Paint Prices Likely to Increase
Aug. 17, 2021—More paint price increases are likely coming this year.
According to a Repairer Driven News report, paint companies have been announcing sizable price increases over the past several months due to “unprecedented” rising costs for raw materials.
After multiple price hikes among five different paint manufacturers, repairers have been subjected to an average cumulative price increase of slightly more than 11 percent just since the fourth quarter of 2020. That is almost double the highest annual increase in paint and materials rates recorded over the past 23 years, the report said.
In an interview with Bloomberg, CEO and Chairman of Michael H. McGarry said the company is exploring another hike.
“What we’re obviously studying now is the need to be out with a third set of price increases. Inflation is across-the-board, it’s obvious…” McGarry said.