PORTLAND, Oregon, Feb. 25, 2020
Development of the global construction industry and high purchasing power of end-users have boosted the growth of the global stucco market
PORTLAND, Oregon, Feb. 25, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Stucco Market by Construction Activity (New and Renovation Construction), Product (Traditional Three-coat Stucco, Exterior Insulating & Finish Systems, and Newer-one Coat Stucco), Insulation Type (Insulated Siding and Non-insulated Siding), and End Use (Residential and Nonresidential): Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global stucco industry was pegged at $10.7 billion in 2018 and is expected to reach $15.3 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026.
Incentives for market growth:
Development of the global construction industry and high purchasing power of end-users have boosted the growth of the global stucco market. However, low consumer awareness toward the availability of stucco hampers the market growth. On the contrary, rise in demand from emerging economies is expected to create lucrative opportunities in the near future.
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Insulated siding segment held the largest share:
The insulated siding segment dominated the global stucco market in 2019, contributing to more than two-thirds of the market. Stucco when applied on the insulated siding of building acts as blanket wrap, which offers insulation from the outside heat. Furthermore, it prevents energy loss through the wall. These factors contribute to the growth of the segment. However, the non-insulated siding segment is expected to manifest the fastest CAGR of 5.4% during the forecast period, as it is durable, attractive, and weather-resistant.
Non-residential to portray fastest CAGR through 2026:
The non-residential segment is anticipated to manifest the fastest CAGR of 6.1% during the forecast period, due to the development of the non-residential sector in emerging countries and its use as an aesthetic material. However, the residential segment held the largest share in 2019, accounting for more than four-fifths of the global stucco market. Stucco is resistant to fire, fungus, rot, and insects and enhanced thermal insulation property of synthetic stucco propel the demand for stucco in residential activities.
Asia-Pacific market, followed by North America, to open new opportunities:
The global stucco market across Asia-Pacific held the largest share in 2019, accounting for more than two-fifths of the market and is expected to manifest the fastest CAGR of 5.3% during the study period. This is due to the unremitting growth of the urban population and demand for improved infrastructure. The market across North America held more than one-fourth of the market.
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Major market players:
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