by Methyl methacrylate, commonly known as MMA, has an extensive list of applications across various industries that spans from automotive to construction to healthcare. As MMA monomers are used in the manufacturing of polymethyl methacrylate or PMMA, which is a lightweight transparent thermoplastic that offers high strength and excellent optical properties. Furthermore, PMMA is extensively used in applications that require transparency and dimensional stability like in automotive lights, displays, signs and profiles as well as in sanitaryware, medical devices and construction applications. In addition to PMMA, MMA monomers also find applications as adhesives in automotive and aircraft industries.
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 applications of MMA in end-use industries like automotive and construction is a major factor driving the demand of MMA in South Korea. The growing automotive industry, increasing construction activities are supplementing the MMA market growth.
The key players in the MMA market are focusing on expanding their geographical reach through strategic expansion initiatives especially in the emerging Asian markets like South Korea to tap the increasing demand of MMA.
Market Key Trends
One of the key trends witnessed in the South Korea MMA market is the replacement of conventional materials with PMMA due to its attractive properties. PMMA is increasingly replacing conventional materials such as wood, metal and glass in applications such as furnishings and signages due to advantages like lightweight, easy fabrication, surface hardness and high scratch resistance. This growing replacement of conventional materials with PMMA is expected to support the MMA market growth over the forecast period.
Porter’s Analysis
Threat Of New Entrants: New companies face significant initial investment and established presence of major players.
Bargaining Power Of Buyers: Large buyers have more negotiating power over prices compared to fragmented buyers.
Bargaining Power Of Suppliers: Suppliers have moderate bargaining power due to availability of substitutes and production from integrated players.
Threat Of New Substitutes: Substitutes like acrylic acid offer alternative but MMA has established applications and demand.
Competitive Rivalry: Players compete on pricing, quality, and innovation given undifferentiated nature of product.
Geographical Regions
The South Korean MMA market is concentrated in North and South Chungcheong provinces and Busan metropolitan city which contribute over 65% of total domestic MMA demand led by automotive, construction and electronics industries in these regions.
The southeast Asian region especially Vietnam and Indonesia are fastest growing geographical markets for South Korean MMA makers owing to surging investments in infrastructure, consumer goods and automotive sectors coupled with supportive government initiatives to boost manufacturing.
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
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
