Growing construction activities across the globe is one of the significant factors influencing the growth of the market.
NEW YORK, NY, USA, May 18, 2022 /EINPresswire.com/ — The global stucco market is expected to reach $14.64 billion by 2027, according to a new report from Reports and Data. Stucco is a kind of building coating similar to plaster and is a mixture made up of cement, lime, sand and water. Stucco can be mixed and coated with a metallic base (batten) in multiple layers to provide a resilient and unified look to the residential facade. It is suitable for modern construction finishes. Additionally, stucco is cost effective compared to the various exterior coatings available in the market, and it can be applied at a rapid pace and offers benefits such as lower maintenance costs.
An increase in construction expenditures and investments are among the major factors that are expected to drive the market demand. Stucco improves the longevity of construction work and provides additional protection against environmental hazards. Additionally, an increase in expenditure on the development of roads, tunnels, dams, and bridges in emerging economies is expected to boost the market growth in the coming years.
Government initiatives aimed at boosting infrastructure development in developing countries are expected to boost the demand for the products during the forecast period. Lately, China’s latest push to bolster economic growth by easing restrictions on the use of local government bond proceeds, paving the way for a new wave of infrastructure investment.
Impact of COVID-19
The COVID-19 pandemic is having a significant impact on the stucco industry. Demand for the product is experiencing severe shocks in various end-use markets, global supply chains are disrupted, and the competitive order of manufacturers/producers has experienced a shift. The shortage of demand, due to a decline in construction activity, has pushed the global building materials sector into an oversupply situation. Movement restrictions appear to be a direct and immediate effect, and once mandatory social distancing ends, things are expected to return to normal.
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Major participants include BASF SE, STO Group, Omega Products International, DuPont, Sika AG, Western Blended Products, Cemex, California Stucco Products Corporation, Dryvit Systems Inc., and The Quikrete Companies, among others.
Other key findings from the report suggest
• By raw material, cement held a substantial market size in 2019. Traditionally, stucco is Portland cement plaster and is a versatile coating material, which can be coated on curved or flat surfaces of any construction, be it either indoors or outdoors.
• By base, traditional stucco is likely to grow at a rate of 2.7% over the forecast period, due to offering advantages in wetter conditions, as this type of base is less likely to absorb/be damaged by water compared to other types of bases. Traditional stucco is more resistant to hail, blows and picks.
• By application, the non-residential application is expected to grow at a rate of 2.8% over the forecast period. In the non-residential sector, such as the commercial sector, the application of stucco gives the exterior of commercial spaces a homogeneous and professional look.
• Asia-Pacific region dominated the market in 2019 and is expected to grow at the fastest rate of 4.4% during the forecast period. The growth of the building and construction industry coupled with an increase in the level of disposable income of people in developing countries, such as India and China, is driving the market demand in the region.
• In May 2019, Sika announced the acquisition of Parex, a leading supplier of mortar to the construction industry. Sika and Parex complement each other in terms of product portfolio and distribution channel penetration.
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For the purposes of this report, Reports and Data has segmented the global stucco market on the basis of raw material, type, basis, application and region:
Commodity Outlook (Revenue, USD Million; 2017-2027)
Type Outlook (Revenue, USD Million; 2017-2027)
Basic Outlook (Revenue, USD Million; 2017-2027)
Application Outlook (Revenue, USD Million; 2017-2027)
• North America (United States, Canada, Mexico)
• Europe (Germany, UK, Italy, France, BENELUX, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, rest of Asia-Pacific)
• Latin America (Brazil, rest of LATAM)
• Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of Middle East and Africa)
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The manufacturing and construction industry is witnessing steady growth in terms of revenue over the past few years and is expected to record a robust revenue CAGR over the forecast period 2017-2028. This can be attributed to factors such as the rapid growth of the construction and building industry, rapid urbanization and industrialization across the globe, technological advancements in manufacturing techniques. In recent years, there has been a rapid demand for green construction and energy efficient buildings due to growing awareness of environmental impact and carbon emissions. Key factors such as the rapidly expanding global population, changing lifestyle preferences, high demand for smart buildings, increasing number of renovations and reconstructions around the world, and increasing construction activities environmentally friendly products are expected to drive the growth of the global market over the forecast period. In addition, increasing disposable income, increased government programs and investments from private organizations to support manufacturing and construction, and an emphasis on aesthetics are other factors that are expected to boost the growth of the global market in the future.
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