The Russia-Ukraine war and the geopolitical tensions across the globe started affecting the paint market, threatening to increase solvent-based paint prices.
According to experts, the main reason for this is the increase in crude oil prices. Solvent-based paint uses oil derivatives (monomers and titanium dioxide) as raw materials, hence the price increase.
Paint companies across the globe are still holding back the price increase due to having about a month’s worth of finished products and raw materials in stock. However, if crude oil prices keep rising, solvent-based paint prices are bound to soar in the future.
Indigo Paints announced a 5% increase in paint prices in April at the beginning of this month, and they aren’t the only company considering price alterations.
In January, AkzoNobel India, one of the biggest paint producers in the country, announced a 4.7% price increase.
Furthermore, Abhijit Roy, the CEO of Berger Paints, stated that Berger Paints likely won’t be affected by the crude oil price hike until April due to having some finished goods and raw materials in stock.
It’s expected that, afterward, their costs will increase by 35–40%, which will result in financial losses in the first quarter next year if they don’t increase prices.
So, should you postpone repainting your home office space before installing a quality office desk? What about other DIY projects? According to paint companies, customers had better hurry up and finish their project soon, as a price hike is imminent.
Additionally, American DIY-ers aren’t only facing higher paint prices but also a paint shortage due to ongoing supply chain troubles.