The market is expected to grow at a CAGR of 5.1% from 2024 to 2031, primarily due to the increasing demand from end-use industries such as automotive, electronics, and construction. The versatility of MMA and its unique properties such as high impact resistance and transparency are the major factors driving the market growth. Additionally, advancements in manufacturing technologies and the trend toward lightweight materials are also further driving the market demand.
Key Market Information:
The Methyl Methacrylate (MMA) market size in South Korea is expected to grow at a CAGR of 5.1% during the forecast period 2024-2031.
By application, the polymethyl methacrylate (PMMA) segment is expected to dominate the market due to its diverse applications in key industries.
The building and construction sector is expected to dominate the market in terms of end-use industries, with increasing construction activities in South Korea expected to drive the market.
Market Trends:
One of the notable trends in the MMA market in Korea is the shift towards bio-based MMA products due to environmental concerns and increasing regulations, leading manufacturers to develop sustainable MMA products derived from renewable resources to meet the demand for eco-friendly solutions. Additionally, the growing adoption of MMA in 3D printing applications is expected to drive the market growth in the future as it enables the production of complex and customized products with high precision.
Market Opportunity:
One of the major market opportunities in the South Korea MMA market lies in the polymethyl methacrylate (PMMA) application segment. PMMA is expected to dominate the market during the forecast period as it dominates this segment. PMMA is widely used in various industries such as building and construction, automotive, electronics, aerospace, paints and coatings, and medical. The increasing demand for PMMA in these industries is expected to drive the market growth in South Korea.
