Why did TMA prices surge more than 200% and what is driving the global supply crunch?

Why did TMA prices surge more than 200% and what is driving the global supply crunch?
TMA has moved from a quiet specialty anhydride into one of the most violent price stories in China's chemical market. The trigger was Ineos permanently shutting its 70,000 t/yr TMA line in April 2024, removing roughly a quarter of global capacity almost overnight. Italian producer Polynt had already idled its 40,000 t unit back in 2021, so effective supply fell by over 30%. Prices rocketed from around 16,000 yuan/tonne to above 50,000 yuan/tonne within weeks, with market amplitude hitting 203% for the year. China now controls over 75% of global TMA capacity, led by Zhengdan at 85,000 t/yr, followed by Baichuan at 40,000 t and Taida at 30,000 t. With no overseas restart in sight, the market has shifted decisively into a seller's regime.