Hempel raised the prices of global products again!

Due to the continuous increase in global raw material costs, the world-renowned paint manufacturer Hempel announced recently that it will raise the sales price of paint products and solutions by at least 15%.

Since the beginning of 2021, the average cost of raw materials has risen sharply. In the past few months, the cost of the main raw materials required to produce coatings has risen more rapidly than in the past. This is mainly due to the increase in global demand for raw materials and logistics challenges, which have affected global supply and caused prices to rise.

The average cost of raw materials is now 30% higher than at the beginning of this year. For example, from January 2020 to May 2021, the cost of epoxy in Europe increased by 143%, in North America by 153%, and in North Asia by 48% (Source: British consulting firm Technon Orbichem about epoxy resin and liquid spot The data). During the same period, global zinc prices rose by more than 28%, and copper prices rose by more than 68% (source: London Metal Exchange). This puts pressure on us to purchase the raw materials we need, and we need to continue and guarantee delivery to customers.

“At Hempel, we are proud to ensure a stable supply of trustworthy coating solutions to our customers. In February of this year, we announced an increase in global prices. However, due to the continuous increase in raw material costs, we had to further increase coating products and The price of the solution to offset the increase in costs.” said Michael Hansen, Executive Vice President and Chief Commercial Officer of Hempel.

The price increase this time is at least 15%. Because the raw materials used in some products have increased more, the increase in specific products and services may be even higher. Even if it is full of challenges, Hempel's focus is still to bring value to global customers and to serve them wholeheartedly.