What Facility Managers Can Expect to Pay for Painting Projects
A&K Painting continues to stay up-to-date on the ongoing paint shortage in this next installment, which informs readers about:
- The many reasons why paint prices are increasing, including:
- What price increases mean for facility managers
The impact of inflation can be felt in just about every sector, and the paint industry is no exception. As facility managers begin project planning for their industrial painting needs, one thing they’ll likely notice is an increase in product pricing. Paint price increases are sweeping the industry, making it more important than ever for managers to plan ahead and budget accordingly with help from their trusted painting contractors.
Titanium Dioxide Shortages
Titanium dioxide (TiO2) is a critical ingredient used in many industrial paints and coatings. With the United States only producing roughly 100,000 tons of titanium dioxide annually, the nation must import this material from elsewhere. The nation primarily imports TiO2 from areas like China, Russia, and the Ukraine, which produce a combined 3.5 million tons of titanium dioxide each year.
Between the Ukraine-Russia war and U.S. sanctions against China for their role in the conflict, obtaining titanium dioxide has become much more difficult for paint manufacturers. As a result, not only are manufacturers finding it more difficult to create the products their customers need, but the cost of TiO2-dependent products has also increased tremendously.
Gas Price Increases
In addition to materials shortages, the cost of gas has played a significant role in inflating the price of paint products. With higher gas prices, shipping and distribution costs have gone up. To compensate for these higher logistical costs, many manufacturers have been forced to pass on those incurred price hikes to their consumer base in order to remain operational.
Plastics & Storage
As aforementioned, inflation woes have been felt across many industries, including plastics manufacturing. With rising production and operational costs for plastic bins and storage materials, paint manufacturers are paying a higher price to store their product. While a rise in plastic bins wouldn’t normally cause product prices to increase, the mountain of additional challenges which paint manufacturers now face has made this a surprisingly significant factor when determining product pricing.
What Does This Mean for Facility Managers?
Rising costs aren’t ideal for facility managers planning their industrial paint project needs; however, by planning and budgeting now, they can save significant time and money while remaining on-track with their facility maintenance.
A&K Painting Company has years of experience helping industrial facility managers plan and budget for their painting projects. With our finger on the pulse of the ongoing paint shortage, our team is uniquely capable of helping your team navigate the situation without falling off schedule for your facility painting needs. Start planning ahead today by contacting us to schedule a site visit with our industrial painting contractors!