In recent years, the domestic MMA industry has continued to expand, with both global and domestic supply-demand patterns undergoing profound changes. Currently, China has become the world's largest MMA producer, achieving a qualitative leap in international competitiveness. Amid this evolution, as global roles shift, the domestic industrial landscape is also quietly transforming, with the importance of integration strategies becoming increasingly prominent. Looking ahead to 2026, what new developments can be expected in the integrated development of MMA?

I. Rising Proportion of Acrylonitrile Plant Integration: Strengthened Backward Integration Trend in MMA

Data source: chempricehub

Comparing data from 2025 and 2026, according to chempricehub monitoring, the proportion of existing MMA production enterprises with integrated acrylonitrile capacity has risen from 42% to 44%, while its share within ACH process capacity has also increased from 55% to 57%. This indicates a further increase in the backward integration ratio of MMA.

By integrating raw materials, production enterprises not only ensure a stable supply of inputs but also enhance their market competitiveness. Against the backdrop of increasingly fierce industry competition, this further underscores the importance of integrated industrial chain development.

II. Forward Integration Trends in MMA: Varied Changes in PMMA Pellets, MS, and BMA

Table 1: Comparison of MMA's downstream integration ratios for PMMA pellets, MS, and BMA in 2025 and 2026 (10,000 tons; %)

| Downstream Product | 2025 | 2025 Capacity of Integrated MMA Producers | 2025 Integration Ratio | 2026E | 2026E Capacity of Integrated MMA Producers | 2026E Integration Ratio |
| --- | --- | --- | --- | --- | --- | --- |
| PMMA | 4 companies | 76.5 | 26% | 5 companies | 114.5 | 36% |
| BMA | 2 companies | 47.5 | 17% | 2 companies | 47.5 | 16% |
| MS | 2 companies | 48.5 | 17% | 2 companies | 48.5 | 16% |

Data source: chempricehub

In 2025, four domestic MMA producers had integrated downstream PMMA pellet production, involving 765,000 tons of MMA capacity. As of this writing, it is estimated that by 2026, the MMA capacity from producers integrated with PMMA pellets will rise to 1.145 million tons, accounting for a 36% share. Meanwhile, due to the expansion of the overall capacity base, the number of MMA producers integrated with BMA and MS remains two each, with their respective shares of total MMA capacity dropping from 17% in 2025 to 16% in 2026.

Thus, by integrating downstream end products, producers are further meeting the need for a more complete industrial chain.

III. Forward/Backward Integration Trends in MMA in the Second Half of 2026

In the second half of 2026, the domestic MMA industry plans to add 200,000 tons of new proposed capacity, and this portion of capacity will be integrated with acrylonitrile plants. It is expected that by then, the proportion of MMA integrated with acrylonitrile will further increase to 47%, continuing to strengthen the backward integration trend. On the downstream side, as noted in Section II, the total capacity of producers integrated with PMMA pellets will also increase. Overall, in recent years, both forward and backward integration in the MMA industry have been continuously improving, leading to simultaneous enhancements in producers' scale, product diversification, and comprehensive competitiveness.