The market for sealers in North America is expected to register moderate growth during the forecast period owing to the increasing deployment of sealers in parking lots and driveways. The manufacturers of sealers are likely to gain from opportunities arising from the high use of acrylic sealers with benefits such as reduced volatile emissions. The deployment of sealers boosts the shelf life and decreases the maintenance cost of pavements. Applications of sealers include sports arenas, race tracks, airports, parking lots, drive ways, blocks, and pavements.
The North America sealers market is likely to exhibit a 4.7% CAGR from 2016 to 2024. The market is projected to rise to US$609.3 mn in 2024 from a valuation of US$405.7 mn in 2015.
The growth of the North America sealers market can be attributed to the rising number of passenger vehicles in the region, thus leading to a rise in the demand for parking lots, garages, and driveways. The market for sealers in North America is expected to witness a bright future owing to the growing research and development activities for developing soybean-based bio-sealers. However, the market is anticipated to be negatively affected by the rising government ban on coal tar sealers in some of the states in the U.S. and upcoming prohibitions in several other cities and states.
The U.S. emerged dominant in terms of consumption in 2015, accounting for a share of approximately 86.0% in the same year. The market for sealers in the U.S. is expected to register a CAGR of 4.9% from 2016 to 2024. On the basis of product, asphalt and bitumen held a combined share of 43.0% in 2015. Although it has been projected that coal tar will hold a considerable share in the North America sealers market, its demand is likely to face a downturn over the coming years.
Consumption of Sealers to Rise in Parking Lots and Driveways
In terms of application, parking lots held the leading share of over 80.0% in the North America sealers market in 2015. Asphalt sealers and coal tar used in parking lots and driveways prevent damage caused by lubricants, water, and other external agents and provide shine to the surface. During the forecast period, blocks and pavements are likely to emerge as the leading segment in terms of growth.
The increasing vehicle footprint in North America is one of the primary reasons behind the growth of the sealers market in the region. The progress of the sealers market is highly dependent on the automotive industry.
U.S. to Exhibit High Demand for Asphalt and Bitumen-based Sealers
The sealers market in North America includes Mexico, Canada, and the U.S. The U.S. market for sealers has been witnessing a transition over the last few years in terms of demand for asphalt and bitumen-based sealers. The demand for this type of sealers is primarily driven by the growing awareness among consumers regarding poly-cyclic aromatic hydrocarbons (PAH) emissions from sealers made of coal tar. As a result of this, many manufacturers are focusing on the production of asphalt and bitumen-based sealers.
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Some of the key players operating in the market are GemSeal Pavement Pro, Vance Brothers, SealMaster, The Brewer Company, RaynGuard, Asphalt Coatings Engineering Inc., Fahrner Asphalt Sealers LLC, Bonsal American, and Neyra Industries Inc.