South Korea Optical Resin Monomer Market was valued at USD 0.1 Billion in 2022 and is projected to reach USD 0.2 Billion by 2030, growing at a CAGR of 7.5% from 2024 to 2030.
The optical resin monomer market in South Korea has been experiencing significant growth, driven by the country's robust industrial sectors and technological advancements. As someone deeply involved in the chemical industry, I've observed firsthand how these monomers play a pivotal role in various applications, particularly in the production of polymethyl methacrylate (PMMA), widely known as acrylic glass.
In South Korea, the demand for optical resin monomers is predominantly fueled by industries such as electronics, automotive, and construction. The electronics sector, for instance, utilizes these monomers in the manufacturing of display panels and optical lenses, owing to their excellent light transmission properties and durability. The automotive industry incorporates PMMA for lightweight and shatter-resistant components, enhancing vehicle safety and fuel efficiency. Additionally, the construction industry benefits from the use of acrylic sheets in windows and skylights, attributing to their clarity and weather resistance.
South Korea's chemical industry, accounting for 14.3% of the country's manufacturing production and 17% of its exports, has positioned itself as a global leader in chemical production. With a market scale of approximately $158 billion, South Korea ranks fifth worldwide in shipment volume, reflecting its substantial contribution to the global chemical market. The specialty chemicals segment, which includes optical resin monomers, has seen considerable growth due to the country's strong manufacturing base and investments in research and development. South Korean companies have been proactive in diversifying suppliers and investing in domestic technologies, especially after Japan's export bans in 2019 on raw chemicals for semiconductor production. This shift has led to a more self-reliant and resilient chemical industry, capable of meeting both domestic and international demands.
One notable monomer in this market is methyl methacrylate (MMA), a key building block for PMMA. South Korea's MMA production capacity was estimated to be over 800,000 tons per year in 2020, with major manufacturers like Kumho P&B Chemicals, LG Chem, Idemitsu Kosan, and Lotte Chemical leading the charge. The country's MMA market was valued at US$ 337.2 million in 2023 and is anticipated to reach US$ 503.9 million by 2031, exhibiting a compound annual growth rate (CAGR) of 5.1%. This growth is a testament to the increasing demand from end-use industries and the versatility of MMA in various applications.
In my experience, the stringent environmental and safety regulations imposed by the South Korean government have played a crucial role in shaping the industry's landscape. The government has strengthened environmental and industrial safety regulations for chemical facilities over the past decade. MMA, being a volatile organic compound, is designated as a pollutant under the country's air quality standards. Rigorous emissions monitoring and restrictions are in place for MMA manufacturing plants, ensuring that the industry's growth aligns with environmental sustainability and public health considerations. These regulations have not only ensured compliance with global standards but have also driven companies to innovate and adopt cleaner technologies.
Looking ahead, the South Korean government is planning a "high value-added chemical material development project" focusing on semiconductors, displays, and secondary batteries. This initiative aims to strengthen research and development of core materials, discover and foster high-growth potential materials companies, and establish a chemical material production platform to reduce time and cost in developing advanced chemical materials using digital convergence technology. Such strategic initiatives are expected to further bolster the optical resin monomer market, aligning with global trends towards high-performance and sustainable materials.
In conclusion, South Korea's optical resin monomer market is poised for sustained growth, driven by its strong industrial base, proactive government policies, and commitment to innovation. The country's focus on developing high-value-added chemical materials and reducing dependency on imports positions it well to meet the evolving demands of various industries, both domestically and globally.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Optical Resin Monomer Market
Polyfunctional Monomers
Monofunctional Monomers
Crosslinking Monomers
Acrylate Monomers
Methacrylate Monomers
Optical Coatings
Dental Products
Optical Fiber Cables
Automotive Lighting
Consumer Electronics
Healthcare
Telecommunications
Electronics
Aerospace
Automotive
Photopolymerization
Thermal Polymerization
Initiated Polymerization
Solvent-based Polymerization
Emulsion Polymerization
Bulk Packaging
Drums
Bottles
Pouches
Intermediate Bulk Containers (IBCs)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Optical Resin Monomer Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Optical Resin Monomer Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Optical Resin Monomer Market, By Type
6. South Korea Optical Resin Monomer Market, By Application
7. South Korea Optical Resin Monomer Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Optical Resin Monomer Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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