Sealers market in North America will rise from a value of US$405.7 mn in 2015 to US$609.3 mn by 2024, expanding at a CAGR of 4.7% therein.
Albany, NY -- (SBWIRE) -- 10/20/2016 -- The sealers market in North America is projected to experience moderate growth over the course of the forecast period, driven primarily by the demand for sealers to be used in driveways and parking lots. The increased usage of acrylic sealers with added benefits such as low volatile emissions are likely to offer significant opportunities for growth in the future.
Transparency Market Research projects that the sealers market in North America will rise from a value of US$405.7 mn in 2015 to US$609.3 mn by 2024, expanding at a CAGR of 4.7% therein.
Driveways and parking lots formed the leading application segment of the North America sealers market, in terms of volume, accounting for a share of more than 80% in 2015. The use of coal tar and asphalt sealers in driveways and parking lots lends a sheen to the surface and provides protection against damage by water, lubricants, and external agents. Pavements and blocks will likely form the fastest-growing application segment of the sealer market between 2016 and 2024. Other applications of sealers include race tracks, airports, industrial constructions, and sport arenas.
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By product, bitumen and asphalt-based sealers were the leading revenue generators in the North America sealers market in 2015. Rising bans on coal tar-based sealers, the improved performance of asphalt-based sealers, and competitive pricing strategies are expected to result in the increased consumption of bitumen and asphalt sealers in North America from 2016 to 2024.
Acrylic sealers are projected to expand at a significant pace during the forecast period, fueled by their superior product quality and increased penetration in the decorative concrete segment.
Consumer Preference for Bitumen and Asphalt-based Sealers Rises in U.S.
The North America sealers market comprises the U.S., Canada, and Mexico. In terms of volume, the U.S. held the leading share of more than 85% in 2015. This market has been undergoing a transition in demand from coal tar sealers to bitumen and asphalt-based sealers. Increasing awareness regarding PAH (poly-cyclic aromatic hydrocarbons) emissions from coal tar sealers has driven several states in the country to implement a ban on coal tar sealers. Several contractors and hardware stores, including Lowe's, Home Depot, and Ace Hardware, have also ceased applying and retailing coal tar-based sealers across the country. In the U.S., the acrylic segment is projected to expand at a significant pace during the forecast period, with the bitumen and asphalt segment accounting for a key share in the overall market in 2015.
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Canada also held a considerable share in the sealers market in North America. The country is likely to witness a steady growth in the application of asphalt and bitumen as well as coal tar sealers in the future. Considering that currently Canada has no legislations or bans pertaining to the use of coal tar sealers, this market is expected to witness steady growth in the coming years. The demand for sealers in Canada stems from the driveway and parking lots application segment and the pavement and blocks segment is projected to present considerable scope for growth as well.
Key players in the North America sealers market include Neyra Industries, Inc., Bonsal American, Fahrner Asphalt Sealers LLC, Asphalt Coatings Engineering, Inc., RaynGuard, The Brewer Company, SealMaster, Vance Brothers, GemSeal Pavement Pro.
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