South Korea Methyl Methacrylate (MMA) Market Insights Forecasts to 2033

• The South Korea Methyl Methacrylate (MMA) Market Size was valued at USD 548.6 Million in 2023.
• The Market is growing at a CAGR of 5.95% from 2023 to 2033
• The South Korea Methyl Methacrylate (MMA) Market Size is expected to reach USD 977.5 Million by 2033

The South Korea Methyl Methacrylate (MMA) Market Size is anticipated to exceed USD 977.5 Million by 2033, growing at a CAGR of 5.95% from 2023 to 2033. The growing demand from construction & automotive industries and MMA integration in 3D printing are driving the growth of the methyl methacrylate (MMA) market in the South Korea.     

Market Overview

Methyl methacrylate (MMA) is an unsaturated ester colorless liquid, primarily utilized in the production of PVC impact modifiers, acrylic sheets, molding/extrusion compounds, and surface coatings. Methacrylic acid (MAA) is esterified to create MMA for commercial use. Methacrylates are fundamental components of a wide variety of polymers. Approximately 75% of the MMA is consumed in the production of PMMA (polymethyl methacrylate), or the product can be combined with other monomers to create polymer series. MMA is typically utilized in conjunction with other thermoplastics such as acrylics, ABS, and PVC. It is also used to join metals, such as steel, stainless steel, and aluminum. As a result of ongoing technology developments, PMMA 3D printing is becoming more widely used to create prototypes and finished goods. There is a growing emphasis on the development of sustainable MMA products for leveraging the need for eco-friendly solutions.

Report Coverage

This research report categorizes the market for the South Korea methyl methacrylate (MMA) market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea methyl methacrylate (MMA) market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea methyl methacrylate (MMA) market.

Driving Factors

Polymethyl methacrylate (PMMA), which has numerous uses in construction and automotive industries, is made primarily from methyl methacrylate as a raw ingredient. The Ministry of Land, Infrastructure and Transport, Korea, released statistics showing that private sector housing and public works drove the 5.2% annual growth in construction investment to KRW 129.4 trillion in 2020. Thus, the growing demand from the construction & automotive industries is driving the market. As PMMA can make clear and functional pieces and can be cured by UV light, it has become a favored polymer for use in 3D printing applications. Thus, the MMA integration in 3D printing is augmenting the market growth.

Restraining Factors

MMA produces volatile organic compounds (VOCs) that are responsible for the formation of ground-level ozone and smog. The tight VOC regulations for MMA-based paints and coatings by the government are contributing to restraining the market.

Market Segmentation

The South Korea Methyl Methacrylate (MMA) Market share is classified into application and end-use industry.

• The chemical intermediate segment dominated the market with the largest market share during the forecast period.

The South Korea methyl methacrylate (MMA) market is segmented by application into chemical intermediate, surface coating, and emulsion polymer. Among these, the chemical intermediate segment dominated the market with the largest market share during the forecast period. Methyl methacrylate (MMA) is widely used as an intermediary in the production of polymethyl methacrylate (PMMA) and methacrylate polymers that are widely used in optical applications, buildings, signs, and sanitary ware. It is also used intermediary in the production of several chemically synthesized products, including adhesives, coatings, personal care items, and synthetic rubbers. The rapid expansion of South Korea's automotive, electronics, and pharmaceutical sectors as well as the rising preference for green chemistry are driving the market.  

• The building & construction segment dominates the South Korea methyl methacrylate (MMA) market during the forecast period.       

Based on the end-use industry, the South Korea methyl methacrylate (MMA) market is divided into building & construction, automotive, electronics, paints & coatings, and others. Among these, the building & construction segment dominates the South Korea methyl methacrylate (MMA) market during the forecast period. Methyl methacrylate-based polymeric concretes and mortars offer exceptional strength, durability, and water resistance. PMMA sheets are widely used in both interior and exterior architectural applications, such as balcony railings, skylights, canopy sheets, and parapet walls, because of their excellent light transmission, durability to weather, and low cost in comparison to glass. The growing emphasis on sustainable building techniques is contributing to driving the market growth.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea methyl methacrylate (MMA) market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• BASF SE
• Evonik Industries AG
• The Dow Chemical Company
• Sumitomo Chemical Company Limited
• Arkema Group
• Lotte Chemical Corporation
• Mitsubishi Chemical Corporation (MCC)
• Korea Petrochemical Ind. Co., Ltd. (KPIC)
• LG Chem
• Hanwha Chemical Corporation
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In August 2023, Evonik signed an agreement to scale up and produce a custom catalyst for Röhm’s new methyl methacrylate (MMA) production plant in Bay City, Texas, USA, which is due to be opened in 2024.

Market Segment

This study forecasts revenue at South Korea, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the South Korea Methyl Methacrylate (MMA) Market based on the below-mentioned segments:

South Korea Methyl Methacrylate (MMA) Market, By Application

• Chemical Intermediate
• Surface Coating
• Emulsion Polymer

South Korea Methyl Methacrylate (MMA) Market, By End-use Industry

• Building & Construction
• Automotive
• Electronics
• Paints & Coatings
• Others