Global Sealing Coatings Market Size, Share, Growth, and Industry Analysis by Type (Liquid Sealing Coatings & Dry Sealing Coatings), By Application (Road Construction, Building Construction, House Construction, Bridge and Tunnel Construction & Others) Regional Forecast By 2031

Updated On: 08 April 2024

Sealing Coatings Market Report Overview

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The global sealing coatings market size was USD 14314.67 million in 2021, as per our research, the market is expected to reach USD 23,343.32 million in 2031, exhibiting a CAGR of 4.91% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with sealing coatings industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A form of finish called a sealing coating is used to shield a material's surface from abrasion, weathering, and other environmental elements. Additionally, it might improve the material's longevity and look. By shielding the pavement from the natural ageing process brought on by water, debris, chemical leaks, ultraviolet rays, and other factors, they are chemicals that increase the lifespan of pavements, driveways, roadways, racetracks, and other capital assets. These coatings provide the paved surface a neat, uniform appearance in addition to offering durable qualities.

In addition to improving skid resistance, renewing aged pavements, restoring a uniform cover, sealing small cracks or surface gaps, preventing the infiltration of air or moisture, reducing raveling, and improving street sweeping are some of the major benefits such products offer. It is frequently used in roofs, basements, underground garages, indoor bathrooms and kitchens, water rooms, balconies, facades, slit windows, pillars, pipe channels, swimming pools, and power plant cooling tower wall waterproofing.

COVID-19 Impact: Industry Imbalance Causes Market Distortion

For advance materials, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for material in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of material are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall advanced materials industry. This has partially impacted the sealing coatings industry.

LATEST TRENDS

"Driveways & Parking Lots to Boost the Market Growth"

Driveways and parking lots are the primary trend driving market expansion. In order to extend the lifespan of parking lots and driveways, seal coatings are applied to lessen the impacts of the asphalt binders or other materials used in their construction. Additionally, seal coatings add an additional layer of defense by thwarting harmful intrusions like water, oils, and UV ray damage. Due to their rich black finish, which lends a level of grandeur to the driveway or parking lot, these coatings also produce a surface that is slip-resistant and attractive. The market as a whole is growing because of this tendency. Additionally, driveways and parking lots are exposed to an excessive number of contaminants like water and gasoline. Such outside factors have the potential to erode and ultimately damage asphalt layers. A seal coat treatment creates a barrier against these chemicals, water, and even UV radiation. Additionally, it reduces the amount of time and money needed to repair damages to the parking lot or driveway, expanding the market. Thus, during the forecast period, the aforementioned factors are anticipated to fuel market growth. The global market will benefit from these factors. Thus, a key trend that is opening up potential for the industry to grow is the increase in driveways and parking lots. These new developments are mostly to blame for the market's overall growth.

Sealing Coatings Market Segmentation

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• By Types 

Based on type, the market is classified into Liquid Sealing Coatings & Dry Sealing Coatings.

• By Application

Based on the market is categorized into Road Construction, Building Construction, House Construction, Bridge and Tunnel Construction & Others.

DRIVING FACTORS

"Infrastructure & Road Construction that Gives the Market Extra Boost"

Infrastructure growth is the main element boosting the industry. Due to the rapid rise of industrialization and urbanization, the market is anticipated to grow as a result of increased investments in infrastructure and road connectives, which will in turn feed the demand for seal coating in the pavement construction industry. Additionally, parking lots and roads are present in shopping malls, schools, hospitals, malls, multiplexes, stadiums, and other locations. To close the opening between two surfaces, liquid seal coatings are used. The tiny layers of liquid coating that are applied on the surface of steel, aluminum, plastic, or other materials create an airtight seal around all edges and keep moisture from entering or exiting. The market is anticipated to grow as these areas build more of these structures and other business institutions. As a result, the growth, and the increasing product use in infrastructure will boost the industry. It will contribute to the expansion of the advanced Materials industry and it will improve the sealing coatings market growth.

"Pharmaceutical Packaging to Encourage Market Expansion"

The pharmaceutical packaging industry is another aspect of driving the market. For healthcare packaging and related substrates, there is a rising demand for seal coating. The global market's economic situation has also improved as a result of customer demand for packaging used for vital supplies like allergy medication and dietary supplements like vitamins. assisting the market in growing its sales. This has caused eCommerce shipping and other home delivery services to accelerate significantly. In response to the crisis, shoppers throughout the world are shifting their behavior, and data indicates they want to treble their grocery store spending online. The entire market should benefit from this, according to expectations. Over the course of the forecast period, the market is anticipated to grow as a result of all these advanced features. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"Harmful Effects to Impede Market Expansion"

The negative impact of items is the limiting factor for market expansion. Humans may suffer injury from sealing. The poisonous PAHs (polycyclic aromatic hydrocarbons) included in the glossy, black sealant can have a harmful effect on both people and the environment. This resulted in the product being outlawed in a number of cities, which might prevent the sector from expanding. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Sealing Coatings Market Regional Insights

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"North America Dominating the Market Across the Globe"

The market for sealing coatings is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the sealing coatings market share is the growing demand of product in building construction, house construction, bridge and tunnel construction sector is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

•   Sherwin-Williams (U.S.)
•   Solomon Colors (U.S.)
•   Kryton International (Canada)
•   Rialto (U.S.)
•   Grupo Puma (Germany)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost sealing coatings industry share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.