Why are global MMA majors shutting down or halving capacity while China keeps adding new plants?

Why are global MMA majors shutting down or halving capacity while China keeps adding new plants?
Global MMA capacity has outpaced demand, pushing majors to retreat. Sumitomo Chemical cut Singapore MMA output by about 80% in late 2024, Kuraray plans to halve its 67 kt/y Niigata plant from July 2025 and stop external sales, and Mitsubishi Chemical scrapped a planned 350 kt/y US plant while closing its Hiroshima ACH line. The driver is oversupply: world capacity neared 6 million t/y by mid-2024, with Asia holding over 66%, while demand growth is weak and PMMA, the main outlet, faces severe product homogeneity and substitution. In China, however, new coal-based and ethylene-based routes are emerging, and domestic consumption is still expanding, especially in optical and specialty applications. This divergence means global rationalization will continue, but China's cost-competitive and integrated producers may gain share.