On October 25, AkzoNobel's Powder Coatings Strategic Marketing Business Group announced that it would adjust the prices of its powder coatings products sold in the Chinese market.
In the past ten months, the market prices of important raw materials for powder coatings, polyester resins, epoxy resins, titanium dioxide and TGIC curing agents have continued to rise. Prior to this, AkzoNobel used various efforts to absorb the cost pressure caused by rising raw material prices.
In response to this round of product price adjustments, Mr. Wang Yanbin, President of AkzoNobel's Powder Coatings Strategic Marketing Business Group's North Asia Business Group, explained: "For a long time, AkzoNobel has done everything possible to maintain relatively stable product prices with efficient operations and excellent cost control. To minimize the pressure on customers' costs due to the increase in raw material prices. However, based on the current market situation of raw materials, the continuous increase in raw material costs of powder coating products has exceeded our expectations and tolerance. Therefore, to ensure that we keep our promise ——To provide customers with the same quality products and services, we carefully decided to increase our product sales price from November 1. The increase will vary according to the product type. "
In the next few weeks, AkzoNobel's local sales of powder coatings will communicate with affected customers details of product price adjustments.