Material costs drive up Hempel paint prices
Coatings manufacturer Hempel’s prices will rise for certain products as the raw material cost increases from 2016 look certain to continue in 2017.
Since January 2016, for example, the cost of copper has risen by 34% and the cost of zinc has gone up by approximately 78%.
“There may be regional differences in some raw material costs, but the overall trend is very clearly up,” said Lars Petersson, executive vice president and chief operating officer.
He added: “We have limited the impact to our customers by working proactively with our suppliers, our R&D and our manufacturing set-up, but, as the trend is continuing, we have no other option than to increase the prices of some of our products.”
Raw materials constitute a major part of the cost of manufacturing coatings for the protective, marine and decorative industries. While Hempel does everything possible to mitigate these cost increases, there is a limit to how much can be absorbed.
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