Global Industrial Coatings Prices Skyrocket Despite COVID-19 Uncertainties
- 16-Jun-2021 7:00 PM
- Journalist: Robert Hume
The prices of Industrial coatings remained firm and strong during the Q2 2021 despite increasing COVID-19 infections across various countries across the globe. Producers are grappling to maximise production and hence balance supplies to conquer growing demand from across various downstream sectors worldwide.
The prices of industrial coatings have trended upwards since May despite the volatility and challenges caused by COVID-19 outbreak. This is attributed to the surging demand from the food and beverage industry for packaging applications and others due to shifting in consumer habits and preferences towards packaged food following growing in-house cooking. The growth in the overall industrial construction segment across the globe as well as expanding residential and agricultural construction further pushed the industrial coatings demand forward.
Hence, global producers have reported increase in the overall coatings price backed by increasing raw material prices and bulging demand during Q2 2021. The increase in demand of nearly all categories of industrial coatings is witnessed including polyurethane, acrylic, epoxy coatings etc. Most importantly, epoxy resins reported astonishing increase in its prices across China, USA, and other countries driven by developing infrastructure and growing construction activities.
The second wave of infections has influenced government across various countries like India to impose lockdown to prevent disease spread is causing people to work-from-home and hence driving furniture and other home improvements demand, hence giving room to further surge in industrial coatings demand owing to its properties viz., extended durability, weather resistant and others.
Additionally, continuing upturn in the raw material prices backed by rapidly escalating transportation costs is influencing manufacturer to raise the industrial coatings prices. This has directly shoot up the prices of key petrochemical products such as vinyl acetate monomer (VAM), butyl acetate (butac), methyl methacrylate (MMA), epoxy resins, isocyanates etc. across the globe.