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, as construction industry came to standstill owing to unavailability of raw materials, shortage of laborers, and disruption in 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 economic downturn triggered due to the outbreak.

- Over the medium term, the growth of seal coat market is likely to be driven by the increasing investments in infrastructure and road connectives due to rapid industrialization and urbanization, thus fueling the demand for seal coating in 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 seal coating market.
- North America dominated the market across the globe with the largest consumption of seal coating in countries such as the United States and Canada.

Key Market Trends

Driveways and Parking Lots to Dominate the Market

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- 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 coat 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.

The United States to Dominate the North America Region 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 an advantage of reclaiming more 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 a production of around 420 million metric tons of asphalt pavement material per 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 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 coat 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 segment. 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 the requirement of parking spaces, walkways, and driveways in such segments.

Competitive Landscape

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

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