International Paint increases prices for marine coatings, reacting to dramatic new raw material cost base

Citation

(2006), "International Paint increases prices for marine coatings, reacting to dramatic new raw material cost base", Anti-Corrosion Methods and Materials, Vol. 53 No. 4. https://doi.org/10.1108/acmm.2006.12853dab.025

International Paint increases prices for marine coatings, reacting to dramatic new raw material cost base

International Paint increases prices for marine coatings, reacting to dramatic new raw material cost base

“Unprecedented raw material costs” have led International Paint Ltd, part of Akzo Nobel, to initiate price increases for their marine coatings. “Over the last few years we have seen the costs of all of our key raw materials rise significantly and last year was no exception” said Mr Brian Smith, International Paints’ Marine Coatings Commercial Director. Mr Smith explained that 2005 saw a near 50 percent increase in the price of oil, and a consequent 20 percent price rise for key solvent groups for marine products. In addition, even higher price increases have been established in the market for zinc (increase in 2005 over 50 percent), copper (40 percent) and aluminium metals (over 20 percent). These raw materials are a critical component of many marine coatings. “This new cost base looks set to stay, and therefore, unfortunately we are left with no choice but to raise the prices of our Coatings” said Mr Smith.