move to capture the high-end color steel sheet market, drawing attention to its future prospects.
Posco Steel Sheet recently held a launch event for its premium color steel sheet brand 'INFINeLI' at The Sharp Gallery in Gangnam-gu, Seoul, inviting customers, investors, and Posco Group affiliates. INFINeLI is a compound word combining 'Infinite,' meaning limitless, and 'Finely,' meaning precise. The brand was created to signify a color steel sheet that transcends limits based on various colors, designs, and functionalities.
According to industry sources, the global color steel sheet market size is expected to grow from 24 trillion won in 2019 to 33 trillion won by 2024. Since the COVID-19 pandemic, with the normalization of remote work, consumption of premium home appliances and interior products has increased, leading to a rising demand for premium color steel sheets.
Posco Steel Sheet's focus on launching a premium color steel sheet brand is interpreted as targeting Dongkuk Steel. Currently, the color steel sheet market is dominated by three companies?Dongkuk Steel (30%), KG Dongbu Steel (22-24%), and Posco Steel Sheet (20%)?which together hold 70% of the domestic market. Although Posco Steel Sheet ranks third, it is recognized for its product technology and production capacity on par with Posco Group standards.
However, unlike cold-rolled steel, the color steel sheet market also heavily relies on marketing and design capabilities. Dongkuk Steel is a case that succeeded in differentiation through brand marketing. Dongkuk Steel was the first company in Korea to create a brand for color steel sheets. In 2011, it launched the premium color steel sheet brand 'Luxteel,' and in 2013, it introduced the home appliance color steel sheet brand 'Appsteel.' Global home appliance companies such as Samsung Electronics, LG Electronics, and Whirlpool use Dongkuk Steel's color steel sheets.
Additionally, Dongkuk Steel was the first in the world to introduce color steel sheets for metal furniture to respond to increased interior demand. It is also the only company to have established a separate product design team. For these reasons, Dongkuk Steel is regarded as a pioneer in both quality and marketing innovation in the color steel sheet market. Ultimately, Posco Steel Sheet appears to have expressed its intention to strengthen brand marketing, increase its market share in the premium color steel sheet segment, and surpass Dongkuk Steel.
Yoon Yang-su, President of Posco Steel Sheet, stated, "Currently, domestic color steel sheet manufacturers develop and sell products focusing on design and aesthetics from their own subjective perspectives, but the INFINeLI brand aims to listen more closely to consumers' voices and create a new lifestyle." He added, "We will establish a cooperative system for mutual growth and carry out joint marketing activities to help expand the sales of products from customers using INFINeLI materials."
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