BURLINGAME, Calif., March 26, 2024 /PRNewswire/ — CoherentMI published a report, titled, South Korea Methyl Methacrylate Market was valued at US$ 337.2 Million in the year 2023 and is anticipated to reach US$ 503.9 Million by 2031, at a CAGR of 5.1% during forecast period 2024-2031.
Market Dynamics:
The growth of the South Korea MMA market can be attributed to the increasing demand from end-use industries such as automotive, electronics, and construction. The versatile properties of MMA, such as high impact resistance and transparency, make it a preferred material in various applications, driving market growth. Additionally, advancements in manufacturing technologies and the growing trend of lightweight materials are further boosting market demand.
South Korea Methyl Methacrylate Market Snapshot:
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Report Coverage |
Details |
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Study Period |
2024 – 2031 |
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Base Year of Estimation |
2023 |
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CAGR |
5.1 % |
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Largest Market |
South Korea |
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Market Concentration |
High |
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Major Players |
BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, Sumitomo Chemical Company Limited and Among Others. |
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Segments Covered |
By Application, By End Use Industry |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Growth Drivers |
|
|
Restraints & Challenges |
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Key Market Takeaways:
- South Korea Methyl Methacrylate (MMA) market Size is anticipated to witness a CAGR of 5.1% during the forecast period 2024-2031, owing to the growing demand for MMA in various industries.
- On the basis of application, the Polymethyl Methacrylate (PMMA) segment is expected to hold a dominant position, owing to its wide range of applications in different industries.
- By end-use industry, the building & construction segment is expected to dominate the market, driven by the increasing construction activities in South Korea. South Korea is expected to hold a dominant position in the market over the forecast period.
- Key players operating in the South Korea MMA market include BASF SE, Evonik Industries AG, Arkema Group, The Dow Chemical Company, among others. These key players are focusing on product development and strategic partnerships to gain a competitive edge in the market.
Market Trends:
One key trend in the South Korea MMA market is the shift towards bio-based MMA products due to increasing environmental concerns and regulations. Manufacturers are focusing on developing sustainable MMA products derived from renewable resources to cater to the growing demand for eco-friendly solutions. Another trend is the rising adoption of MMA in 3D printing applications, enabling the production of complex and customized products with high precision. This trend is expected to drive market growth in the coming years.
Market Opportunities:
One of the key market opportunities in the South Korea Methyl Methacrylate (MMA) market lies in the segment of Polymethyl Methacrylate (PMMA) applications. With PMMA dominating this segment, it is expected to hold a dominant position in the market during the forecast period. PMMA is widely used in various industries such as building & construction, automotive, electronics, aerospace, paints & coatings, medical, among others. The growing demand for PMMA in these industries is expected to drive the market growth in South Korea.
Another market opportunity in the South Korea MMA market is in the segment of building & construction in the end-use industry category. With building & construction industry dominating this segment, it is expected to hold a significant market share during the forecast period. The rising construction activities in South Korea, along with the increasing use of MMA in construction materials, is expected to fuel the market growth in the region.
Read complete market research report, “South Korea Methyl Methacrylate Market Size And Share Analysis – Growth Trends And Forecasts (2024 – 2031)“, Published by CoherentMI.
Finally, The South Korea Methyl Methacrylate (MMA) market presents promising opportunities in the segments of Polymethyl Methacrylate (PMMA) applications and building & construction industry. With the growing demand for MMA in various industries and the increasing construction activities in South Korea, the market is expected to witness significant growth during the forecast period. Key players in the market are also actively engaged in product development and strategic partnerships to strengthen their market position. Overall, the South Korea MMA market is poised for growth and offers lucrative opportunities for market players in the coming years.
South Korea Methyl Methacrylate (MMA) Market Segmentation:
- South Korea Methyl Methacrylate (MMA) Market, By Application:
- Polymethyl Methacrylate (MMA)
- Surface Coating
- Others
- South Korea Methyl Methacrylate (MMA) Market, By End-use Industry:
- Building & Construction
- Automotive
- Electronics
- Aerospace
- Paints & Coatings
- Medical
- Others
Purchase this Exclusive report @ https://www.coherentmi.com/industry-reports/south-korea-methyl-methacrylate-market/buyNow
Top Questions Answered in this Report:
- What factors are impeding the growth of the South Korea Methyl Methacrylate Market?
- What are the primary drivers fueling the growth of the South Korea Methyl Methacrylate Market?
- Which segment stands out as the leading component in the South Korea Methyl Methacrylate Market?
- Who are the key players actively participating in the South Korea Methyl Methacrylate Market?
- Which region is poised to take the lead in the South Korea Methyl Methacrylate Market?
- What is the projected CAGR for the South Korea Methyl Methacrylate Market?
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