New Product Developments Accounted for the Largest Share of all the Strategic Developments that took place in the Stucco Market
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 Compound Annual Growth Rate (CAGR) of 4.2% during the forecast year.
Browse 135 market data Tables and 34 Figures spread through 132 Pages and in-depth TOC on “Stucco Market”.
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New product developments accounted for the largest share of all the strategic developments that took place in the stucco market between January 2018 and May 2019. One of the key players, namely, The Quikrete Companies (US), adopted this strategy to strengthen its product portfolio and to meet & exceed its customers’ expectations in the stucco market.
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.
In terms of both value as well as volume, the Asia Pacific region is dominated to account for the largest share in the global stucco market during the forecast period.
The Asia Pacific region, which is witnessing a rebound in its residential and non-residential construction sector, is estimated to account for the largest market share in 2019. This market in this region is driven by the need for new construction and retrofitting or rehabilitation of older construction. Also, the increasing number of new housing units and huge investments in the non-residential sector are driving the demand for stucco in this region. Besides, the less stringent norms and standards for safety and environmental compliance, along with the easy availability of cheap labor, are attracting the major players across diverse industries to set up production facilities in this region. These factors help to accelerate the demand for stucco in the region further.
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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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