There are a number of factors that have led to the raw material shortages and subsequent rise in costs. An increase in demand from emerging markets continues to have a significant impact on supply as well as production restrictions by the Indian Government and enforcement of waste water treatment investment with all manufacturers, are limiting supply of key materials. Specifically, key raw materials such as acrylic acid, nitrocellulose, titanium dioxide, isocyanates, polyols, red and blue pigments are subject to extremely tight supply and in particular this is affecting the Liquid Ink market.