Aerosol Propellants Market In-Depth Research On Basis By Product (Hydrocarbons, DME, Nitrous Oxide & Carbon Dioxide), By Application, By Region And Segment Forecasts, 2023 - 2030
San
Francisco, 24 May 2024: The Report
Aerosol Propellants Market Size, Share & Trends Analysis Report By
Product (Hydrocarbons, DME, Nitrous Oxide & Carbon Dioxide), By
Application, By Region And Segment Forecasts, 2023 - 2030
The global aerosol propellants market
size is expected to reach USD 15.54 billion by 2030 and is expected to expand
at 6.4% CAGR from 2023 to 2030, according to a new report by Grand View
Research, Inc. The growth is majorly driven by the rising utilization of
deodorants, hair sprays, hair mousse, dry shampoos, insecticides, air fresheners,
and cleaning products. Additionally, macroeconomic factors such as the rising
disposable income of consumers are anticipated to result in an increased demand
for cosmetics and personal care products.
Hydrocarbons are widely used in
pharmaceutical aerosols on account of their low toxicity, low cost, and
non-reactivity, making them environmentally friendly. In addition, they do not
contain halogen, which makes them excellent propellants or water-based
aerosols. Thus, positively impacting their demand during the forecast period.
In Europe, aerosol propellants are
extensively used in household products including air fresheners, fabric care
products, waxes & polishes, and kitchen cleaning products among others.
High awareness among consumers regarding cleanliness has resulted in
substantial demand for aerosols. Furthermore, rising awareness concerning
general well-being and the early treatment of respiratory illnesses are likely
to result in high demand for inhalers with aerosols as they offer quick relief
to patients.
Most industry participants invest in
differentiating themselves from other players as the market is fragmented and
competitive. Manufacturers of aerosol propellants continue to base their
products on elements such as hydrocarbons, dim ethyl ether (DME), nitrous
oxide, and carbon dioxide amongst others. Furthermore, these manufacturers are
continuously engaged with third-party distributors along with setting up joint
ventures in high-growth end-markets. Through these operational integrations,
manufacturers are trying to reach out to potential customers of aerosol
propellants.
The growing application of aerosol
propellants in personal care products, and cosmetics, is expected to drive
product demand. Furthermore, new product launches in shaving foams, shampoos,
deodorants, and antiperspirants are expected to create immense growth potential
during the forecast period.
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Growing
demand for aerosols in various food products including whipped creams,
mayonnaise, chocolate, and others is expected to propel industry growth
throughout the forecast period. The high market potential for packaged foods in
emerging economies including India, China, the UAE, Egypt, and Iran is expected
to fuel product demand in the food & beverage industry during the forecast
period. In addition, increasing demand for aerosol propellants in household
products, including air fresheners, insect repellents, and disinfectants is
projected to trigger market growth.
Aerosol
Propellants Market Report Highlights
- The DME and
methyl ethyl ether is expected to be the fastest-growing type segment with
a CAGR of 8.2% over the forecast period, on account of high solvency,
chemical stability, low toxicity, and water miscibility, making them
useful in several products such as paints and hair sprays
- The household
application segment is anticipated to witness the fastest CAGR of 7.3%
during the forecast period, owing to the increasing disposable income and
rising significance of aromatherapy
- Asia Pacific is
projected to expand at the fastest CAGR of 7.8% during the forecast
period, due to the increasing air freshener consumption in India and China
owing to developing infrastructure and the automotive industry
- Supply chain
disruptions, including the lack of ability to source ingredients and raw
materials from third parties, have enforced significant challenges and are
influencing both financial and operational performance, especially in the
U.S., India, and Brazil. Automotive, paints, and personal care markets are
under pressure owing to store closure and declining social lives
- Numerous
companies have introduced propellants that emit low VOCs and comply with
air quality standards for household, consumer, and industrial
applications. Honeywell launched a new propellant named, ‘Solstice’, which
is non-flammable, results in zero ozone depletion, and promises to be a
low global warming potential (GWP) propellant, in the market
Aerosol
propellants are commercially available solutions for easy and direct
application. Different types of aerosol propellants, namely, hydrocarbons, dim
ethyl ether (DME), CFC, and compressed gas including nitrogen and carbon
dioxide, are commercially available. These are mainly sourced from methanol,
coal, natural gas, and carbon. The aforementioned raw materials are supplied by
various companies present in the market including Aestra Co. Ltd, DME Aerosol,
Methanex Corporation, Arttu Group, Gazprom, BP, AMPCO, and Qatar Fuel Additives
Company Limited.
The growing
aged population has propelled the use of aerosols in anti-aging cosmetic
products which has further contributed to the increasing demand for
propellants. However, various environmental and health risks associated with
the use of propellants in aerosol products are expected to restrain market
growth throughout the forecast period. Technological advancements and
innovations to develop eco-friendly, low-cost, and low-VOC products are further
expected to open new growth opportunities for the market in the near future.
Aerosol Propellants Market Report Scope
Report
Attribute |
Details |
Market
size value in 2023 |
USD 10.02
billion |
Revenue
forecast in 2030 |
USD 15.54
billion |
Growth
rate |
CAGR of
6.4% from 2023 to 2030 |
Base year
for estimation |
2022 |
Historical
data |
2018 -
2021 |
Forecast
period |
2023 -
2030 |
In developed
regions such as North America and Europe, prominent companies are launching new
products with low energy and fewer amounts of raw materials, thus, driving the
market growth during the forecast period. Moreover, urbanization along with
infrastructure development in the Middle East is expected to augment the market
throughout the forecast period. Technological advancements such as stahl
monoblock aerosol cans and airless dispensers are expected to fuel market
growth. Furthermore, increasing demand for mouthwash, breath freshener, and
teeth whitening treatments is expected to boost aerosol demand.
List of Key
Players in the Aerosol Propellants Market
- Royal Dutch
Shell
- Brothers Gas
- The Chemours
Company
- Harp
International Ltd
- Nouryon
- Mitsubishi Gas Chemical
Company, Inc.
- AVEFLOR, a.s
- DuPont de
Nemours, Inc
- Honeywell
International Inc.
- Aeropres
Corporation
- BOC Limited
- Emirates Gas
- National Gas
Company SAOG
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