Marine coatings manufacturer Hempel has announced a price increase on selected products, blaming the rise on an increase in the cost of raw materials.
According to Hempel, the cost of many raw materials used in the manufacturing of coatings has been growing for the past two years. In the last six months alone, the price of epoxy has grown by 20% in Europe and North America and as much as 58% in the Middle East and South & East Asia.
Figures from the London Metal Exchange show that the price of zinc has increased nearly 15% globally during the same period, reaching a 10-year high at the start of 2018.
"There are regional differences, but overall global prices are clearly rising," says Michael Hansen, executive VP and CCO at Hempel.
"We have done our best over the past months to absorb these price increases and limit the effect on our customers. We are working closely with our suppliers, our R&D and our manufacturing set-up, but increasing prices is a reality and the trend is clearly continuing.”
Hansen says the company has no other option but to increase the prices of some products in the protective, marine, container, yacht and decorative segments.
Hempel is a world-leading coatings specialist with over 6,000 people in 80 countries delivering solutions in the protective, decorative, marine, container, industrial and yacht markets.