The British Coatings Federation reports a new surge in raw material prices in September, affecting the paint and printing inks sector.
The British Coatings Federation (BCF) is reporting that September showed a new surge in raw material prices for the paint and printing inks industries.
With raw materials accounting for about 50% of all costs in the industry and with other costs such as energy and oil also increasing rapidly, manufacturers are now coming under further cost pressures and the impact on the sector cannot be overstated.
Solvent prices are now 82% higher on average than a year ago, with some important solvents experiencing a major price increase, like N-Butanol, which went up from £750 per tonne to £2,560 in a year. Other big increases of 2 or 3 times were seen for N-Butyl Acetate, Methoxy Propanol and Methoxy Propyl Acetate.
Resins and related materials are seeing a price hike of 36%. For example, the average price for Solution Epoxy Resin went up by 124% in September compared to last year.
Many pigment prices were also sharply higher with widely used Titanium Dioxide prices 9% higher than a year ago. In packaging, prices were higher across the board with, for example, 5 litre round tins up 10% and with drum prices 40% higher in the last month.
BCF also reports that reliable forecasts are hard to come by but with most major forecasting bodies expecting oil prices to remain north of $70 per barrel for 2022 the indications are that higher costs are here to stay.