New York, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The global Urethane Concrete Sealer market size is projected to expand at ~ 7 % CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 5 billion by the end of 2035, up from a revenue of ~USD 2 billion in the year 2022. The growing population is creating a need for more residential and commercial buildings, which requires the use of concrete sealers to ensure the durability of the buildings. As the population increases, the demand for the construction of existing buildings and infrastructure increases as well. The Global population grew to 7.76 billion in 2021 from 7.09 billion in 2012, according to the World Bank.
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Additionally, the increasing rate of urbanization has created a larger demand for housing and other buildings as people move to cities in search of jobs and better living conditions. There are now 4.40 billion people living in urban areas around the world, and that number is expected to grow to 6.60 billion by 2050, adding around 2.20 billion individuals to the urban population. On the other hand, government initiatives such as the Smart City Mission aim to provide a better quality of life to citizens by developing smart infrastructure and promoting the use of new technologies. These initiatives are driving the demand for construction materials such as urethane concrete sealers, which are used to provide a waterproof seal and protect the structural integrity of the building. Additionally, rising awareness regarding the importance of maintaining the quality of concrete structures is also driving the demand for urethane concrete sealers.
Global Urethane Concrete Sealer Market: Key Takeaways
- Urethane Concrete Sealer Market in North America to grow at a high rate
- The residential construction segment to witness the highest growth rate
- Market in Asia Pacific to propel highest growth
Significant Increase in the Construction of Commercial Buildings to Boost Market Growth
As businesses expand, there is a need for more space. As a result, there has been an increase in the construction of commercial buildings, which require urethane concrete sealers to protect the structures from weather and environmental factors. A total of 5.8 million commercial buildings in the United States contained 95 billion square feet of floor space in 2018, which represents a 55% increase in the number of buildings and an 87% increase in floor space since 1979. The floor space of commercial buildings is expected to grow by 34% by 2050, reaching 123 billion square feet. Commercial buildings require a reliable waterproofing system to protect their essential structural components from water damage. Urethane concrete sealer is a waterproofing solution that is highly resistant to moisture and chemicals, making it an ideal choice for business buildings. Moreover, the growing demand for energy-efficient corporate buildings and the growing trend of refurbishing old buildings are anticipated to fuel the urethane concrete sealer market over the forecast period. Urethane sealers are often used to protect concrete floors by providing a layer of insulation that helps reduce energy costs and prolong the life of the building.
Global Urethane Concrete Sealer Market: Regional Overview
The global urethane concrete sealer market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Immense Increase in Construction Expenditure to Drive Market Growth in the North American Region
The urethane concrete sealer market in the North American region is estimated to garner the largest revenue by the end of 2022, backed by the growing need for preventive maintenance and repair of concrete structures, such as pavement and bridges, owing to their long life and high cost, and the rising construction spending in the North American region, particularly in the U.S. and Canada. According to estimates, construction spending in the United States was USD 1,809.8 billion in December 2022, a 0.4% increase. In 2022, construction spending totaled USD 1,792.9 billion, an increase of 10.2 percent over 2021's USD 1,626.4 billion. Also, Canadian building construction investments increased 6.1% to USD 18 billion in April 2021. Urethane concrete sealer is a durable, waterproof material that can be used to protect concrete and other surfaces from water and other elements. With an increase in construction spending, more contractors are expected to use urethane concrete sealer to ensure that their projects last for years to come. Furthermore, the increase in infrastructure investment and the rise in the number of industrial projects, along with the growing demand for concrete sealers with superior properties, are also expected to drive the market in North America. It was observed that United States state and local governments invested USD 210 billion in infrastructure and transportation in 2020. With the rise in infrastructure investment, the need for waterproofing and sealing of concrete structures has grown. Urethane concrete sealers offer superior waterproofing and sealing capabilities over other sealers, making them an attractive option for infrastructure projects.
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Rapid Urbanization along with surging Construction Activities to Drive the Growth in the Asia Pacific Region
The urethane concrete sealer market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2022, backed by the increasing construction activities in the region, which require sealants to protect and enhance the life of concrete structures along with the growing demand for waterproofing solutions from residential, commercial, and industrial sectors. Further, population growth, especially in developing countries, is expected to drive the demand for more affordable housing in urban areas. This, in turn, entails a need for more buildings to accommodate the increased population. For instance, the population of Asia is predicted to migrate to urban areas by 2030 to the tune of 50%. Furthermore, the availability of resources, land, and labor in the Asia-Pacific region has also made it an attractive destination for real estate development. In addition, the region's low labor costs and ample resources have resulted in more cost-effective construction projects, making the region a prime destination for real estate investment. In 2022, Indian real estate investments reached an all-time high of USD 7 billion, a 30% increase year over year. Urethane concrete sealer is widely used in the real estate industry, and its demand is expected to increase as more people invest in real estate. As people renovate older homes, they are likely to use urethane concrete sealer to improve the durability and appearance of the concrete flooring.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Urethane Concrete Sealer, Segmentation by Application
- Residential Construction
- Commercial Construction
- Industrial Construction
The residential construction segment is anticipated to hold the largest revenue by the end of 2022, owing to the increasing number of residential construction projects in emerging economies and the growing demand for urethane concrete sealers in residential projects. It is estimated that there were more than 100 million single-family homes in the United States by 2020. Additionally, the same period also saw the construction of approximately 5.2 million multifamily residences. Also in 2021, over 228 thousand units of residential housing were launched in India. Urethane concrete sealer is a high-performance, water-based sealer that is extensively used in residential construction. It provides excellent protection against weathering, staining, and abrasion and is easy to apply and maintain. Moreover, the growing population and economic development in the area, have caused a demand for more housing, and the increasing availability of credit and low interest rates have made it easier for people to finance new construction projects. All these factors are projected to augment segment growth in the coming years.
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Global Urethane Concrete Sealer, Segmentation by Sales Channel
- Direct Sales
- Indirect Sales
The direct sales segment is anticipated to hold the largest revenue by the end of 2022, owing to the growing demand for convenience in shopping and the emergence of online retailing. Approximately USD 6 trillion in global retail sales are forecast to be generated online by 2025. Also, there are 125 million independent representatives in the direct selling industry. Direct sales allow customers to purchase products directly from the manufacturer, thus eliminating the need for middlemen and providing a more cost-effective option. Moreover, direct sales enable manufacturers to establish direct contact with their customers and provide detailed information about their products. It also provides manufacturers with the opportunity to respond quickly to customer needs, which can help them gain urethane concrete sealer market share. Furthermore, the increasing popularity of mobile applications and e-commerce platforms has made it easier for manufacturers to reach out to their customers and promote their products. This has further driven the growth of the direct sales segment in the global urethane concrete sealer market.
Few of the well-known market leaders in the global urethane concrete sealer market that are profiled by Research Nester are Perma Inc., The Dow Chemical Company, Triangle Coatings Inc., Evonik Industries AG, BASF SE, Prosoco, Inc., Larsen & Toubro Limited, LATICRETE International, Inc., W. R. Meadows, Inc., Key Resin Company, and other key market players.
Recent Development in the Global Urethane Concrete Sealer Market
- Evonik Industries AG has acquired JeNaCell, a German biotech company. This acquisition expands the company's biomaterial portfolio with biotechnologically derived cellulose. A further goal of the company is to double its share of Nutrition & Care system solutions by the year 2030. Natural ingredients were used to create a material made by JaNaCell for dermatological applications.
- Dow Chemical partnered with Shell to develop ethylene steam crackers, which supply chemicals used to make products that customers use every day. An e-cracking furnace has also been manufactured by the company and is being used at Amsterdam's Energy Transition Campus.
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