Concrete Sealers Industry Overview
The global concrete sealers market size was estimated at USD 1.58 billion in 2020 and is expected to expand at a compounded annual growth rate (CAGR) of 7.1% from 2021 to 2028. Rising investments in civic infrastructure across developing economies and high product demand in flooring applications to improve aesthetics are expected to drive the market over the forecast period.
The ongoing COVID-19 outburst across the globe has significantly impacted the market as major economies across the globe suspended and delayed construction projects. Due to this, demand for concrete sealers has been reduced across various sectors such as residential and non-residential. However, with the ease of lockdown and global trade restrictions, the situation is expected to recover in 2021, which will restore the growth trajectory of the market.
Gather more insights about the market drivers, restrains and growth of the Global Concrete Sealers Market
An increase in stringent regulations for building safety coupled with rising demand for aesthetics in certain instances under diverse service conditions augmented market growth in the past decade. Moreover, factors such as a rise in disposable income and readiness to spend more on premium construction materials are expected to influence the market growth positively over the forecast period.
According to the Associated General Contractors of America (AGC), the U.S. construction industry has more than 733,000 employers and creates nearly USD1.4 trillion worth of structures each year. Low mortgage rates, strong demand for bigger living spaces, and a very low housing inventory in the market are the factors propelling the growth of the construction sector which in turn is expected to increase the demand for concrete sealers.
The non-residential sector is the most popular application of concrete sealers owing to the demand for high-strength leakproof buildings with premium aesthetics. In addition, the rising demand for office and other commercial spaces across the globe especially in the emerging economies is expected to bolster market growth.
The market is competitive in nature owing to a large set of players operating with offerings at a very competitive price. Their expertise and pricing, make it difficult for the new entrants to operate profitably in the market. As a result, the industry rivalry is expected to remain high over the forecast period. However, increasing environmental regulations regarding VOC emissions will hamper the growth of the concrete sealer companies on a global level throughout the forecast period.
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- Steel Wire Market: The global steel wire market size was valued at USD 102.98 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2030.
- Flooring Market: The global flooring market size was estimated at USD 257.92 billion in 2021 and is expected to register a growth of 5.6% during the forecast period.
Key Companies profiled:
Some of the prominent players in the global concrete sealers market include:
- Curecrete Distribution Inc.
- BASF SE
- PPG Industries, Inc.
- Evonik Industries AG
- Valspar Corporation
- Prosoco Corporation
- Seal Source Inc.
- Omnova Solutions
- Laticrete International, Inc.
- Sika AG
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