Kuraray Exits China’s PMMA Market, with Jiangsu Shuangxiang Group Taking Over

Japan’s Kuraray Co. has announced a restructuring of its global polymethyl methacrylate (PMMA) business and will transfer all shares of its wholly owned subsidiary, Kuraray Methacrylate (Zhangjiagang) Co., Ltd., to Jiangsu Shuangxiang Group Co., Ltd. Kuraray stated that the two parties have officially signed a share transfer agreement.

This decision marks a major strategic shift for the Tokyo-based chemical manufacturer, which has been facing weakening demand in the Chinese market—once the primary growth engine for its high-end acrylic products.

Established in 2004, Kuraray Methacrylate (Zhangjiagang) became well-known for its high-quality cast PMMA sheets, supplying acrylic bathtubs to premium brands across China and also serving as a production base for the Japanese market. However, the prolonged downturn in China’s real estate sector has reduced demand for bathroom products, severely impacting the company’s sales performance and dragging down profitability.

Under its medium-term plan “PASSION 2026,” Kuraray has been adjusting its business portfolio, aiming to build a more selective product lineup and reduce its production capacity for methyl methacrylate (MMA). In this context, the company stated that the divestment reflects both changes in market conditions and its efforts to pursue greater operational efficiency.

Kuraray noted that, given the “significant changes in the Chinese market,” handing over control of the subsidiary to Jiangsu Shuangxiang Group—the largest MMA producer in China—is the best way to ensure its technology “continues to be effectively utilized” and to maintain the viability of the cast-sheet business under the new ownership.