The global urethane concrete sealer market is estimated to garner a notable revenue by the end of 2031 by growing at a robust CAGR over the forecast period, i.e., 2022 – 2031. Further, the market generated a noteworthy revenue in the year 2021. The growth of the market is attributed to the increased adoption of urethane concrete sealer across the construction industry. The recent boom in construction industry is thus expected to fuel the market growth. As per recent statistics, the total spending in the U.S. construction sector was totaled to be USD 1.36 trillion in 2020. Further, the U.S. construction industry accounted 4.2% of the total GDP in 2021.
Applied on concrete surfaces, urethane concrete sealer provides protection from corrosion, staining and other degrading processes. Urethane concrete sealer adds an impermeable layer which prevents materials from passing or accumulating on concrete surfaces. Urethane concrete sealer is highly durable and has abrasion resistant nature that significantly increases the life of concrete structures. Additionally, it dries up quickly, thus allowing professionals to finish their projects in a timely manner. The increased involvement of the population in the construction sector is expected to expand the construction industry which is further projected to fuel the urethane market growth in the forecast period. As per 2021, there were almost 10 million construction workers in the United States, approximately 8% of the total working population.
Rise in Residential Construction – As per the United States Census Bureau, till June 2021, there were 142,153,010 housing units in the U.S. Further the building permit in the same period was 1,736,982 units.
Burgeoning Population – The growth of the population is expected to rise the demand for housing and other buildings for survival. The increased need of construction is further anticipated to fuel the demand of urethane concrete sealer and expand the market size. As per the World Bank, the total population in the world stood at 7.76 billion in 2021, up from 7.09 billion in 2012.
High Investment in Real Estate – As per recent estimates, the revenue of real estate companies worldwide stood at USD 9.5 billion in 2021.
Expansion of Commercial Building Construction – The data released by the Commercial Buildings Energy Consumption Survey (CBECS), estimated that there were approximately 5.9 million U.S. commercial buildings in 2018. Further, the number of commercial buildings increased by 6% since the CBECS was last conducted in 2012.
Soaring Construction of Buildings – As per data in 2020, there were 350,000 industrial buildings and 240,000 military buildings in the United States.
The urethane concrete sealer market is segmented and analyzed for demand and supply by application into residential construction, commercial construction, and industrial construction. Out of these, the residential construction segment is anticipated to garner the highest revenue by 2031, owing to increased number of residential buildings across the globe. As per estimations, in 2020, there were almost 100 million single family homes in the U.S. Further, there were around 5.2 million multifamily residential buildings in the same period. The residential construction is expected to dominate the market due to increased population. In 2020, it was calculated that 90% of the buildings in the U.S. were single family homes, with approximately 200 billion square feet.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global urethane concrete sealer market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in North America is projected to hold the largest market share by the end of 2031, owing to the rapid expansion of construction industry and presence of leading market key players. In the U.S. economy, construction industry has more than 745,000 employers and over 7.6 million employees. Further the burgeoning population of the region is expected to increase the spending on building construction. The total U.S. spending on construction amounted to around USD 1 trillion in 2019. Furthermore, in the same period, the U.S. private, public and commercial sector construction was totaled USD 977 billion, USD 329 billion and USD 29 billion.
The global urethane concrete sealer market is further classified on the basis of region as follows:
Our in-depth analysis of the global urethane concrete sealer market includes the following segments:
By Sales Channel
FREQUENTLY ASKED QUESTIONS
The expansion of construction industry and rise in construction of commercial, private and residential buildings are some of the factors that are expected to drive the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2031.
The availability of alternative chemicals and fluctuation in raw material are some of the factors that are expected to hamper the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Waters Corporation, Thermo Fisher Scientific Inc., PerkinElmer, Shimadzu Corporation, Analytik Jena, JEOL, Regaku, DANI Instruments, Bruker Corporation and Agilent Technologies.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, sales channel, and by region.
The drug discovery segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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