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 $405.M in 2015 to $609.3M by 2024, expanding at a CAGR of 4.7% therein.
Increased Use of Sealers Anticipated in Driveways and Parking Lots
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.
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.