Out of stock alert! Paint product prices soar, demand remains strong

During the COVID-19 pandemic , consumers spent more time at home. Many people chose to renovate or build their own homes during this period, which led to a surge in consumer demand for home furnishings and decoration products such as paint. Currently, the paint industry is facing product shortages and soaring prices.

According to foreign media reports, the total sales of coating products in the United States have been rising. In June this year , the sales of paint and wallpaper reached 1.34 billion US dollars. Since the record high sales of coatings in April , the sales growth rate has slowed slightly , but it is still strong.

Amid this strong demand, a series of supply chain problems are plaguing coatings manufacturers . Vincent Andrews, an equity analyst at Morgan Stanley, pointed out that many factors, such as the impact of Hurricane Ida and shortages in the global chemical industry supply chain, are contributing to these problems .

Supply disruptions coupled with a surge in demand have caused paint prices to soar. The cost of paints and coatings rose 10.6% in August from a year earlier , the biggest increase since 2009. The owner of a paint specialty store said: " The manufacturers we work with have raised prices several times , and this has been going on for some time , and it doesn't look like the price increases will get any better in the next three to six months ."

Paint maker Akzo Nobel warned that prices for paint products are expected to rise sharply in the second half of 2021. Its CEO Thierry Van Lanck said that if consumers want to renovate their homes, it is best to start buying paint products now. Wall Street economists expect that the current situation may continue until 2022.

For consumers, this series of problems may make home decoration more difficult. Especially for some do-it-yourself decorators, they need to spend more money on paint products, but still may not be able to buy the products they want .

It is foreseeable that paint and other coating products will continue to be scarce and expensive in the future . If consumers cannot buy the products they need in offline stores, they are likely to turn to online purchases, which is also a good opportunity for online sales. Sellers in related industries should also seize the opportunity and prepare in advance.

Industry Information

Coating products

Price increase