As per a new report by Transparency Market Research (TMR), the North America sealers market is anticipated to observe substantial growth over the next few years, thanks to the considerably increasing competition between the leading market participants. With the continual entry of new players, the competition within this market is projected to intensify further, creating novel growth opportunities for this market in the years to come. Neyra Industries Inc., Fahrner Asphalt Sealers LLC, Bonsal American, Asphalt Coatings Engineering Inc., The Brewer Co., RaynGuard, SealMaster, GemSeal Pavement Pro, and Vance Brothers are some of the key players in this market, reviewed in this research report.
According to the report by TMR, the market for sealers in North America offered an opportunity worth US$405.7 mn in 2015. Expanding at a CAGR of 4.70% between 2016 and 2024, the market is projected to reach US$609.3 mn by the end of the forecast period. The demand for sealers is significantly high in driveways and parking lots. In 2015, this segment acquired nearly 80% of the overall market and is anticipated to remain on the top over the forthcoming years. Bitumen and asphalt-based sealers have been registering the most prominent demand and are expected to continue doing so in the near future, states the research report.
U.S. to Lead North America Sealers Market
In this research report, the geographical presence of the North America market for sealers has also been studied thoroughly. The U.S., Canada, and Mexico have been considered as the key domestic markets for sealers in this study. Among these, the U.S. occupied the leading position in 2015 with a share of around 85%. The increasing ban on coal tar sealers, thanks to the rising awareness pertaining to PAH (poly-cyclic aromatic hydrocarbons) emissions from coal tar sealers, is likely to support the U.S. market for sealers, substantially, in the years to come, ensuring its dominance, reports the market study.
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Rise in Automotive Industry to Support Growth of North America Sealers Market
The extensive usage of sealers in driveways and parking lots, as they provide a host of benefits, such as decreased water and fuel infiltration, enhanced lifecycle of the paved material, and added aesthetics, is the key factor that has been supporting the growth of the sealers market in North America. Another main factor, according to a TMR analyst is “the growth of the automotive industry in North America.” “The increasing number of vehicles in the region is fueling the demand for driveways, parking lots, and garages, leading to a high demand for sealers,” he added. With the need to maintain the high performance, efficiency, and appearance of these constructions, the demand for sealers in this region is expected to remain increasing over the next few years, notes the research study.