The surge in demand for building and construction activity and emergence of DIY projects drive the growth of the global concrete sealers market.
WILMINGTON, DELAWARE, UNITED STATES, April 4, 2024 /EINPresswire.com/ — Allied Market Research recently released a comprehensive report titled “Concrete Sealers Market by Type (Pertaining Sealers, Acrylics, Polyurethane, Epoxies, and Others), Application (Building and Construction, Industrial, Commercial, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031″. The report reveals that the global concrete sealers industry witnessed substantial growth, with revenue reaching $1.7 billion in 2021 and projected to achieve $3.1 billion by 2031, exhibiting a CAGR of 6.4% from 2022 to 2031.
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Key Growth Drivers:
– The surge in building and construction activities coupled with the rise in DIY projects has significantly contributed to the expansion of the global concrete sealers market.
– Strong economic growth has led to increased establishment of industries where concrete sealers are utilized for protective coating applications, such as washers, driers, steel pipes, fittings, structural inserts, and industrial equipment.
However, challenges such as shortages of raw materials have resulted in price hikes for concrete sealers, potentially restraining market growth. Nonetheless, increased investments by major players are anticipated to create lucrative opportunities in the industry.
COVID-19 Impact:
The COVID-19 pandemic led to volatility in raw material prices, negatively impacting market demand. Despite this, sectors like building and construction, industrial, automotive, and commercial witnessed increased demand, supporting market growth in 2021.
Segment Analysis:
– The “pertaining sealers” segment held the largest market share in 2021, accounting for over one-third of global revenue. This segment is expected to maintain its dominance throughout the forecast period, driven by the need for protective coatings in driveways and the automotive sector’s demand for corrosion-resistant coatings.
– The acrylics segment is projected to register the highest CAGR of 7.0% from 2022 to 2031, driven by factors like technological advancements and the rising number of original equipment manufacturers (OEMs).
– In terms of application, the commercial segment dominated in 2021 and is expected to maintain its lead position, exhibiting the highest CAGR of 6.7% from 2022 to 2031. This growth is attributed to the expansion of the commercial industry, increased working population, government schemes, and investments in commercial building development.
– Geographically, Asia-Pacific accounted for the largest market share in 2021 and is projected to witness the fastest CAGR of 7.1% from 2022 to 2031. The region’s growth is driven by the building & construction, transportation, chemical manufacturing, and other sectors.
Key Players:
Major players in the global concrete sealers market include BASF SE, Sika AG, PPG Industries, Laticrete International, Inc., Royal Associates, Valspar, Prosoco Corporation, Mapei Corporation, W. R. Meadows, Inc., and XETEX INDUSTRIES PRIVATE LIMITED INDIA. These companies have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to enhance their market share and maintain dominance in different regions.
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https://www.alliedmarketresearch.com/concrete-sealers-market/purchase-options
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