The announcement was made by the company’s Performance Pigments division, citing a continued increase in costs associated with the production of organic and inorganic cosmetic pigments and effects.
Because of this it says a significant reinvestment in manufacturing assets has been made to support growing global demand; and ever-tightening environmental and regulatory compliance requirements has also influenced the price hike decision.
Growing global demand
“Unprecedented growing global demand for our high purity cosmetic pigments has necessitated Sun Chemical to significantly reinvest in and expand our manufacturing assets,” says Myron Petruch, President, Sun Chemical Performance Pigments.
In addition, Petruch explains that Sun Chemical continues to spend significantly more on new, highly sophisticated technical and processing innovations and breakthrough research and development initiatives.
“The results of these investments can be seen in the ever expanding and widening colour palette and unique effects utilized in today’s global decorative cosmetics market,” he adds.
Cost control
As well as this, the Performance Pigments boss says that with more stringent environmental, regulatory and compliance requirements for the cosmetics industry, this continues to take its toll on the business.
“These industry issues have significantly increased our costs, some of which we must partially pass along in the form of a price increase,” he continues.
“We regret having to take this action and will continue to look at various cost control and efficiency measures, while ensuring the ability to meet the expanding needs of the global cosmetics market.”