Idemitsu Kosan, a veteran Japanese chemical company, announced that it has decided to withdraw from the acrylic product business.
Acrylic is an organic compound synthesized from propylene and is used as a raw material for superabsorbent polymers, paints and adhesives. Idemitsu Kosan's acrylic products business includes acrylic acid and butyl acrylate and has been in this business for 30 years since 1992.
Idemitsu Kosan said that in recent years, the expansion of new acrylic equipment in Asia has led to oversupply and a deterioration of the business environment. Considering the future business policy, the company believes that it is difficult to continue operating.
Idemitsu Kosan will stop the operation of the 50,000-ton/year acrylic acid unit at the Aichi Refinery by March 2023 and withdraw from the acrylic product business.
