Albany, NY -- (SBWIRE) -- 03/23/2018 -- The sealers market in North America is characterized by the presence of a large number of players and a fragmented competitive landscape. Transparency Market Research has noted that some of the top companies in this market have been depending on high product differentiation and extensive research and development to expand their businesses and maintain their share in the North America sealers market.
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"New players are focused on the development of bio-based and acrylic sealers, while existing players are engaged in the development of next-gen, highly efficient, and inexpensive sealers," the author of the study observes. Companies have also been focusing on expanding their businesses through strategic mergers and acquisitions. GuardTop, for instance, acquired Rockmart of Blacklidge Emulsion Inc. in January 2015 to expand its footprint in Southeast America. The company now has access to the emerging markets of Alabama, Georgia, Mississippi, Florida, Tennessee, and the Carolinas.
The opportunity in the sealers market in North America stood at US$405.7 mn in 2015 and is estimated to be worth US$609.3 mn by 2024, registering a 4.7% CAGR from 2016 to 2024. The demand, on the other hand, is projected to reach 572.9 kilo tons by the end of the forecast period.
U.S. Emerges as Leading Market for Sealers in North America
Accounting for a share of over 86% in 2015, the U.S. was the leading country-wise market for sealers in the region. In terms of revenue, the sealers market in the U.S. is projected to expand at a 4.9% CAGR from 2016 to 2024.
On the basis of application, sealers are largely used in driveways and parking lots. Based on product, bitumen and asphalt held the leading share of over 43% at the start of the forecast period. Although coal tar will continue to hold a significant share in the overall sealers market, its demand is projected to decrease over the coming years with recent bans on its usage in several states in the U.S.
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Increase in Vehicle Footprint Spurs Demand for Sealers
Sealers are extensively used in driveways and parking lots as offer a host of advantages, including lower fuel and water infiltration, added aesthetics, and improved lifecycle of the paved material. "The growth of the sealers market in North America is primarily dependent on the growth of the automotive industry," the lead analyst states. "The rising presence of vehicles in the region has warranted the demand for parking lots, driveways, and garages, thereby driving the demand for sealers."
The demand is likely to witness a consistent rise over the years with the need to maintain the superior performance and appearance of such construction projects.