We, at Vanaire, would like to take this time to update you on some of the external factors that have affected our industry in the last year. Raw materials, as well as building and manufacturing materials are at all time high prices and are globally in short supply. This supply shortage also includes resin, which is used to fabricate our fiberglass products that are used on our Tanks, Ductwork, Fans, Scrubbers and much more. Our industry as a whole is being affected due to this difficulty in obtaining Raw Materials for production and is therefore causing high fluctuation in prices of these goods.
In addition to the effects of the global pandemic, the recent freeze in Texas has also had an effect on our industry. Texas is one of the largest U.S. exporters of plastics and petrochemical products. The freeze caused production of 75% of polyethylene, 62% of polypropylene, and 57% of PVC to shut down, which the effects of have lasted beyond just that week, according to S&P Global Platts. The great Texas freeze resulted in polyethylene and polypropylene seeing the largest price increase in 10 years.
We at Vanaire, want to be completely transparent with our valued customers so that you will fully understand the rising costs within the industry. These factors have made determining the price of materials and estimating product delivery times much more difficult than ever before. This uncertainty is something we regret, but unfortunately is unavoidable as we have absorbed each and every price increase. At Vanaire we will continue to work with our customers through this economic uncertainty so that we can fulfill your projects as quickly and efficiently as possible. This will allow us to better adapt to an economic situation that is changing so quickly.