Prices for lubricants and lubricant additives continue to rise. Albemarle Corp. said recently that it will hike antioxidant prices in North America by a whopping 30 percent, while Dow Chemical Co. announced increases of up to 45 cents per gallon on fire-resistant hydraulic fluids.
Albemarles increase takes effect tomorrow and applies to lube and fuel antioxidants sold under the Ethanox brand name. The Richmond, Virginia-based specialty chemical supplier said prices for dilutions and blends undergo their own increases as needed to recoup base oil and solvent expenses.
Officials said several factors are behind the markups.
Drivers for this price increase include the need to recover isobutylene, base oil and energy costs, said John McChesney, Albemarles global business manager for antioxidants. The price increase also supports our global growth, our introduction of new products to meet future engine oil requirements and regulatory efforts to support existing products.
Dow said it is raising prices for fire-resistant hydraulic fluids sold under the UCon Hydrolube moniker. Prices for concentrates will increase 45 cents per gallon, while those for fully formulated products will go up 27 cents, all effective tomorrow.
The industry is challenging, as we are continually pressured by rising raw material costs, product support costs and market price pressures, said Pete Pendergast, marketing manager UCon fluids and lubricants. Dow is based in Midland, Mich.