Concrete Sealers Industry – Know the Prominent Factors That Will Help in Reshaping the Market Growth
The surge in demand for building and construction activity and emergence of DIY projects have enhanced the growth of the global concrete sealers market.
PORTLAND, OREGON, UNITED STATES, April 18, 2023 /EINPresswire.com/ — The global concrete sealers industry generated $1.7 billion in 2021, and is estimated to reach $3.1 billion by 2031, witnessing a CAGR of 6.4% from 2022 to 2031.
The surge in demand for building and construction activity and emergence of DIY projects have enhanced the growth of the global concrete sealers market. In addition, strong economic growth has surged the establishments of industries where concrete sealers are used as a protective coating for washers, driers, steel pipes, fittings, structural inserts, and industrial equipment. This may propel the growth of the concrete sealers market. However, shortages of raw materials have led to an increase in the price of concrete sealers, which in turn, is expected to restrain the market growth. However, a rise in investment by the major key players is expected to create lucrative opportunities in the industry.
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Volatility in prices of raw materials lowered the market demand, thus impacting the growth of the concrete sealers industry negatively during the pandemic.
However, the rise in demand from the building and construction, industrial, automotive, and commercial sectors and increasing focus on an escalating economic recovery across the globe has supported the concrete sealers market growth in 2021.
Based on type, the pertaining sealers segment held the highest market share in 2021, accounting for more than one-third of the global concrete sealers market revenue and is estimated to maintain its leadership status throughout the forecast period. Sustained economic growth has surged the need for a faster and more reliable mode of transportation where pertaining concrete sealers are widely used as a protective coating on driveways. This may act as one of the key drivers responsible for the growth of the concrete sealers market. Furthermore, factors such as increase in disposable income, technological upgrades, and a spurring rise in number of original equipment manufacturers (OEMs) have led the automotive & transportation sector to witness significant growth where pertaining concrete sealers are used as a coating for corrosion resistance purposes. However, the acrylics segment is projected to manifest the highest CAGR of 7.0% from 2022 to 2031.
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Based on application, the commercial segment accounted for the largest share in 2021, contributing to nearly two-fifth of the global concrete sealers market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031. The expansion of the commercial industry and increase in working population and government schemes and high potential investment in developing commercial building across the globe has driven the concrete sealers market.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global concrete sealers market revenue and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 7.1% from 2022 to 2031, owing to the rise in building & construction, transportation, chemical manufacturing, and other sectors have enhanced the performance of the concrete sealers in the Asia-Pacific region.
Leading Market Players: –
Laticrete International, Inc.,
W. R. Meadows, Inc.,
XETEX INDUSTRIES PRIVATE LIMITED INDIA
The report provides a detailed analysis of these key players of the global concrete sealers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies:
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