Methyl methacrylate (MMA) is an organic compound that is widely used in the production of PMMA plastics and resins. It forms the backbone of acrylic glass and is used in a variety of applications including automotive panels and body parts, aircraft windows, signs & displays and lacquers & coatings. MMA is known for its light weight, clarity and weather resistance properties which make it suitable for applications that require durability and high optical quality. The growing construction and automotive industries in South Korea have propelled the demand for MMA.
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.
The growing infrastructure and building & construction activities are expected to drive the sales of PMMA sheets and molding compounds in South Korea. Additionally, rising automotive production along with growing preference for light weight materials will further aid the market growth during the forecast period.
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. BASF SE is one of the leading producers of MMA in the country.
- Growing construction activities in the country are propelling the demand for MMA-based acrylic glass/sheets and molding compounds which find major applications in signage, lighting, sanitary ware and furniture industries.
- Technological advancements are allowing manufacturers to develop customized grades of MMA to suit various end-use application requirements in industries such as automotive and electronics. This is expected to drive the MMA market during the forecast period.
Market Trends
- Increasing use of PMMA in automotive industry: PMMA is widely being adopted by automotive OEMs due to its lightweight and gloss properties. It is increasingly being used to manufacture car parts like light covers, instrument panels, and exterior Auto components.
- Rising demand for specialty MMA grades: Manufactures are developing specialty MMA grades with unique properties like resistance to UV radiation, weatherability, and abrasion resistance to further expand its application scope in industries like electronics, lighting etc.
Market Opportunities
- Growing electronics industry: South Korea has a strong presence in the global electronics market. Increasing use of MMA in electronics applications such as LED lighting, displays and optics offers significant opportunities.
- Potential in wind energy applications: MMA can be a suitable replacement for glass in wind turbine blade applications due to its lightweight and durability. This offers growth potential considering South Korea's focus on renewable energy.
Impact of COVID-19 on South Korea Methyl Methacrylate (MMA) Market Growth
The COVID-19 pandemic has massively disrupted the South Korea MMA market. During the initial lockdown period, the demand from end-use industries like construction and automotive experienced a steep decline as these sectors came to a halt. Supply chain disruptions also affected the availability of raw materials for MMA producers. However, with economic activities gradually resuming post lockdowns, the demand is recovering steadily. The government stimulus measures to boost infrastructure development and manufacturing will support the MMA market recovery.
Nevertheless, market growth in 2020 and 2021 remained sluggish compared to the pre-COVID levels. There was delay and cancellation of several ongoing and planned construction as well as automotive projects. Feedstock price volatility also posed challenges for MMA manufacturers. With vaccination drives progressing well in South Korea, economic confidence is improving. The MMA demand is projected to bounce back strongly from 2022 onwards, driven by rebounds in end-user industries and resumption of projects. Producers are also expanding capacities to cater to the increasing post-pandemic needs.
Geographical Regions with High MMA Market Value
The South Korean MMA market value is concentrated highly in Seoul metropolitan area. As the political and commercial center of the country, Seoul accounts for over 35% of the national MMA consumption. The well-developed construction, automotive and electronics manufacturing clusters in Seoul and surrounding Gyeonggi province drives significant MMA demand. Other major value pockets include Busan, Incheon, Daegu and Daejeon regions due to presence of large industrial and infrastructure projects.
Fastest Growing Region for South Korea MMA Market
Gangwon province bordering North Korea is emerging as the fastest growing regional market for MMA in South Korea. The government is implementing several incentives to promote industrialization and private investments in Gangwon. Many electronics, chemical and automotive companies are setting up new manufacturing plants in provinces like Gangwon and North Gyeongsang attracting huge capital expenditures. This is translating into higher MMA consumption to produce materials for construction works. Mass rapid transport projects are also underway to improve connectivity within Gangwon propelling MMA demand.
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?
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