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Sumitomo Chemical plans to shut down two-thirds of its MMA and PMMA production lines in its Singapore subsidiary by September 2024, in order to reduce production capacity and shift towards specialty PMMA products and chemical recycling technologies to cope with market changes and enhance profitability.
"Sumitomo Chemical Asia Pacific"methyl methacrylate (MMA) monomer and polymethyl methacrylate (PMMA) production lines are scaled down. Specifically, the company will close two of its three production lines in Singapore, which will directly lead to a reduction of MMA monomer capacity by about 80% and PMMA capacity by about 70%.
As a high-performance plastic, PMMA is widely favored for its excellent transparency, weather resistance and beautiful gloss. It is widely used in automotive taillights, signs, aquarium tanks and liquid crystal display optical components and other fields, and MMA monomer is an important raw material for the manufacture of PMMA and coatings.
Although the MMA monomer and PMMA markets have gradually recovered after experiencing a significant slowdown in recent years, capacity expansion in Asia is expected to continue. Sumitomo Chemical Group believes that in the long run, especially in the field of general-purpose grade products, it will become increasingly difficult to ensure stable sales volume and profit margins. Therefore, the group decided to reduce part of its production capacity and focus on special and high value-added PMMA products, which can give full play to its technological advantages and adjust its business structure to a more stable and adaptable mode of market conditions.
In addition to accelerating the transformation of its existing product portfolio and production systems, Sumitomo Chemical is also actively leveraging its strengths in environmental impact reduction technologies in the petrochemical business, focusing its resources on value creation. In the field of PMMA, the company has completed a pilot facility for chemical recycling of plastics at the Ehime plant in Japan, and is currently conducting technical verification and marketing activities with a view to realizing the social application of chemical recycling technology as soon as possible. In addition, in May 2024, Sumitomo Chemical signed a cooperation agreement with Lummus Technology, a major technology licensor in the United States, to jointly promote the licensing and commercialization of chemical recycling technologies.
As part of the short-term enhanced performance improvement measures, Sumitomo Chemical is accelerating the pace of business restructuring from the perspective of profitability and the best owner principle. The company plans to steadily advance these measures to ensure that fundamental structural reforms are implemented while achieving a V-shaped recovery in fiscal year 2024. Through these efforts, Sumitomo Chemical aims to further enhance its market competitiveness and lay a solid foundation for future sustainable development.
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