Methyl methacrylate (MMA) is an organic compound that finds extensive usage in the production of polymethyl methacrylate (PMMA) which is commonly known as acrylic glass or acrylic sheet. PMMA possesses desirable properties such as light weight, high transparency, weather resistance and ease of fabrication which make it an ideal substitute for glass in various applications. In South Korea, PMMA has emerged as preferred glazing material used in construction of buildings, bus shelters, signboards and skylights owing to its unbreakability and strength. The growing construction industry in South Korea on account of rapid urbanization and industrialization has augmented the demand for PMMA which in turn is propelling the MMA market.
South Korea Methyl Methacrylate (MMA) Market Size In South Korea 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 MMA market are BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Sumitomo Chemical Company Limited and Among Others. BASF SE is one of the leading producers of MMA with an annual production capacity of over 800 kilo tons spread across its manufacturing facilities in Germany, China and United States.
The growing demand from construction and automotive industries has been driving the South Korea MMA market. PMMA finds increasing applications in construction of buildings, infrastructure projects owing to the material's light weight and shatter-resistance. In automotive industry, PMMA is used in manufacturing of occupant safety components, exterior auto parts and interior trim due to its excellent surface finish and mechanical properties.
Technological advancements aimed at enhancing the performance of PMMA sheeting have also contributed to the growth of MMA market. Key players are focusing on development of PMMA variants with better optical clarity, weather resistance and thermal stability to facilitate their increasing use in applications such as skylights, advertisement boards and electronic displays.
Market Trends
Increasing Demand For Bio-Based MMA: With growing awareness about environmental sustainability, manufacturers are engaged in developing bio-based technologies for large-scale production of MMA using renewable feedstock like sugarcane or biomass instead of petroleum-based raw materials.
Rising Popularity Of PMMA Composites: To expand their end-use potential, manufacturers are producing PMMA composites by reinforcing PMMA with other materials like wood flour, glass fibers, etc. PMMA composites exhibit enhanced mechanical, thermal and fire resistant properties widening their usage in areas like construction, automotive and electronics industry.
Market Opportunities
Growing Infrastructure Development Activities: The large-scale infrastructure projects underway in South Korea including bridges, tunnels, rail networks provide significant growth opportunities for PMMA as a substitute for architectural glass in construction applications.
Rising Electronics And Electrical Industry: PMMA finds increasing usage in manufacturing of display screens, LED lighting, and electronic devices. The rapid growth of electronics and electrical equipment industry in South Korea is anticipated to drive the demand for MMA in the coming years.
Impact of COVID-19 on South Korea MMA Market Growth:
The COVID-19 pandemic has significantly impacted the growth of South Korea MMA market. During the initial months of pandemic in 2020, nationwide lockdowns imposed to curb the spread of virus had disrupted both supply and demand for MMA. Many manufacturing plants were temporarily shut down due to strict social distancing norms and shortage of workforce. This had negatively impacted the production volumes of MMA across South Korea. However, with gradual lifting of restrictions from mid-2020, production and supply chain activities resumed slowly. But demand recovery was gradual as end use industries like automotive, construction and electronics confronted challenges.
The pandemic has accelerated the shift towards digitalization and importance of medical supplies. This has led to increased usage of MMA based polymers in medical device manufacturing, touch screen panels, lithium-ion batteries and bioplastics. Post pandemic recovery since 2021 has been boosting the South Korea MMA market again with increasing demand from automotive, construction and electronic sectors. To sustain growth, market players are focusing on advanced technologies, cost optimizations, development of bio-based MMA and enabling shift towards green products. If pandemic situation remains under control through vaccination drives, it is expected the market will regain pre-COVID levels by 2024.
Geographical Regions with High MMA Value in South Korea:
The Seoul Capital Region which includes Seoul city is the highest value region for South Korea MMA market in terms of consumption volumes and revenue. Being the largest metropolitan area with over 25 million people, it accounts for more than 35% of national GDP. The region has concentration of automotive OEMs, electronics giants and infrastructure projects driving significant MMA demand. Other important regions include Busan metro area known for shipbuilding and ports, Incheon city housing major industrial complexes and Daegu-Gyeongbuk cluster Home to large petrochemical companies and steel manufacturers. These regions collectively contribute over 65% to South Korea's MMA market value.
Fastest Growing Region for South Korea MMA Market:
The Jeju Island located off southern tip of South Korean peninsula has emerged as the fastest growing region for South Korea MMA market. With government initiatives to brand it as an international tourism hub and promote foreign investments, construction activities in Jeju Island are rising at double digit pace annually. Many infrastructure projects related to airports, ports, hotels, resorts along with production units of cosmetic and pharmaceutical industries are increasing MMA consumption. The growth is further boosted by expanding electronics manufacturing clusters. Due to its special economic zone status and business friendly policies, Jeju Island is expected to maintain fastest growth trajectory for South Korea MMA market over forecast period. This will attract additional investments from MMA producers and derivative product manufacturers.
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?
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