May 29, 2024
South Korea Methyl Methacrylate Market

The South Korea Methyl Methacrylate (MMA) Market Is Estimated To Witness High Growth Owing To Increasing Demand From Construction Industry

Market Overview:

Methyl methacrylate or MMA is an important monomer used to produce plastics such as poly (methyl methacrylate). MMA finds wide range of applications in construction, automotive and packaging industries due to its excellent castability and strength. Increasing infrastructure activities and growing automotive production in South Korea is driving the demand for MMA.

South Korea Methyl Methacrylate (MMA) Market Size Is Estimated To Be Valued At US$ 337.2 Mn In 2024 And Is Expected To Exhibit A CAGR Of 5.1% Over The Forecast Period 2024-2031.

Key Takeaways

Key Players: Key players operating in the South Korea MMA market Are BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Sumitomo Chemical Company Limited And Among Others.

Key Opportunities:
 Growing demand for PMMA sheets from sign and display industry as well as increasing usage of MMA copolymers in surface coatings are expected to offer significant opportunities for market players over the coming years.

Global Expansion: Leading MMA manufacturers are focusing on expanding their production facilities in South Korea to cater to the rising local demand. For instance, in 2020, Sumitomo Chemical started commercial operations of a new MMA plant in South Korea.

Market Drivers: The main driver propelling the South Korea MMA market growth is the booming construction sector. MMA finds immense usage in producing acrylic glass that is increasingly being used in buildings due to properties like transparency, lightweight and shatter resistance. Growing infrastructure development projects for roads, bridges and commercial buildings are thereby augmenting the consumption of MMA in the country.

Pest Analysis

Political: South Korea MMA market is governed under stringent regulations related to manufacturing, transportation, storage, and usage of hazardous chemicals like MMA. The government plays a crucial role in approving new production plants and expansion of existing facilities.
Economic: South Korea has experienced steady economic growth over the past few years, which has increased domestic demand for items like automobiles and construction materials that use MMA in their manufacturing. Any fluctuation in GDP will directly impact the performance of the MMA market.

Social: There is a growing awareness about eco-friendly alternatives to traditional plastics. The MMA industry needs to focus on new technologies and innovative applications that can cater to sustainability needs of the society.

Technological: Companies are investing in R&D to develop advanced MMA grades with improved properties. New production techniques help enhance efficiency while minimizing environmental footprint. Automation is being adopted across the value chain to enhance productivity.

The South Korea MMA market is concentrated in densely populated urban regions like Seoul, Busan, Incheon, Daegu, Daejeon, Gwangju, and Ulsan where demand from end-use industries is higher. These cities account for over 70% of the country’s MMA demand by value.

China has emerged as the fastest growing regional market for MMA in Asia Pacific region. This is attributed to factors like increasing industrialization, growing automotive and construction sectors, availability of raw materials, and supportive government policies promoting petrochemical industries in the country. The China MMA market is expected to reach a value of over US$ 1 Bn by 2031, doubling from its 2024 estimated size.

What Are The Key Data Covered In This South Korea Methyl Methacrylate (MMA) Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the South Korea Methyl Methacrylate (MMA) Market’s growth between 2024 and 2031.

:- Accurate calculation of the size of the South Korea Methyl Methacrylate (MMA) Market and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behavior

:- South Korea Methyl Methacrylate (MMA) Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of South Korea Methyl Methacrylate (MMA) Market vendors

FAQ’S

Q.1 What are the main factors influencing the South Korea Methyl Methacrylate (MMA) market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top South Korea Methyl Methacrylate (MMA) Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Methyl Methacrylate (MMA) market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:                

  1. Source: CoherentMI, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it