Stucco Market Worth $13.4 Billion by 2024 - Exclusive Report by MarketsandMarkets™

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Feb 10, 2020, 05:30 ET

CHICAGO, Feb. 10, 2020 /PRNewswire/ -- According to the new market research report "Stucco Market by Material (Cement, Aggregates, Admixture, Plasticizers, Bonding Agent), Type (Traditional, Insulated), Base (Concrete, Masonry, Tile), End-use (Residential & Non-residential), and Region- Global forecast to 2024", published by MarketsandMarkets™, the global Stucco Market size is projected to grow from USD 10.9 billion in 2019 to USD 13.4 billion by 2024, at a CAGR of 4.2% from 2019 to 2024. The market is projected to grow in accordance with the growth of various end-uses of stucco across the globe. The increase in residential, industrial, and commercial construction is expected to support market growth during the forecast period.

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In terms of value and volume, the insulated segment is estimated to be the fastest-growing type in the stucco market in 2019.

The insulated segment, by type, is projected to be a faster-growing segment in the stucco market. Insulated stucco dries evenly, quickly, and can be applied over the foam board, rather than over mesh. The acrylic resin also adds movement to the synthetic stucco, making it less prone to cracking and breaking mainly because of its elasticity and ability to stretch.

The non-residential segment is estimated to be a larger end-use market in the stucco market in 2019.

The non-residential sector, by end-use, accounted for a larger market size for stucco in 2018, in terms of both value and volume. This dominant market position is attributed to the exponential growth of construction activities globally. With the boost in construction activities, the number of industrial and commercial buildings has also gone up, which has created an opportunity for the application of stucco systems in these buildings.

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The Asia Pacific region is projected to account for the largest share in the stucco market during the forecast period.

The Asia Pacific region is projected to lead the stucco market, in terms of both value and volume, from 2019 to 2024. The development in the construction industry in emerging countries such as India and China is expected to boost the demand for stucco in the market. Furthermore, Asia Pacific is the hub of foreign investment and booming industrial sectors, largely due to the low-cost labor and cheap availability of lands. This, in turn, increases the growth of construction activities, which boosts the demand for stucco in the region.

Sika AG (Switzerland), Cemex (Mexico), BASF SE (Germany), Omega Products International (US), and Dryvit Systems Inc. (US) are the key players operating in the stucco market. Acquisitions and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Stucco Market.

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