【Introduction】: Since May 2026, the domestic acrylic emulsion market has been persistently shrouded in a weak atmosphere, with the price center fluctuating downward. The key raw materials—butyl acrylate, styrene, and MMA—have continued to weaken, leading to a comprehensive loosening of cost support. Meanwhile, end-users in downstream sectors have adopted a cautious stance, maintaining only essential procurement, resulting in generally subdued trading activity. Under the combined pressure of worsening supply-demand imbalances, sluggish downstream demand, and crumbling cost support, the acrylic emulsion market is unlikely to escape its weak trajectory in the near term and may continue to oscillate downward.

1. Cost: Soft Cost Support Amid Declining Raw Material Prices

According to data from chempricehub, the raw material market has recently performed weakly. This week, the domestic butyl acrylate market continued to decline. Taking the East China mainstream market as a reference, the market price range during the week was RMB 8,300–8,900/mt, down RMB 567/mt from the previous week, a decline of 6.14%. As industry profits have gradually eroded and loss pressures have intensified, plant capacity utilization has been declining, with producers reducing operating rates and cutting output.

This week, the MMA market transitioned to consolidation after an initial uptick. As of the 14th, the negotiated reference price in the East China market was around RMB 12,700–12,800/mt; in the Shandong market, it was around RMB 12,800–12,800/mt; and in South China, it was around RMB 13,200–13,700/mt, with week-on-week declines of 1.06%, 1.45%, and 0.13%, respectively. The weekly average price of styrene in the Jiangsu market declined. In the Jiangsu spot market, the high-end transaction price was RMB 9,860/mt, while the low-end was RMB 9,460/mt, a spread of RMB 400/mt. The simultaneous weakening of these three key raw materials is causing the cost support for emulsion companies to disintegrate across the board.

2. Market Trends: Unrelenting Decline with Stalled Transactions

This week, acrylic emulsion prices continued their weak downward trend. Currently, production enterprise operating rates remain at moderate levels, supply in the market stays ample, and trader sentiment is somewhat pessimistic, with a strong willingness to sell at lower prices. End-users in downstream sectors such as coatings and adhesives have low purchasing appetite, mainly sticking to essential procurement, which has resulted in a lukewarm overall transaction atmosphere. Holders of goods are experiencing poor sales, and a wait-and-see sentiment prevails. As of May 14, the styrene-acrylic emulsion reference price was RMB 5,900–6,700/mt, and the pure acrylic emulsion reference price was RMB 7,000–7,400/mt, down 3.81% and 3.90% week-on-week, respectively.

3. Analysis of Production Profit Data Fluctuations

According to data from chempricehub, the theoretical production gross profit for pure acrylic emulsion is currently RMB 391/mt, with a gross margin of 29.07%; for styrene-acrylic emulsion, the theoretical production gross profit is RMB 517.76/mt, with a gross margin of 12.50%. This week, the production gross profit for pure acrylic emulsion decreased by RMB 160.25/mt week-on-week, and for styrene-acrylic emulsion, it decreased by RMB 73.97/mt. The main reason is that market prices for butyl acrylate, styrene, and MMA all fell during the week, leading to lower costs. However, although acrylic emulsion prices operated weakly this week, their decline was smaller than that of the raw materials, resulting in a reduction in production profits compared to the previous week.

4. Market Outlook: Short-Term Weakness Likely to Persist, Market May Continue Oscillating Downward

Cost side: Butyl acrylate prices have gradually breached the cost line, while styrene and MMA also lack upward drivers. In the short term, the cost side is unlikely to provide effective support. Supply side: Production enterprises are expected to maintain moderate operating rates, with ample spot supply available in the market. Demand side: End-user demand remains insufficient, and the market transaction atmosphere will continue to be subdued. Market participants generally hold bearish or wait-and-see attitudes. In summary, the acrylic emulsion market is likely to remain weak and undergo consolidation in the near term.