New York, Aug. 24, 2020 (GLOBE NEWSWIRE) -- The Global Stucco Market is expected to reach USD 14.64 Billion by 2027, according to a new report by Reports and Data. Stucco is a kind of construction coating akin to plaster and is a mixture comprising of cement, lime, sand, and water. Stucco may be blended and smeared a wire base (lath) in several coats to provide a resilient, unified look for the residential facade. It is appropriate for modern construction finishes. Moreover, stucco is cost-effective as compared to various exterior coatings available on the market, and it may be applied at a rapid rate and offers benefits such as lower maintenance costs.
An increase in construction spending and investment are among the major factors expected to stimulate market demand. Stucco improves the longevity of construction work as well as deliver further protection from environmental hazards. Moreover, a rise in expenditure on the development of roads, tunnels, dams, and bridges in emerging economies is forecast to drive the market growth in the upcoming years.
Government initiatives to boost infrastructure development in developing nations are likely to drive the product demand in the forecast period. China's latest impetus to strengthen economic growth by relaxing restrictions on the usage of proceeds of local government bonds has paved the way for a new wave of investment in infrastructure.
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COVID-19 Impact Analysis
The COVID-19 pandemic has had a significant impact on the stucco industry. Demand for the product is suffering across various end-use markets, worldwide supply chains are upset, and the competitive order of manufacturers/producers has witnessed a change. The shortage of demand, owing to a decline in the construction activities, has fast-tracked the global construction materials sector into an oversupply situation. Movement restrictions appear to be a direct and immediate effect, and once the compulsory social distancing ends, it is expected things would get back to normal conditions.
Further key findings from the report suggest
- By raw material, cement held a substantial market size in 2019. Traditional stucco is a Portland cement plaster and is a multipurpose coating material, which may be smeared to curved or flat surfaces of any construction, both inside or outside.
- By base, the traditional stucco is likely to grow at a rate of 2.7% in the forecast period, owing to the offering of advantages in wetter conditions, as this kind of base is less likely to absorb water/get damaged by it as compared to other base types. Traditional stucco has better endurance to hail, dings, and woodpeckers.
- By application, the non-residential application is likely to grow at a rate of 2.8% in the forecast period. In the non-residential sector, such as the commercial sector, the application of stucco imparts commercial spaces exterior with a seamless and professional look.
- The Asia Pacific region dominated the market in 2019 and is expected to grow at the fastest rate of 4.4% in the forecast period. The growth of the building & construction industry, coupled with a rise in the level of disposable income of people in the developing nations, such as India and China, is driving market demand in the region.
- Key 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.
- In May 2019, Sika made an announcement about the acquisition of Parex, a leading provider of mortar for the construction industry. Sika and Parex complement each other in product portfolio and distribution channel penetration.
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For the purpose of this report, Reports and Data have segmented the Global Stucco Market on the basis of raw material, type, base, application, and region:
Raw Material Outlook (Revenue, USD Million; 2017-2027)
- Cements
- Aggregates
- Admixture
- Plasticizers
- Others
Type Outlook (Revenue, USD Million; 2017-2027)
- Concrete
- Masonry
- Tile
- Others
Base Outlook (Revenue, USD Million; 2017-2027)
- Insulated
- Traditional
Application Outlook (Revenue, USD Million; 2017-2027)
- Residential
- Non-Residential
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Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
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