Another Japanese company plans polystyrene exit
Reducing demand for polystyrene in Japan is leading to another producer quitting the business. Mitsubishi Chemical Corporation is reported to be planning to give up making polystyrene and PVC during this year due to shrinking domestic demand and more competition from Asian and Middle Eastern rivals. Earlier this month Mitsui Chemicals and Sumitomo Chemicals cited irreversible decline in domestic demand for polystyrene as the reason for closing their Japan Polystyrene joint venture.
According to the Nikkei Business Daily Mitsubishi’s withdrawal from PS and PVC is part of a shift by the Mitsubishi Chemical Holdings Corp towards more advanced materials. The newspaper said that Mitsubishi is expected to sell its 27·5 per cent share in PS Japan Corporation to its partners Asahi Kasei Corp and Idemitsu Kosan Co.
The paper also reported that Mitsubishi is to discuss the potential liquidation of the V-Tech Corporation PVC business with its partner Toagosei Co.