Coating industry affected as paint prices rise
Published by Stephanie Roker,
Editor
World Pipelines,
Over the last 12 months, the cost of raw materials used for manufacturing coatings have escalated significantly and affects the coatings industry worldwide, forcing Jotun to increase prices for marine, protective and powder coatings.
Raw materials like, epoxy, titanium dioxide and copper have increased by more than 20% over the last 12 months, zinc metal prices have increased by more than 50% and polyester resins have increased substantially. Positive economic figures from China, US, Japan and EU has led to higher demand for some raw materials, at the same time as the supply-side have faced challenges. This combination drives marine, protective and powder coatings cost significantly upwards.
“We saw this trend and strived to avoid a situation where prices on our products should be affected. But when the costs of key components continue to increase significantly over time, it leaves us with no other option but to raise the prices on our affected products,” says Geir Boe, Group Executive Vice President in Jotun Performance Coatings.
“We have tried to postpone price adjustments, and we are working closely with our suppliers with an effort to reduce the effect for our customers. However, at this moment we don’t see how we can absorb the cost increase anymore. We do believe that our customers will understand the situation,” Boe says.
Read the article online at: https://www.worldpipelines.com/business-news/09032017/coating-industry-affected-as-paint-prices-rise/
You might also like
The World Pipelines Podcast
Juan Caballero, Chair of the AMPP Board of Directors, talks about AMPP’s global efforts to prevent corrosion and to protect assets, offering insight into how the association listens to its members and serves the pipeline industry.
Listen for free today at www.worldpipelines.com/podcasts or subscribe and review on your favourite podcast app.
Joseph Gallagher secures contract to deliver trenchless crossings for United Living on Liverpool Bay CCS project UK North West
With a contract value of circa £50 million, this project reinforces JGL’s expertise in complex underground engineering and its commitment to advancing the UK's low-carbon energy infrastructure.
