Why are global chemical majors exiting MMA while Chinese producers expand capacity?

Why are global chemical majors exiting MMA while Chinese producers expand capacity?
A structural shift is underway. Sumitomo Chemical is cutting Singapore MMA capacity by 80% by end-September 2024, while Kuraray plans to halve its MMA output to 33,500 tons/year from July 2025 and stop external sales. Mitsubishi Chemical sold its 60% stake in Taiwan's KMC — a 50-year-old ACH plant — for just NT$1, citing intense Asian competition. Meanwhile, China is aggressively building new plants: the first ethylene-based MMA unit (Zhongke Puyuan, 300,000 tons/year) is slated for 2023-2024, followed by a second in Shandong. Global MMA capacity has reached nearly 6 million tons/year, with Asia holding over 66%, creating unprecedented oversupply.