Key Highlights
According to the report by TMR, the market for sealers in North America offeredan opportunity worth US$ 465.6 Mn in 2018. Expandingat a CAGR of 4.9% between 2019 and 2027,the market is projected to reach US$ 716.2 Mn by the endof the forecast period. The demand for sealers is significantly high indriveways and parking lots. In 2018, this segment acquirednearly 80% of the overall market and is anticipated to remainon the top over the forthcoming years. Bitumen and asphalt-based sealers havebeen registering the most prominent demand and are expected to continue doingso 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 Americamarket for sealers has also been studied thoroughly. The U.S., Canada, andMexico have been considered as the key domestic markets for sealers in thisstudy. Among these, the U.S. occupied the leading position in 2018 witha share of around 85%. The increasing ban on coal tar sealers, thanks to therising awareness pertaining to PAH (poly-cyclic aromatic hydrocarbons)emissions from coal tar sealers, is likely to support the U.S. market forsealers, substantially, in the years to come, ensuring its dominance, reportsthe market study.
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Rise in Automotive Industry to Support Growth ofNorth America Sealers Market
The extensive usage of sealers in driveways and parking lots, as theyprovide a host of benefits, such as decreased water and fuel infiltration,enhanced lifecycle of the paved material, and added aesthetics, is the keyfactor that has been supporting the growth of the sealers market in NorthAmerica. Another main factor, according to a TMR analyst is “the growth of theautomotive industry in North America.” “The increasing number of vehicles inthe 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 thehigh performance, efficiency, and appearance of these constructions, the demandfor sealers in this region is expected to remain increasing over the next fewyears, notes the research study.
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Growing Competition in North America Sealers Market
The North America sealers market is anticipated to observe substantialgrowth over the next few years, thanks to the considerably increasingcompetition between the leading market participants. With the continual entryof new players, the competition within this market is projected to intensifyfurther, creating novel growth opportunities for this market in the years tocome. Neyra Industries Inc.,Fahrner Asphalt Sealers LLC, Bonsal American, Asphalt Coatings EngineeringInc., The Brewer Co., RaynGuard, SealMaster, GemSeal Pavement Pro, and VanceBrothers are some of the key players in this market, reviewed in this researchreport.
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