Stucco is a Portland cement plaster applied to the exterior of a building to protect its underlying structure from water, moisture, and various other environmental forces. It offers various properties to the construction space; these include enhanced water-shedding, hardness, impact-resistance, fire-resistance, and color-retention, and smooth exterior finishing.
Besides, it incurs low maintenance costs, is strong, is versatility, and is easy to install. As a result of these properties, there is a boost in demand for stucco. The other reason propelling the demand is the rise in residential, commercial, and industrial construction activities. However, lack of awareness and shortage of skilled labor may inhibit the growth of the stucco market in the coming years.
MarketsandMarkets projects the global stucco market size 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 for stucco is segmented, on the basis of type, into traditional and insulated. The traditional segment dominated the market and accounted for a larger share during the forecast period. This dominant market position can be attributed to the versatility, strength, smooth & rough texture, and durability of traditional stucco.
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On the basis of end-use, the non-residential segment is projected to be a larger segment in the stucco market during the forecast period. However, the residential segment is projected to be the fastest-growing end-use segment in the stucco market. This is primarily due to favorable and lenient lending policies initiated by governments across all regions, which drive the sales of residential construction projects. Furthermore, regulations regarding the construction of energy-efficient buildings are expected to drive the stucco market in the residential building segment.
The stucco market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Asia Pacific region accounted for the largest market share in 2018, in terms of value and volume. It is projected to grow at the highest CAGR from 2019 to 2024, in terms of both value and volume.
The purpose of stucco is more than just being a layer for the exterior walls. It is accepted to be a durable wall cover in all climates, as it reduces the amount of energy required to heat or cool a building. It also minimizes the amount of heat that escapes during the winter and limits the hot summer air to penetrate into the building. It also reduces air infiltration by as much as 55% compared to a standard traditional plaster. Moreover, it also has excellent resistance to dirt, mold, and mildew, which helps keep the building exteriors look clean.
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