With a rising demand for raw materials from quarantined DIYers, suppliers were hit with shocking shortages & found themselves unable to keep up with their new primary group of consumers.
Projects ranging from sprucing up the back yard, adding an accent wall to a once-bland bedroom, and refinishing dated kitchen cabinets from stuck-at-homeowners sent retailers into an unprecedented demand for goods.
Some of the largest paint companies, like Sherwin-Williams, have drawn attention to worsening supply chain shortages that are continuing to impede on their ability to manufacture essential products. One of the main causes of this is the fact that paint companies source their pigments from global trade networks, meaning said products are vulnerable to supply chain issues & climate change.
The deep freeze of the southern regions of the United States in early 2021 was a factor that has made these shortages even more prominent. Lengthy power outages resulted in harsh consequences. Supplies were frozen and destroyed due to the unpredictability & unusual nature of the weather.
Why is paint getting more expensive?
With the combination of their regular contractor clientele and the fresh wave of at home DIYers, smaller retailers are particularly suffering. With bigger companies prioritizing larger stores, they are in turn snubbing smaller retailers due to tight product availability.
Producer prices for paint and coating manufacturing rose 10.6% between August 2020 and August 2021, the highest it’s been since January 2009. Some companies were forced to hike up their prices as a result.
When will paint prices go down?
Since 2021, there have been gradual improvements regarding the shortages, however, with new COVID variants, ongoing labor shortages, transportation challenges and inflation, supply chains are definitely feeling the pressure.
We’re all in this together, so don’t shy away from asking questions. Seeking explanations may make it easier to grapple with unforeseen events & planning around stressful situations.
*Mill Creek Painters is still offering on-site & remote estimates at this time. Need a hand? Contact us here.
