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. The growth of this market is attributed to the boost in construction activities in emerging economies, as well as the low maintenance and easy installation of stucco systems.
The stucco market has been dominated by large players, such as the Sika AG (Switzerland), Cemex (Mexico), BASF SE (Germany), Omega Products International (US), and Dryvit Systems Inc. (US). These players have adopted various growth strategies, such as new product developments and acquisitions, to increase their market shares and enhance their product portfolios.
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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.
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 number of 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.
Related Reports:
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
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