South Korea Methyl Methacrylate (MMA) Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

South Korea Methyl Methacrylate (MMA) Market Analysis

The South Korea Methyl Methacrylate (MMA) Market size is expected to reach US$ 503.9 Mn by 2031, from US$ 337.2 Mn in 2023, at a CAGR of 5.1% during the forecast period. The South Korea methyl methacrylate (MMA) market has been witnessing steady growth over the past few years. MMA is an important monomer that is primarily used to manufacture acrylic sheet and polymethyl methacrylate (PMMA). It serves as a key raw material in various end-use industries such as automotive, construction, electronics, signs & displays and others.

South Korea Methyl Methacrylate (MMA) Market Drivers

• Growing Demand from Construction and Automotive Industries: The demand for methyl methacrylate (MMA) is increasing substantially in South Korea driven majorly by the construction and automotive industries. MMA is an essential raw material used in manufacturing polymethyl methacrylate (PMMA) which finds wide applications in these industries. In the construction industry, PMMA is used extensively in making lightings, sign boards and transparent sheets. As South Korea is undergoing rapid urbanization, the demand for infrastructure development is continuously rising. Several new projects in commercial real estate and housing sectors are ongoing or have been proposed recently. This increasing construction activities are directly augmenting the need for PMMA and thereby MMA. For instance, in 2022 the government announced plans to build over 1 million new residential units in the next 5 years to address the housing shortage issue. Once completed, these projects will need significant amounts of PMMA.
• Expansion of applications into new areas like coatings and paints: The expansion of MMA applications into new areas like coatings and paints is a major factor driving the growth of South Korea's MMA market. MMA based coatings and paints have been gaining increasing popularity in the country due to their durability and protective properties. These coatings find wide usage in protecting infrastructure from environmental degradation. They are being extensively applied on bridges, roads, buildings and other structures to prevent corrosion and extending their life.

South Korea Methyl Methacrylate (MMA) Market Restraints

• Adverse Effects of MMA On Human Health: The adverse effects of MMA on human health pose significant challenges for the growth of South Korea's MMA market. MMA is known to cause various respiratory issues if inhaled or exposed to skin for prolonged periods. Its vapors are irritating to eyes and respiratory tract. If MMA comes in contact with skin, it may cause dermatitis. Its prolonged exposure affects central nervous system and causes headaches, dizziness and nausea.
• Presence of substitutes: The presence of substitutes is posing a major challenge for the growth of South Korea MMA market. MMA finds wide applications as an intermediate in the production of acrylic sheets, coatings, adhesives and surface layers. However, there are suitable alternative materials that can be used in place of MMA to produce these downstream products. For example, polyvinyl chloride or PVC is used as a substitute for MMA in producing transparent sheeting and films. PVC offers competitive properties like transparency, weather resistance and affordability. It is widely available from large capacity producers globally. This puts price pressure on MMA producers and limits the scope of demand growth from the sheeting/film segment.

South Korea Methyl Methacrylate (MMA) Market Opportunity

• Technological advancements in MMA production: Technological advancements have created great opportunities for the methyl methacrylate (MMA) market in South Korea. As new production technologies become available, they allow manufacturers to reduce costs and improve efficiencies. This helps the industry remain competitive on a global scale. One major area ripe for innovation is in synthetic routes. Current MMA production primarily relies on acetone cyanohydrin synthesis which produces hazardous byproducts. However, new emerging processes such as methanol carbonylation and alkylene carbonate carbonylation offer cleaner and more sustainable pathways. According to the Korean Ministry of Environment, methanol carbonylation technology could reduce waste by up to 30% compared to traditional methods. This makes production more environmentally friendly while lowering expenses. As concerns about sustainability and chemicals management continue growing, technologies with greener profiles will have competitive advantages.
• Expanding use in medical applications: The use of methyl methacrylate (MMA) in medical applications holds great potential to drive growth in South Korea. MMA is increasingly being used in the production of various medical devices and implants due to its biocompatibility and mechanical strength. Properties like transparency, durability and ability to be molded into complex shapes make MMA suitable for applications such as bone cements, dental materials and several surgical procedures.

South Korea Methyl Methacrylate (MMA) Market Trends

• Rise in demand for bio-based MMA: The demand for bio-based methyl methacrylate (MMA) products has been steadily increasing in the South Korean market over the past few years. More companies in the paints, coatings, and plastics industries are looking to source MMA that has been produced in a sustainable and environmentally-friendly manner. This rise in demand for bio-based MMA is being driven by growing environmental consciousness among consumers as well as policies and regulations promoting renewable resources.

Figure 1. South Korea Methyl Methacrylate (MMA) Market Share (%), 2024

Recent Developments in South Korea Methyl Methacrylate (MMA) Market

South Korea Methyl Methacrylate (MMA) Market Segmentation