The traditional Portland cement plaster, Stucco market is a time tested exterior finish that has been in use since long, owing primarily to its immensely desirable properties, especially in the ever growing construction industry. However, it is pertinent to note here that it is not just used on the outside of buildings but also on the inside as it is breathable, making it resistant to fungus. It is also fire resistant, strong and retains colours well. The ability to protect against moisture and its durability contribute to its demand in construction. Besides, its use across the globe as a makes the projections even better.
As per a Transparency Market Research study, the global stucco market is expected to demonstrate a steady Compound Annual Growth Rate of 4.9% during the forecast period. It translates to a market worth of USD 15600 mn by the end of the stated period.
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A highly fragmented market to see an increase in competition
The global stucco market is highly fragmented making the competitive landscape quite intense. Innumerable players exist and yet the number of manufacturers is set to see an increase. Prominent player includes Omega Products, Merlex Stucco, California Stucco Products Corporation, Paresh Inc., E. I. du Pont and BASF SE, CertainTeed Corporation, Integrated Stucco Inc., LaHabra Stucco and Arcat Inc.
To get an edge, most companies concentrate their efforts towards building a robust product portfolio and achieve a feasible price level for the. It is also imperative for most to expand geographic reach and implement new and innovative manufacturing techniques.
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Growing Population to Drive Global Stucco Market Growth
Low cost, great properties and less maintenance cost all adds positively to the growth of Global Stucco Market. As the world sees population grow at a staggering rate of 1.08% per year, translating to an increase of 82 million people per year. That means there are more people wanting residential and commercial space which in turn means construction industry would register positive growth slope, adding to the growth of stucco market. As per Global Construction Report 2013, it is expected that the volume of construction output will grow by 85% to $15.5 trillion worldwide by 2030.
To add on celebrities going for stucco homes is adding to their popularity. Very recently Donatella Versace added a pink stucco home, Villa Mondadori, to her real estate portfolio. Being a fashion stalwart, this is supposed to speak something about taste in homes and what is considered refined at that.
The North American Region to hold the major market share of the Global Stucco Market in terms of Revenue
Market in North America is set to dominate the global stucco market landscape in terms of value and as per the Transparency Market Research Study, the trend will sustain in the years to come, making it a highly attractive market growing at a robust Compound Annual Growth Rate during the assessed period.
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Fluctuations in Prices of Raw Materials to Pose as a Market Restraint
Raw materials used to manufacture finished stucco products are prone to fluctuations. This volatility is particularly pronounced in most underdeveloped and few developing nations. But it also important to understand here that while obtainment of separate components is a challenge which often leads to low profit margins, these are the markets with huge potential owing to increased demand for buildings. To add to it, there are also businesses working towards introducing cost-effective stucco variants. These are expected to offset the said restrain over the years.
The information presented in this review is based on a Transparency Market Research report, titled, “Stucco Market - (Product Type- Traditional Three-Coat Stucco, Newer One-Coat Stucco, Exterior Insulating and Finish Systems; Insulation Type- Insulated Siding, Non-Insulated Siding; Application- Residential Buildings, Non-residential Buildings; Construction Activity- New Construction, Renovation) - Global Industry Analysis, Size, Growth, Trends, Share and Forecast 2017 – 2026.”
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