South Korea Methyl Methacrylate (mma) Market Driven By Increasing Demand From Construction Industry

By Author: Ben
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Methyl methacrylate (MMA) is an important chemical used in manufacturing of acrylic resins and modifiers. It has significant importance as a precursor to engineering plastics and surface coating resins. MMA finds wide usage in applications such as automotive, construction, electronics and aerospace industries among others on account of its favorable properties such as transparency, weather resistance and high strength. It is primarily employed for production of polymethyl methacrylate (PMMA) which has wide commercial applications such as lighting fixtures, signs and displays, construction materials and aircraft canopies. The growing construction industry in South Korea has significantly propelled the demand for MMA based acrylic sheets and panels for various applications in architectural, residential and commercial construction projects.

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 Methyl Methacrylate (MMA) 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 prominent players and is focusing on capacity expansions to strengthen its position in the South Korean MMA market.

The increasing investments in infrastructure and residential projects are fueling the demand for MMA based acrylic panels, sheets and polymethyl methacrylate (PMMA) in South Korea. The higher strength and weather resistance properties of acrylic materials are increasing its preference over conventional construction materials.

Major global players have been establishing manufacturing facilities and expanding their production capacities in South Korea to leverage the growing demand for MMA and its end-use products. The expansion of production bases is helping players enhance their market share by ensuring timely product supplies.

Market Drivers

The robust growth of the construction industry in South Korea has been a major factor driving the MMA market. According to government estimates, South Korea is planning infrastructure projects worth US$ 53 billion during 2023-2027 period to boost the economy. This is expected to augment the consumption of MMA based sheets and panels in architectural and industrial applications. The material's transparency, durability and light weight properties compared to glass make it attractive for various construction and glazing applications. Rising private construction activities are further accentuating the market growth of MMA in South Korea.

Geopolitical Impact on South Korea MMA Market Growth

The geopolitical landscape in East Asia remains complex with ongoing tensions between North Korea and its neighbors. Any potential escalation of conflicts could negatively impact South Korea's economy and chemical industry. South Korea relies heavily on smooth trade relations and stability in the region for the growth of key manufacturing sectors. The MMA market in particular caters largely to industries like automotive and construction that would be vulnerable to economic downturns from geopolitical risks. However, South Korea maintains strong diplomatic ties with major trading partners like China, Japan, and the US which helps mitigate risks. Going forward, diversifying trade networks and strategic partnerships beyond the region can provide some insulation for the MMA market from political uncertainties.

Regional Concentration and Growth in South Korea MMA Market

In terms of value, South Korea accounts for the largest share of around 40% of the overall MMA market in Asia Pacific. This is due to the country's dominance in end-use sectors like automotive, electronics, paints & coatings industries which are major consumers of MMA. The metropolitan regions around Seoul and Busan contribute significantly to South Korea's chemicals production and housing key MMA producers in the country. China is another major regional market concentrated around export hubs like Shanghai and Guangdong province. However, Southeast Asian countries like Indonesia, Thailand and Vietnam are emerging as faster growing markets for MMA on the back of their expanding construction and manufacturing industries. Their improving trade infrastructure and investments in petrochemical facilities will likely support higher MMA demand over the medium term.

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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