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With people spending so much more time at home during the COVID-19 pandemic, home renovation projects have been on the rise. This has caused product shortages and subsequent price increases in a number of industries, including home appliances, stonework, plumbing fixtures, and lumber. The latest victim? Paint. Between an increase in demand and difficulty in sourcing raw materials, paint prices are expected to surge.
Read on to learn more about how the global health crisis is affecting the paint industry, and why you may benefit from buying paint now if there’s a move or renovation in your near future.
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What is causing paint prices to increase?
Due to public health and safety measures, 2020 forced most of the world to spend more time at home. This led many to focus much more on their immediate surroundings, resulting in an explosion of home renovation projects and an increase in moves with home sales skyrocketing in 2020, marking a 14-year high. During this surge, there has been an increased demand for paint. However, global supply chains have been negatively impacted by the pandemic, causing shortages of certain ingredients. Plus, the winter storm in Texas during February of 2021 put a halt to paint manufacturing at certain plants, which impacted production and delivery that still hasn’t fully resolved.
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What do we know about the price increases?
The price for the raw materials needed to produce paint increased by between 5 and 9 percent in February of 2021. As a response to these industry trends, Sherwin-Williams has announced that they’ll be raising their paint prices by 7 percent beginning in August. While other major paint manufacturers have yet to weigh in on whether they’ll be following suit, it’s expected that this increase may become widespread.
Should I stock up on paint now?
If you’re planning on moving, renovating, or redecorating this fall, it may be prudent to purchase paint now before these price increases come into effect. Experts anticipate that demand for decorative paint will remain high in the years to come, so prices likely are at the lowest they will be for the foreseeable future.
How should I store paint over the summer?
If you decide to stock up on paint before prices rise, it’s important to consider how you’ll store it—especially over the hot and humid summer months. The good news is that unopened paint cans keep well since they’re tightly sealed when you purchase them. However, if you start any painting projects and end up with half-filled cans of paint, it’s essential to store paint correctly to ensure they last.
Paint shouldn’t be left in a space that experiences extreme heat or cold because the paint will dry out or separate and curdle. So if you live in a warm climate, be sure to keep it in an air-conditioned indoor space rather than a shed or garage. Seal the lids as tightly as possible and make sure to label each can with the brand and color as well as the room in which it was used.