Sealers are widely used in parking lots and driveways due to the various advantages offered by them, including improved durability of the paved material, added aesthetics, and lower fuel and water infiltration. Therefore, the increasing construction of pavements, race tracks, sports arenas, and driveways is likely to bolster the North America sealers market. As per a report by Transparency Market Research (TMR), which is now available on Market Research Reports Search Engine (MRRSE), the market will rise at a moderate CAGR of 4.7% from 2016 to 2024, reaching a value of US$609.3 mn by 2024 from US$405.7 mn in 2015.
Browse the full North America Sealers Market Report: http://www.mrrse.com/north-america-sealers-market
Rising Presence of Vehicles to Boost Demand for Sealers
The growth of the North America sealers market is largely dependent on the growth of the automotive sector. The soaring vehicle footprint in this region is facilitating the demand for driveways, garages, and parking lots, thereby fuelling the demand for sealers. The demand is anticipated to experience a steady increase over the years with the need to maintain the appearance and performance of such construction projects.
Increasing Government Bans on Coal Tar Sealers to Hamper Growth Prospects
The rising government bans on the use of coal tar-based sealers in several states across the U.S. are likely to hamper the growth of the North America sealers market. Coal tar consists of polycyclic aromatic hydrocarbons (PAH), which can negatively impact the ecosystem. The declining consumption of coal tar sealers is thus expected to hinder the growth of the market.
However, the growing usage of acrylic sealers, which offer added advantages such as low volatile emissions, is anticipated to offer immense growth opportunities in the forthcoming years. Furthermore, the increasing research and development activities in soybean-based bio-sealers owing to rising environmental concerns are estimated to open new avenues for players operating in the North America market.
Bitumen and Asphalt-based Sealers Emerge as Leading Product Segment
Bitumen and asphalt-based sealers formed the leading product segment in 2015 in terms of revenue. The increasing bans on coal tar sealers and the growing focus towards improving the performance of asphalt-based sealers are likely to boost the demand for bitumen and asphalt sealers in North America over the forecast period. The demand for acrylic sealers is poised to increase significantly during the same period, driven by their high product quality. Based on application, driveways and parking lots formed the leading segment in 2015, accounting for more than 80% of the overall market volume.
Browse the full Press Release of North America Sealers Market at :http://www.mrrse.com/sealers-market
U.S. Commands Leading Share of Volume Pie in North America Sealers Market
The U.S. was the leading regional market in 2015, accounting for more than 85.0% of the overall market volume. Over the past few years, there has been a shift in the demand for sealers from coal tar-based sealers to bitumen and asphalt-based variants. In terms of revenue, the U.S. market is expected to exhibit a CAGR of 4.9% between 2016 and 2024. The Canada market is anticipated to witness steady growth over the years owing to the increasing application of bitumen and asphalt-based and coal tar-based sealers.