Wacker hikes silicone prices as platinum costs surge

Munich, Germany – Wacker Chemie AG is increasing selling prices for a large number of its silicone products by 25% or more, effective 1 Feb.

In a 30 Jan statement, the German chemical group said the price hikes will affect addition-curing silicone rubber grades, silicone resins, silanes and silicone-based release coatings.

The increases will primarily impact silicone customers in the automotive, pharmaceutical, medical technology, electrical engineering, energy transmission and release coating sectors.

The group linked the price adjustment to “the sharp rise in commodity prices, particularly for platinum.”

Wacker uses the precious metal as a catalyst for the curing of crosslinking silicone release agents and for addition-curing silicone products.

According to Wacker, the price of platinum has "more than doubled" on international commodity exchanges since the beginning of last year.

“The current price trend can no longer be compensated for through efficiency and other savings measures”, said Tom Koini, head of silicones.

The group, he said, has “reached a point at which we have to pass on the increased costs to the market.”

The price adjustments will enable Wacker to offer customers “optimum service and technical support as well as consistently high product quality,” Koini added.