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Seal Coat Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Seal Coat Market is segmented by Product Type (Coal Tar-based, Asphalt-based, Acrylic-based, and Other Types), Application (Pavements and Repair/Refurbishment), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). T

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Market Snapshot

Seal coat market Overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: North America
Largest Market: North America
CAGR: >4 %
Seal coat market Key Players

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Market Overview

The seal coat market was valued at USD 1.3 billion in 2020, and the market is projected to register a CAGR of more than 4% during the forecast period (2021-2026).

The global seal coat market is hampered by the COVID-19 pandemic. The construction industry came to a standstill due to the unavailability of raw materials, shortage of laborers, and disruption in the supply chain. The slowdown in the repair works from the construction industry had a key role in making the demand growth harder to achieve for seal coat in 2020. The global construction sector is expected to witness a period of negative/low growth over the next two years, driven by an economic downturn triggered due to the outbreak.

  • Over the medium term, the growth of the seal coat market is likely to be driven by increasing infrastructure and road connectives due to rapid industrialization and urbanization, thus fueling the demand for seal coating in the pavement construction sector.
  • Stringent environmental regulations and factors such as increased health risk because of exposure to cancer-causing polycyclic aromatic hydrocarbons (PAHs) are likely to hinder the growth of the seal coating market.
  • North America dominated the market across the world with the largest consumption of seal coating in countries such as the United States and Canada.

Scope of the Report

Sealcoating, or pavement sealing, is the process of applying a protective coating to asphalt-based pavements to provide a layer of protection from the elements such as water, oils, and UV damage. The seal coat market is segmented by product type, application, and geography. By product type, the market is segmented into coal tar-based, asphalt-based, acrylic-based, and other product types. By application, the market is segmented into pavements and repair/refurbishment. The report also covers the market size and forecasts for the seal coat market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Product Type
Coal Tar-based
Asphalt-based
Acrylic Polymer-based
Other Product Types
Application
Pavements
Driveways and Parking Lots
Roadways and Walkways
Racetrack and Sports
Repair and Refurbishment
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Driveways and Parking Lots to Dominate the Market

  • Seal coatings are used to reduce the effects of asphalt binders or other materials used in parking lots or driveway constructions, thereby increasing their lifespan. Further, seal coatings provide a layer of protection by blocking out harmful intrusions, such as water, oils, and UV ray damage.
  • These coatings also result in a slip-resistance surface and are aesthetically pleasing owing to their deep black finish, which adds a level of magnificence to the parking lot or driveway.
  • Moreover, driveways or parking lots are exposed to excessive chemicals, such as gasoline and water. Such external elements can weaken and eventually destroy the layers of asphalt. The application of a seal coat acts as a barrier to such chemicals, water, and even UV rays. It further saves money and time spent in repairing cracks and damages to the driveway or parking lot, thereby expanding the lifespan of such.
  • In North America and Europe, almost every building (from small to big housing or high-rise buildings) has its own driveways and parking lots. The Central Association of the German Construction Industry and the Federation of the German Construction Industry have estimated to build around 300,000 new units in Germany in 2019 and 310,000 new units in 2020. Additionally, shopping centers, schools, hospitals, malls, multiplexes, stadiums, airports, etc., have their own driveways and parking lots. Increasing the construction of such buildings and other commercial institutions in these regions is expected to drive the market for seal coats through the years to come.
  • Moreover, according to the National Asphalt Pavement Association, more than 90% of surface parking areas are surfaced with asphalt pavement in the United States. Thereby, any new construction of parking areas will significantly impact the market demand for seal coats, as they are almost mandatory to be used for asphalt pavement preservation.
Seal coat market Key Trends

The United States to Dominate the North American Market

  • In the country’s transportation networks, seal coat is used in numerous areas, including paving roads, parking lots, airports, biking and walking trails, and other paved surfaces. The United States majorly relies on asphalt for the construction of pavements, as it offers the advantage of reclaiming more than 99% of the asphalt pavement, which can be reused in future projects.
  • As per the National Asphalt Pavement Association (NAPA), about 3,600 asphalt mix production sites operate in the country, with around 420 million metric tons of asphalt pavement material annum.
  • In 2020, according to NAPA, the country had more than 4.1 million miles of public roads, out of which more than 1.3 million miles of public roads were unpaved. Besides, more than 94% of the surface parking areas in the country were surfaced by asphalt pavement.
  • During 2019, there were 19,636 airports in the country. The United States set a bar of USD 1 billion in infrastructure expenditure, with many airport projects to reach a conclusion during 2019-2021. Moreover, every year, the aviation industry witnesses grants and passenger facility charges of USD 4 billion from the Airport Improvement Program, which is spent on the airfield runways, aprons, and taxiways.
  • According to the US Census Bureau, the country is also embarking on a significant number of commercial construction projects, all of which are in various stages of development. Forbidden City and All Net Arena & Resort in Las Vegas, Ko Olina Atlantis Resort in Hawaii, Miami Herald Redevelopment in Florida, The Wharf - Phase 2 in Washington DC are some of the commercial projects that the country is embarking currently. The development of all such projects will require the construction of new driveways and parking lots, which in turn will increase the demand for seal coats through the years to come.
  • Furthermore, about 35% of the asphalt pavement expenditure in the country is recorded from the residential and non-residential construction segments. Besides, the expenditure of the United States on commercial building construction is forecast to grow by more than 4% annually over the forecast period. With the increased trend of nuclear families in the country, apartments have become one of the major preferences, leading to the construction of high-rise residential buildings and townships, thus increasing parking spaces, walkways, and driveways in such segments.
Seal coat market Growth by Region

Competitive Landscape

The seal coat market is highly fragmented. Some of the key players include Seal Master, RaynGuard, Neyra, STAR Inc., and Crafco.

Asphalt Coatings Engineering Inc., Crafco Inc., GemSeal Pavement Products, Go Green Lehong New Material Technology (Shanghai) Co. Ltd, GoldStar Asphalt Products, GuardTop, Neyra, Raynguard, SealMaster, STAR Inc.

Recent Developments

  • In 2019, Seal Master announced the opening of a Seal Master franchise and retail showroom in Bakersfield.
  • In May 2018, Neyra expanded its servicing network with a new manufacturing plant in Graham, North Carolina, to drive continued growth in the region.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increase in Pavement Construction

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Ban on Coal Tar-based Seal Coats in Many Regions

      2. 4.2.2 Impact of COVID-19

      3. 4.2.3 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size by Value)

    1. 5.1 Product Type

      1. 5.1.1 Coal Tar-based

      2. 5.1.2 Asphalt-based

      3. 5.1.3 Acrylic Polymer-based

      4. 5.1.4 Other Product Types

    2. 5.2 Application

      1. 5.2.1 Pavements

        1. 5.2.1.1 Driveways and Parking Lots

        2. 5.2.1.2 Roadways and Walkways

        3. 5.2.1.3 Racetrack and Sports

      2. 5.2.2 Repair and Refurbishment

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Asphalt Coatings Engineering Inc.

      2. 6.4.2 Crafco Inc.

      3. 6.4.3 GemSeal Pavement Products

      4. 6.4.4 Go Green Lehong New Material Technology (Shanghai) Co. Ltd

      5. 6.4.5 GoldStar Asphalt Products

      6. 6.4.6 GuardTop

      7. 6.4.7 Neyra

      8. 6.4.8 Raynguard

      9. 6.4.9 SealMaster

      10. 6.4.10 STAR Inc.

      11. 6.4.11 Vance Brothers Inc.

      12. 6.4.12 Western Colloid

      13. 6.4.13 Wolf Paving

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Investments on Infrastructure and Road Connectivites

    2. 7.2 Other Opportunities

**Subject to Availability

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Frequently Asked Questions

The Seal Coat Market market is studied from 2016 - 2026.

The Seal Coat Market is growing at a CAGR of >4% over the next 5 years.

The Seal Coat Market is valued at 1 Billion USD in 2016.

North America is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

SealMaster, RaynGuard, Neyra, Crafco Inc, STAR Inc are the major companies operating in Seal Coat Market.

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