North America Concrete Sealer Market is Anticipated to Exceed $250 Million by 2026, Says Global Market Insights Inc.
The growing need for restoration and modernization of the aging infrastructure is propelling the concrete sealer market consumption in North America.
SELBYVILLE, Del., June 18, 2020 (Newswire.com) - According to Global Market Insights Inc., the North America Concrete Sealer Market is likely to exceed a valuation of nearly $250 million by 2026, registering a CAGR of 3.3% from 2020 to 2026. The report provides a thorough study of the top winning strategies, industry size and estimations, drivers and opportunities, competitive scenario, key investment pockets, and wavering market trends.
Rising construction investments and the swelling demand for multi-family and single-family housing are likely to strengthen the construction industry in North America, which in turn, will advance the concrete sealer market in the region. After the recession, the construction projects that were stalled have now gained momentum. Positive trends in the residential market are the key drivers owing to better standards of living and the growing purchasing power of people. The new construction put in place is estimated to reach above USD 1.53 billion by the end of 2022.
Aging infrastructure is also a big concern and there are significant developments in the refurbishment of old buildings that are intensifying the trend for the North America concrete sealer market by 2026. Furthermore, growing trends toward eco-friendly concrete sealers such as bio-based products in the construction industry will garner an abundance potential for the North America concrete sealer industry in the near future. Nonetheless, strict environmental regulations related to VOC content from various government bodies, such as the U.S. Environmental Protection Agency (EPA) and Environment Canada, of the product will pose a threat to the growth of the concrete sealer market in North America.
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The North American concrete sealer market has been segmented based on product and application. Based on product, the market has been segregated into acrylic sealers, penetrating sealers, epoxy sealers, polyurethane sealers, film-forming sealers and few others. Other concrete sealers consist of polyaspartics, tinted concrete sealers, high gloss sealers, etc. Penetrating sealers are further sub-segmented into silicate, silicone, silane, and siloxane. Acrylic concrete sealers are ideal for projects where easy application and economy are important. It was responsible for covering over a 14% volume share in 2019.
Based on the application, the industry has been classified into residential, commercial, industrial, and others comprising institutional, municipal, etc. The industrial segment is also a vital construction application area in the North America concrete sealer industry, which will clutch a revenue share of more than 25% of the total market size during the forecast timeframe, owing to the growing demand for oil & gas extraction activities across the region. This has created the need for construction and repair and maintenance activities of pipelines, storage tanks, etc. in the region.
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Some major findings of the North America concrete sealer market report include:
- The construction sector is a key contributor in the U.S. economy, which accounted for around 4% of the total GDP.
- Total construction spending in the U.S. amounted to around USD 1.31 billion in 2019, which has been increased by 8% as compared to 2016.
- The penetrating sealers are estimated to cover the largest volume share of over 25% by 2026 among other concrete sealers.
- The commercial segment will observe the highest growth potential growing with a CAGR of 3.5% by 2026.
The key competitors in the North America concrete sealer industry are Evonik Industries, Euclid Chemical Company, Tennant Co., BASF, PPG Industries, Omnova Solutions, Ameripolish, Mapei Construction Products, SealBond Inc., Valspar Corp., Laticrete International, Prosoco, Nutech Paint, Vexcon Chemicals, Inc., W. R. Meadows, etc.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Source: Global Market Insights Inc.