Stucco Market worth $13.4 billion by 2024 | Key players Sika AG (Switzerland), Cemex (Mexico), BASF SE (Germany), Omega Products International (US).

According to recent market research the "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" 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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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 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 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 are 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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Cemex, a global building material company, is a manufacturer and supplier of construction products and solutions across the globe. The company aims at creating sustainable value by providing quality products and solutions to satisfy the construction needs of its customers worldwide. Along with a geographically diversified portfolio of products, it also has a balanced, sustainable & profitable growth in the market. The company undertakes a few initiatives to streamline and reposition its portfolio and achieve higher profitable growth.

BASF SE is one of the leading players in the chemical industry, having a global presence and strong brand recognition. The company offers a wide range of products for different industries. The products offered for stucco are of high quality and conform to ASTM C926 standards. The company also offers many other products related to the construction industry and is being able to provide complete solutions to its customers. Its immense strength in research & development and expertise in construction and specialty chemicals are expected to strengthen its growth in the upcoming years.

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