OSLO, Norway—Elkem S.A. will increase the global price on all its silicones due to changes in market conditions and investments in specialized grades.
In March 11 statement, the Norwegian silicones and specialty chemicals supplier said the move was necessary to "support developments that will enhance customer competitiveness."
The price increases vary by product line and are effective for new deliveries, and as contracts permit, Elkem said without providing further details.
"We see signs that global industrial activity is accelerating as we come through the COVID-19 crisis," Frederic Jacquin, Elkem's senior vice president for silicones, said in news release.
According to Jacquin, the worldwide demand trend in the silicone industry has increased as an early indicator of economic recovery and it is expected to "continue or even accelerate in the coming years."
"We expect that the overall demand, higher than today's supply, will continue to grow in a climate of regulatory changes," he added.
Elkem said it will continue to optimize its processes and invest in "safe and sustainable" silicones production to ensure security of supply, services and innovation.