Aerosol Propellants Market Forecast and CAGR
According to a recent research study by Fact.MR, the aerosol propellants market is anticipated to witness significant growth during 2021-2031. Demand will observe a steady boost in the medium run forecast, with an optimistic outlook over the long run. It is anticipated that with advancing attention towards healthcare products, mosquito repellant and other body spray to boost demand for aerosol propellants. And this market is poised to grow with CAGR of more than 7.5% during the forecast period.
What is Driving Demand for Aerosol Propellants?
Aerosol propellants are gas compressed and stored in form of liquid in an aerosol cans. The use of the aerosol-based product in pharmaceutical and personal care products will drive the demand for aerosol propellants.
Skincare products have seen a huge upsurge in the last decade, and the use of these propellants has increased in skincare products. With rising number of old-age population and advancing interest towards maintaining personal hygiene is expected to boost demand for skincare product during the forecast period.
Amongst these skincare products deodorants segment is expected to grow with impressive growth rate during 2021-2031. Personal care product segment hold lion share in aerosol propellants market, which accounts more than 35% and is expected to continue its dominance.
Furthermore, use of these propellants is also experiencing increasing demand from paint and coating industry. Growing popularity of these paint cans in automotive, construction and home décor to further facilitate numerous market opportunities for aerosol propellants in years to come.
The food & beverage industry has seen an increase in the use of these propellants, food products use carbon dioxide & nitrous oxide based propellants. This increase in demand is backed by the fact that, aerosol cans made from aluminum or steel prevents food from leakage.
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Impact of Covid-19 on Aerosol Propellants Market
Outbreak of COVID-19 is unforeseen and is impacting economies across globe. Imposition of lockdowns and halted production activity along with disturbed supply chain has resulted in degrading demand for these product in recent past. Furthermore, closer of saloon and skincare centers has resulted in freezing demand for these propellants.
However, ease in lockdown restrictions and resuming of most saloons & skincare centers around the world will be highly influential for sales of these propellants.
Accumulative use of paint cans & coating products in the automotive and construction industry will assist in increasing the sales of these propellants. The medical industry has witnessed significant growth over the last decade and as the use of the propellants is gaining traction in the industry it will drive the sales of aerosol propellants in forthcoming years. Rules and regulations imposed by many governments to reduce the use of volatile organic compounds will affect the sales of aerosol propellants negatively.
Europe Aerosol Propellants Market Outlook
Europe holds the largest share in the aerosol propellant market and expected to dominate the demand for these propellants over the assessment period. This is because some of the largest skincare and cosmetic manufacturers are from this region.
European countries such as the United Kingdom, France, Italy, Germany, Spain and witnessed an increase in demand for skin care and personal care products such as dry shampoo, spray on cosmetics and deodorant. Germany is the leading producer of cosmetics in the region.
These countries also increased consumption of household products such as cleaners, disinfectants, insect repellants and others. It is projected that the demand for these products will keep on increasing in the region which will drive the sales of aerosol propellants.
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North American & Asian Countries Aerosol Propellants Market Outlook
Due to the growing use of these propellants in the automotive and construction industry market for these propellants have seen significant growth in North America. Consumption of personal care products is also poised to increase in region, which will be influential for sales of these propellants.
Asia is one of the fastest-growing reason for the demand for aerosol propellants, this is because the automotive industry has witnessed a surge in recent years. The use of these propellants as paint cans and coating products for the automotive and construction industry will be influential in sales of these propellants.
Asian countries like India, Indonesia, South Korea and others have witnessed an increase in disposable income of the citizen and this has commanded the consumption of personal care products in these countries. It is expected that the Demand for Personal care products will Rise significantly in these counties which will benefit sales of these aerosol propellants.
Who are the Key Manufacturers and Suppliers of Aerosol Propellants?
Some of the leading manufacturers and suppliers of the aerosol propellants include AkzoNobel N.V., Aeropres Corporation, Aztec Aerosols Limited, Honeywell International Inc., Arkema S.A, Royal Dutch Shell PLC, Grillo-Werke Aktiengesellschaft, Emirates Gas LLC, Harp International Ltd., Repsol S.A, The Chemours Company and other prominent players.
The Market of aerosol propellants is evenly fermented. Manufacturers are spending on products to make less volatile organic compounds. Manufacturers are also investing to make these propellants eco-friendly.
An Adaptive Approach to Modern-day Research Needs
Aerosol Propellants Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- DME & Ethyl Methyl Ether
- Nitrous Oxide & Carbon Dioxide
- Personal Care
- Automotive & Industrial
- Paints & Coating
By Distribution Channel
- Online Channel
- E-commerce website
- Company Owned Website
- Offline Channel
- Department Store
- Specialty Store
- Retail Store
- Online Channel
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- East Asia
- South Korea
- South Asia & Oceania
- New Zealand
- Rest of South Asia & Oceania
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
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