Jul 06,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Stucco Market.
It was estimated prior to this unanticipated outbreak that the Stucco Market was expected to grow at a CAGR of 4.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Stucco in its simplest form is cement, sand, and lime applied to masonry or framed walls. Stucco is a relatively thin cement shell that is used to protect buildings.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the product type, the market is segmented as traditional and insulated. The traditional segment dominated the market in 2020, whereas the insulated segment is expected to be the faster-growing segment during the forecast period. The larger market share of traditional stuccos is due to their superior properties, such as high strength, resistance to fire, and prolonged durability.
Based on the end-user type, the stucco market is segmented as residential and non-residential. The residential segment is likely to be the faster-growing segment, driven by superior durability, high tensile strength, and low cost of stuccos as compared with other plasters used in residential construction.
In terms of regions, Asia-Pacific dominated the market in 2020, owing to the good growth in the residential and non-residential construction sectors in the region. Availability of cheap labor and less stringent norms & standards for safety & environmental compliance are likely to drive the market in this region during the forecast period. China and India are the growth engines of the region.
Some of the major stucco manufacturers are-
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