Kerry Pianoforte, Editor01.18.22
This month’s cover article, written by contributing editor
David Savastano, focuses on the architectural coatings market. He reported that during COVID-19, the market had mixed results: while construction shrank due to lockdowns, many people took on DIY projects.
According to data collected from The Farnsworth Group and Home Improvement Research Institute, DIY activity was robust and it is due to COVID-19. According to their research, DIYers stated having time at home as the major reason for starting projects that they otherwise had not planned prior to COVID. This resulted in not only a strong DIY retail market, but a strengthening DIY market as the lockdown continued.
As we enter the winter months, the focus on home improvement and maintenance will shift from the exterior to the interior – 44% of DIYers surveyed by the Farnsworth Group expressed intent to paint a room and 31% of DIYers expressed intent to paint or stain an item.
All of this construction activity has not been without its challenges, as supply issues have held up obtaining key materials including paint and coatings.
According to the Farnsworth Group, coming out of the busy summer season, contractors are not reporting issues with labor shortages, but three in four have had material shortages in the past, notably paint and paint supplies.
According to the research there are several reasons for this:
• Inventory that kept paint demand satisfied through the spring and summer has not been rebuilt to the level before the Texas freeze in 2021.
• A majority portion of petroleum refining occurs in Texas, so the backlog in production of this raw material has slowed the rebuilding of paint inventories.
• Because DIYers were highly active in the spring and summer completing paint projects around their homes, usage was up and supplies were not able to be maintained.
• Brand switching is high in this industry segment right now and it is anticipated that we will see market share changes burgeon over the next few quarters.
David Savastano, focuses on the architectural coatings market. He reported that during COVID-19, the market had mixed results: while construction shrank due to lockdowns, many people took on DIY projects.
According to data collected from The Farnsworth Group and Home Improvement Research Institute, DIY activity was robust and it is due to COVID-19. According to their research, DIYers stated having time at home as the major reason for starting projects that they otherwise had not planned prior to COVID. This resulted in not only a strong DIY retail market, but a strengthening DIY market as the lockdown continued.
As we enter the winter months, the focus on home improvement and maintenance will shift from the exterior to the interior – 44% of DIYers surveyed by the Farnsworth Group expressed intent to paint a room and 31% of DIYers expressed intent to paint or stain an item.
All of this construction activity has not been without its challenges, as supply issues have held up obtaining key materials including paint and coatings.
According to the Farnsworth Group, coming out of the busy summer season, contractors are not reporting issues with labor shortages, but three in four have had material shortages in the past, notably paint and paint supplies.
According to the research there are several reasons for this:
• Inventory that kept paint demand satisfied through the spring and summer has not been rebuilt to the level before the Texas freeze in 2021.
• A majority portion of petroleum refining occurs in Texas, so the backlog in production of this raw material has slowed the rebuilding of paint inventories.
• Because DIYers were highly active in the spring and summer completing paint projects around their homes, usage was up and supplies were not able to be maintained.
• Brand switching is high in this industry segment right now and it is anticipated that we will see market share changes burgeon over the next few quarters.
