Since 2025, China's MS resin (methyl methacrylate-styrene copolymer) industry has entered a period of accelerated development. With the advancement of Zhejiang Saibolong's 200,000-ton project, the commissioning of Chongqing Shuangxiang Optics' 75,000-ton capacity, and Wanhua Chemical's project, domestic enterprises are gradually breaking the monopoly of Japan's Denka, Taiwan's Chi Mei, and other companies in high-end fields, filling the gap in domestic production. Boasting excellent properties such as non-toxicity, low hygroscopicity, and high refractive index, MS resin is irreplaceable in optical display, automotive interiors, medical packaging, and other fields, especially serving as the core raw material for narrow-bezel TV light guide plates. Its material cost is about 20% lower than that of PMMA, and it has maintained profitability since 2019. By mid-2025, the maximum profit margin reached nearly 40% with an average profit rate exceeding 30%, making it a high-profit benchmark product in the chemical industry. In terms of cost structure, raw materials and auxiliary materials account for 86%, with styrene alone representing 79% of the total cost. The 7% year-on-year drop in styrene prices in 2025 has further expanded profit margins. Product prices show a hierarchical pattern: packaging and construction grades are around 18,000 yuan/ton, while optical and electronic grades reach 22,000 yuan/ton, both maintaining high profitability. Currently, local enterprises have broken through technical bottlenecks in optical-grade products through advanced processes such as bulk polymerization. Domestic MS resin is accelerating the replacement of imports in high-end fields such as light guide plates and automotive lightweight components. Driven by emerging demands from new energy vehicles and green buildings, coupled with industrial chain integration and upgrading, China's MS resin industry is expected to occupy an important position in the global market, promoting the transformation and upgrading of the chemical industry in the Yangtze River Delta and other regions.

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