Aerosol Market To Grow Enormously with Size Worth $143.64 Billion By 2027 |Grand View Research, Inc.

 

The global aerosol market size is anticipated to reach USD 143.64 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.5% in terms of revenue, during the forecast period. Rising demand for aerosol products from various end-use industries such as personal care, household, automotive and industrial, and medical is anticipated to drive the market growth.

Aerosol paints are increasingly being used for automotive as well as architectural paint application. Uniform propulsion, ease of application, and aesthetic appeal of aerosols are the key factors attributed to the demand from automotive and architectural end-use industries. Furthermore, the rapidly expanding construction sector, especially in developing countries, such as India, China, Vietnam, and Indonesia, are expected to fuel the demand in paint application.

Considerably high prevalence of respiratory diseases such as asthma and Chronic Obstructive Pulmonary Disease (COPD), majorly due to the changing lifestyle and rising geriatric population is principally driving the demand for aerosol-based inhalers. In addition, rising demand for various pain relief sprays owing to their convenience of application is further anticipated to drive the product demand.

The global market is highly competitive in nature owing to the presence of major players like Proctor & Gamble; Reckitt Benckiser; Unilever; Honeywell International Inc.; SC Johnson & Son Inc.; and Henkel. Mergers and acquisitions and new capacity expansions are among the key strategies adopted by the major market players. For instance, in May 2018, Spray Products Corp. acquired a new facility in Ohio, U.S. In another development, Lindal Group inaugurated its new state-of-the-art facility in Columbus, Indiana.

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Rising demand from Asia Pacific is encouraging aerosol manufacturers to increase their production. For example, in February 2020, Vanesa Care announced plans to setup its fourth manufacturing facility in India. This facility would be the company’s fourth plant. The market is highly competitive with numerous players involved in acquisitions and expansions. In addition, they also conduct R&D for the emerging sectors such as household and personal care.

Further key findings from the report suggest:

·         Personal care application accounted for a market share of 30.0% in terms of revenue in 2020, with wide scale adoption of aerosol for offering deodorant, hair mousse, hair sprays, and others due to its convenience, contributed to the growth

·         Automotive and industrial application segment is anticipated to expand at a CAGR of 6.5% from 2020 to 2027. Increasing preference for aerosol-based greases and oils in automobile service stations is majorly driving the demand for aerosol in the automotive and industrial application segment

·         Asia Pacific aerosol market, in terms of revenue, is estimated to expand at a CAGR of 8.7% from 2020 to 2027 on account of increasing penetration of retail, growing construction activities, and rising sales of automobiles

·         European is expected to witness relatively slower growth over the forecast period, owing to the regulations regarding Volatile Organic Compounds (VOC) emissions laid down by the European Commission and the Environmental Protection Agency (EPA)

·         The global market is highly competitive in nature owing to the presence of major players like Proctor & Gamble; Reckitt Benckiser; Unilever; Honeywell International Inc.; SC Johnson & Son Inc.; and Henkel

Development of eco-friendly packaging is expected to develop new opportunities for the market in the forthcoming years. For instance, in 2013, Unilever launched aerosol products with eco-friendly packaging. These containers were 50% smaller and more long lasting than the traditional cans. Moreover, they use 50% less propellant and reduce the overall carbon footprint of the product.

Increasing urbanization coupled with rapid infrastructural developments in emerging economies of Asia Pacific is expected to drive the demand for aerosol in paints and household products. In addition, introduction of the Environmental Protection Agency (EPA) approved aerosol cleaning products is anticipated to boost the market growth.

In terms of metal packaging, innovations in aerosol-based products for improving consumer convenience and environmental concerns have been witnessed. For example, compressed gases replacing hydrocarbons as propellants and innovation of bi-compartmental technology that separates the product from propellant by introducing a plastic inner bag. Such steps are expected to further propel the growth of the aerosol market.

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Personal care segment held the largest market share of 36.6% in terms of volume in 2020. The segment is driven by growing demand for hair care products and deodorants. The demand for personal care products is increasing in emerging economies owing to changing lifestyle, rising consumer spending, and emphasis on gender-specific products.

Growth of the household segment is attributed to improvement in standard of living and emphasis on hygiene, especially in developing regions. This has led to increased consumption of household products like air fresheners, cleaners, sanitizing agents, and disinfectants. Dispersion of these products in less quantity reduces wastage and increases their longevity. This property further propels their usage, especially for middle class population.

Grand View Research has segmented the global aerosol market on the basis of material, type, application, and region:

Aerosol Material Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

·         Steel

·         Aluminum

·         Plastic

·         Glass

Aerosol Type Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

·         Bag-on-Valve (BoV)

·         Standard

Aerosol Application Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

·         Personal Care

o    Deodorants

o    Hair Mousse

o    Hair Spray

o    Shaving Mousse/Foam

o    Others

·         Household

o    Insecticides & Plant Protection

o    Air Fresheners

o    Furniture & Wax Polishes

o    Others

·         Automotive & Industrial

o    Greases

o    Lubricants

o    Spray Oils

o    Cleaners

·         Food

o    Oils

o    Whipped Cream

o    Edible Mousse

o    Sprayable Flavours

·         Paints

·         Medical

o    Inhaler

o    Topical Application

·         Others

Automotive and industrial segment is one of the significant application segments. Increasing consumer awareness regarding the appearance and maintenance of vehicles is propelling the demand for aerosol products like spray paints and automotive cleaning agents. In addition, increasing sales of vehicles is impacting the consumption of other products, such as adhesives and sealants, anti-fog agents, and lubricants.

Growth in medical segment is owing to the increasing demand for dry powder respiratory inhalers and metered dose inhalers, especially in North America. Growing pollution has led to increased number of asthma patients, which is anticipated to further propel the demand for these inhalers over the forecast period.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.