Commercial Painting Industry Trends: Important information to know
Staying on top of and up-to-date with commercial industry trends is important to ensure you’re making the best decisions for your business. With changes and adjustments to the industry, due to the pandemic, recognizing these trends can be critical to help you plan for your project and still maintain the timeline you desire.
Here are some industry trends to be aware of and consider:
Paint Prices on the Rise
Over the last decade, the costs for paint and coatings have been on the rise. In an industry report by Vertical IQ, they noted that these costs have risen by 21% in the last decade and about 2.5% each year. Additionally, wholesale paint prices reached a record high in 2021 because of the demand for raw materials.
But what does this mean for you? Essentially, this means that it will not be uncommon to see an increase in the cost of your commercial painting projects, compared to previous years. However, being aware of this possibility up-front can allow you to budget for your upcoming projects more accurately.
Supply Chain and Labor Shortages
Paint prices aren’t the only thing changing in the commercial painting industry. Recently, the availability of raw materials has decreased. This has created a global paint shortage, which has contributed to the rising costs for paint. When taking the amount of demand there currently is, there is no clear answer as to when these supply chain disruptions will end.
Besides supply chain changes, the commercial painting industry is also experiencing labor shortages. Specifically, the availability and ability to maintain crews who are highly skilled influences this shortage. Recognizing both factors is beneficial for your business to understand what potential wait times might be if your paint needs to be ordered or you need specialized repairs.
Evolution of Paint Additives
Increasing focus on environmental impacts in the painting industry has led to the evolution of paint additives. According to Vertical IQ’s Painting Industry Report, these evolving additives can provide a variety of benefits, including things like:
- Improved Adherence
- Reduced Mildew Growth
- Strengthened moisture resistance
Some even speed up the drying process, which sometimes, can allow your commercial painting partners to operate more efficiently.
Green Painting Technology
With more emphasis on preserving the environment, more sustainable painting options have grown in popularity. Specifically, the idea of reducing the emission of volatile organic compounds (VOCs) during the painting process, chemicals that can be harmful to both human and environmental health. Although these chemicals can be critical for the curing and adhesion process of paint, there are more emerging options available for use. These additional options include low toxicity or low-emitting paints that contain lower levels of VOCs. If using these interests you, you can always inquire about options from your painting partner.
Have a commercial painting or repair project in mind?
If you have a commercial project in mind or are interested in planning for an upcoming project in advance, our team at Renovia is happy to help!
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