🖌️ Demand for raw materials in the paint industry soared over the COVID pandemic as quarantined consumers took to DIY projects and home improvement. But supply just couldn't keep up.
"To make a gallon of paint the exact same as the next one, you have to have that same amount of color pigment in it," Tony Piloseno told CNBC.
Piloseno started his own paint company and now works with Florida Paints. He fell in love with mixing paint at a part-time job during his college years, and now he brings that love of color to his large TikTok following.So far the higher prices haven't put a lid on sales. Indeed, producer prices for painting and coating manufacturing rose 15.7% in December 2021 from a year ago. For comparison, on a 12-month basis, the producer price index was up 9.
"If nothing else happens in the chemical supply chain, we're forecasting the fourth quarter of 2022, and possibly into the first quarter of 2023, before we see some sort of normal," said Dan Murad, CEO of the ChemQuest Group. Watch the video above to learn more about how the paint supply chain works, what it takes to manufacture paint and why prices are rising.
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