Copyright © 2022 StrategyHelix Inc. All Rights Reserved.
Global Seal Coat Market Size and Share Analysis 2023-2028
The Global Seal Coat Market is currently estimated at USD 1,420.4 million in 2023 and is projected to reach USD 1,713.2 million by 2028, reflecting a steady Compound Annual Growth Rate (CAGR) of 3.82% over the forecast period (2023-2028).
Seal coating, also known as pavement sealing, involves the application of a protective coating to asphalt-based pavements to safeguard them from various environmental elements, including water, oils, and damage caused by ultraviolet (UV) rays.
|No. of Pages||
USD 1.4 billion in 2021
Product Type, Application, and Geography
|No. of Companies Mentioned||
The outbreak of the COVID-19 pandemic had adverse effects on the global seal coat market. The construction industry faced significant challenges due to the unavailability of raw materials, a shortage of laborers, and disruptions in the supply chain. However, with the post-pandemic resurgence in construction activities, the demand for seal coats is expected to witness an upswing.
Over the medium term, the global seal coat market is primarily driven by increasing commercial construction activities, pavement construction, rapid industrialization, and urbanization. These factors are expected to contribute to the growth of the industry. However, stringent environmental regulations and health concerns related to polycyclic aromatic hydrocarbons (PAHs), which can lead to cancer, have resulted in the ban of coal tar-based seal coats in several regions. Consequently, this ban may hinder the market’s growth over the coming years.
The rise in refurbishment and repair activities in both developed and developing countries presents new growth opportunities for the seal coat industry. Notably, North America holds a dominant position in the global market, with the United States and Canada being the major consumers of seal coating products.
The market is segmented based on various factors, including product type, application, and geography.
Segmentation by Product Type
Other Product Types
Segmentation by Application
Pavements – Driveways and Parking Lots, Roadways and Walkways, Racetrack and Sports
Repair and Refurbishment
Segmentation by Geography
North America – United States, Canada, Mexico
Europe – United Kingdom, Germany, France, Italy, and Rest of Europe
Asia-Pacific – China, Japan, India, South Korea, and Rest of Asia-Pacific
Latin America – Brazil, Argentina, and Rest of Latin America
Middle East and Africa – Saudi Arabia, South Africa, and Rest of Middle East and Africa
The present seal coat market is dominated by asphalt-based seal coats, which offer faster drying features, do not cause skin irritation, and lack strong odors. Additionally, they exhibit more flexibility, without the risk of check cracking, and do not stain surfaces like coal tar seal coats might.
The demand for seal coats in the market is primarily driven by applications in pavements. This segment is projected to experience a Compound Annual Growth Rate (CAGR) of 4.05% during the forecast period from 2023 to 2028. Seal coats provide slip-resistance surfaces and an aesthetically pleasing deep black finish, which enhances the overall magnificence of parking lots and driveways.
The usage of seal coatings extends the lifespan of asphalt binders and other materials used in parking lot and driveway construction. Moreover, these coatings act as a protective barrier against harmful intrusions such as water, oils, and ultraviolet (UV) ray damage. By providing resistance to chemicals and water, seal coats prevent the weakening and destruction of asphalt layers, thus reducing the need for frequent repairs and ultimately extending the lifespan of driveways and parking lots.
The prevalence of driveways and parking lots in nearly all types of buildings, ranging from small residential units to large high-rise structures, commercial centers, schools, hospitals, and airports, among others, in North America and Europe, is another significant factor contributing to the demand for seal coats in these regions. The rise in construction of such buildings and commercial institutions is expected to further drive the market for seal coats in the future.
In Germany, the construction industry has experienced notable growth, with increasing orders and permits for new buildings, albeit with a slight decrease in dwelling permits issued in 2022. Europe as a whole is witnessing expansion in the retail sector, with the construction of new malls across the continent. These developments signify an increased need for parking areas and driveways, which will have a significant impact on the demand for seal coats, considering they are essential for asphalt pavement preservation.
The United States stands as a leading market for seal coats due to its extensive usage of asphalt pavement. More than 90% of parking areas in the US are surfaced with asphalt pavement. Additionally, the country has a vast network of paved roads and highways, with the majority (94%) being surfaced with asphalt. The reusability of asphalt in other projects further highlights its significance as a building material.
The US Department of Transportation’s Federal Aviation Administration (FAA) has allocated substantial funding for airport terminal improvements, including the construction of new air traffic control towers. Moreover, the United States Census Bureau (USCB) reports a considerable number of ongoing commercial construction projects, which will necessitate the construction of new driveways and parking lots, driving the demand for seal coats.
The expenditure on asphalt pavement in the United States is also recorded significantly in the residential and non-residential construction segments. With the growing trend of nuclear families, apartments and high-rise residential buildings are on the rise, leading to an increased demand for parking spaces, walkways, and driveways in these segments, further contributing to the growth of the seal coat industry in North America.
The seal coat market exhibits a high degree of fragmentation, with numerous players sharing the market share. Among the key participants are Seal Master, RaynGuard, Neyra, Star Seal Inc., and Crafco, alongside others.
SealMaster stands out as the foremost player in the industry and ranks among the largest manufacturers of pavement sealers and seal coats. The company operates in multiple countries, including the United States, Canada, China, and Mexico.
Key companies profiled in this report include Asphalt Coatings Engineering INC., Crafco INC., Fahrner Asphalt Sealers Llc, Gemseal Pavement Products, Go Green Industrial Shanghai Co. Ltd, Goldstar Asphalt Products, Guardtop, Neyra, Raynguard, Sealmaster, Star Seal Inc., Vance Brothers Inc., Western Colloid, Wolf Paving.
Recent Industry Developments
November 2022: Solvay has introduced Reactsurf 2490, a novel APE-free polymerizable surfactant specifically designed to serve as a primary emulsifier for acrylic, vinyl-acrylic, and styrene-acrylic latex systems. Reactsurf® 2490 is engineered to enhance emulsion performance, resulting in superior functional and aesthetic benefits in exterior coatings and pressure-sensitive adhesives (PSAs) compared to conventional surfactants, even under high-temperature conditions. Apart from its application in exterior coatings and PSAs, Reactsurf 2490 finds widespread usage in paint binders, adhesives & sealants, textile & nonwoven binders, paper coatings, and various building & construction applications.
August 2022: Kratos Capital successfully completed the acquisition of its client LS Systems by Sciens Building Solutions, a portfolio company of the Carlyle Group. Based in Arbutus, MD, LS Systems holds a prominent position as an industry leader in safety and security systems design. Leveraging cutting-edge technology and an unwavering commitment to problem-solving, the company offers comprehensive solutions and exemplary customer service. LS Systems specializes in catering to safety, security, and communication requirements, providing services encompassing design, installation, and cloud-based management.
Key Questions Answered
What is the duration of the study period for this market?
The study period for the Seal Coat Market spans from 2018 to 2028.
What is the projected growth rate of the Seal Coat Market?
The Seal Coat Market is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 3.82% over the subsequent 5 years.
What is the estimated size of the Seal Coat Market?
The Seal Coat Market is projected to reach a size of USD 1,420.4 million in 2023 and is expected to grow at a CAGR of 3.82%, reaching USD 1,713.2 million by 2028.
Which region is expected to register the highest growth rate in the Seal Coat Market?
North America is anticipated to register the highest CAGR in the Seal Coat Market from 2018 to 2028.
Which region holds the largest market share in the Seal Coat Market?
As of 2022, North America holds the largest market share in the Seal Coat Market.
Who are the key market players in the Seal Coat Market?
The key market players in the Seal Coat Market include SealMaster, RaynGuard, Neyra, Crafco Inc, and Star Seal Inc.