by Methyl methacrylate (MMA) is an important organic compound which finds wide applications in manufacturing products like paints & coatings, adhesives & sealants and plastics & polymers among others. It is used as a monomer in the production of various thermoplastics and resins. The demand for MMA is growing owing to the rise in construction activities in South Korea. MMA based products are ideal for various construction applications due to their excellent properties such as adhesion, weather resistance and transparency.
The Global 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 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.
The growing construction industry in South Korea presents significant growth opportunities for MMA manufacturers. Various infrastructure development projects lined up by the government will drive the demand for materials like acrylic glass which uses MMA as raw material.
The increasing exports of Korean automotive and electronics industries worldwide is also fueling the global expansion of MMA market from the country. Several multinational companies are setting up manufacturing bases in South Korea to leverage the developed industrial infrastructure and tap international markets.
Market Drivers
The robust growth of the construction sector in South Korea is the major factor driving the demand for MMA. According to estimates, the construction industry has been witnessing an annual growth rate of over 3% in recent years. Various government initiatives to develop transportation and building infrastructure will continue to boost MMA consumption going forward.
PEST Analysis
Political: South Korea has stable political conditions which is favoring the growth of MMA market in the country. The supportive government policies regarding manufacturing and chemicals industry are positively impacting the market.
Economic: Strong economic growth of South Korea coupled with increasing investments in construction and automotive industries is fueling the demand for MMA in the country. The expansion of end-use industries will continue driving the market during the forecast period.
Social: Rising population, rapid urbanization and growing disposable income are some of the important social factors promoting the adoption of MMA across various applications. The changing lifestyle and increasing spending on home improvement will augment the sales.
Technological: Continuous technological advancements in polymer and chemical industry are allowing manufacturers to develop newer and better MMA application. In addition, the adoption of robotics and automation in production processes is helping players to optimize costs and improve productivity.
Geographical Regions With High Concentration:
South Korea witnesses high concentration of MMA market in value terms around Seoul, Busan and Daegu regions. These are the major industrial hubs with strong presence of application industries such as construction, automotive, electronics etc. Easy availability of raw materials and skilled workforce also make these regions preferable for producers.
Fastest Growing Region:
Jeju region is expected to be the fastest growing region for South Korea MMA market during the forecast years. The massive infrastructure development projects related to tourism industry on the island province are driving the polymer and resin consumption including MMA. Also, initiatives of local government towards industrialization will aid the market expansion.
What Are The Key Data Covered In This South Korea Methyl Methacrylate Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the South Korea Methyl Methacrylate’s growth between 2024 and 2031.
:- Accurate calculation of the size of the South Korea Methyl Methacrylate and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- South Korea Methyl Methacrylate 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 vendors
FAQ’s
Q.1 What are the main factors influencing the South Korea Methyl Methacrylate?
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 companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the South Korea Methyl Methacrylate’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: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
