Urethane Concrete Sealer Market Trends

Growth Drivers

• Burgeoning Population to Escalate the Demand for the Construction of New Buildings – 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. The growth of the population is expected to rise the demand for housing and other buildings for survival. Furthermore, a notable number of people are migrating to the urban areas in search of livelihood or to live a luxurious life has also triggered the demand for rapid construction of new buildings. On the other hand, there has been a significant boom in the construction of commercial buildings backed by rising government initiatives to constitute smart cities. The increased need for construction is further anticipated to fuel the demand for urethane concrete sealers and expand the market size.
• Rise in Residential Construction to Boost the Market Growth– 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.
• High Investment in Real Estate Globally– 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.

Challenges

• Presence of the Substitute Material of Urethane Concrete in the Market

Some people and architects don’t prefer urethane concrete owing to the convenient availability of other substitutes such as. Acrylic, film-forming sealers, epoxy, and others. Epoxy concrete sealers are heavily used in indoor flooring since it is the most durable material. Additionally, there are several groups of urethanes which are comprised of polyurethane as well.

• Fluctuating Costs of Raw Materials
• Stringent Rules by the Government