Market Overviews
- The Global Aerosol Propellants Market is expected to grow at a CAGR of 4.9% during the forecasting period (2020-2027).
- Aerosol propellants utilize compressed or liquefied gas to fuel the active constituents in paste form, powder form and liquid form in short spray patterns along with regulated droplet volumes and amounts. They are used in producing antiperspirants, shaving creams, hair mousse, air fresheners, automobiles products, industrial items, and technical items.
- The growing skincare industry in emerging economies is also impelling the demand for aerosol propellants. Moreover, increasing demand for fragrances due to the rise in the spending power of consumers is fueling the growth in the market.
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Market Dynamics
- The global Aerosol Propellants market is primarily driven by advancement in technology and technical innovations which have created environmentally friendly, lower prices, and lower VOC items. In addition to this, the rise in the old age population has driven the utilization of aerosol in anti-aging cosmetics that have further added to the growing demand for aerosol propellants. But, different ecological as well as health hazards related to the utilization of aerosol propellants in the aerosol items are predicted to inhibit the growth of the global aerosol propellant market in the future.
- Rise in disposable income, rapid urbanization, and increasing health awareness has changed the lifestyle of consumers in developed and developing regions. Owing to the rising demand in numerous personal care applications including skincare, haircare, antiperspirants, deodorants, etc., there is increasing adoption of aerosol propellants. Various environmental organizations are also facilitating the adoption of some eco-friendly aerosol propellants. For example, the U.S. Environmental Protection Agency (EPA) has permitted the use of hydrocarbon aerosol propellants considering its zero risks toward ozone layer depletion. Moreover, an increasingly aging population is expected to boost the market due to the rising consumption of anti-aging cosmetics containing aerosol propellants.
- However, EPA has imposed conditional restrictions on the manufacturing and usage of various aerosol propellants including hydrochlorofluorocarbon (HCF), Dimethyl Ether (DME) due to their adverse effect on health and environment. This is expected to hinder the global aerosol propellants market growth during the forecast period.
Segmentation Analysis
- By application, the global Aerosol Propellants Market is segmented into Personal Care, Household, Automotive & Industrial, Medical, and Others. In 2018, the Personal care segment holds the biggest market share in the global aerosol propellant market. It is expected that personal care will continue to dominate the market with a steady CAGR during the forecast period. Factors like increased demand for items like deodorants, skincare products, antiperspirants, infant care, and hair care, will further fuel the growth in the market.
- Also, the rising demand for aerosol propellants in medical uses like inhalers is anticipated to boost the demand and growth of the global aerosol propellant market during the forecasted period.
- By type, the global Aerosol Propellants Market is segmented into compressed gas propellants (Carbon dioxide, Nitrous oxide, and Nitrogen) and Liquefied gas propellants (Hydrocarbons, Fluorocarbons, and Ethers). Among all aerosol propellants, hydrocarbons propellants, such as propane, isobutene, and n-butane have low cost, less toxicity, and high stability; therefore, these propellants caters a wide range of applications in various industries.
Geographical Analysis
- By geography, the global Aerosol Propellants market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
- In 2018, Europe accounted for the majority share in the Global Aerosol Propellants Market. Major contributors to the regional market are U.K, France, and Germany. However, the region is anticipated to witness moderate growth during the forecast period due to the sluggish growth of end-users and economic slowdown.
- South America and APAC regions are estimated to register a significant CAGR owing to the reviving of the economy and the high growth potential of India, China, and Brazil. APAC is the fastest-growing market among them, owing to the presence of dynamic and emerging economies in the region such as India, Japan, China, Singapore, and South Korea. This is owing to the heavy demand & growth of homecare items and personal care products like hair gels, antiperspirants, and air fresheners.
- North America is the second-largest market in the Global Aerosol Propellants Market after Europe. The US is leading the market in this region, which is attributed to the huge demand for personal care and household products.
Competitive Analysis
- Aerosol Propellants market is highly competitive and thus manufacturers continuously focus on developing new strategies in order to grab more customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for Aerosol Propellants. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for Aerosol Propellants. Merger, acquisition, and product development are key strategies adopted by leading players. The major players include Royal Dutch Shell Plc, Arkema Group, National Gas Company SAOG, Akzo Nobel N.V., and Aveflor A.S. Other prominent players in the market are Honeywell, Grillo Werke AG, Aeropress Corporation, BOC Industrial Gases UK, and Emirates Gas LLC.
- The market holds immense future potential as increasing technological advancements and development by various companies are underway for the production of low-cost and eco-friendly aerosol propellants.
- For instance, Honeywell launched full-scale commercial production of a low-global-warming-potential (GWP) material for use as an aerosol propellant, insulating agent, and refrigerant at its Flourine Products Baton Rouge production facility in Louisiana (US). The material is known by the industry designation HFO-1234ze and is marketed by Honeywell under its Solstice line of low-global-warming materials.
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The global Aerosol Propellants Market size is projected to reach USD 11 billion by 2024.
This trend is mainly observed in developing countries, like India, Thailand, etc.
Moreover, rising technological developments resulting in the production of superior propellant combinations may stimulate market demand.Growth of the Aerosol Propellants Market depends greatly on the availability of raw materials, such as crude oil and natural gas.
High production of natural gas in Asia-Pacific and North America could boost the demand for aerosol propellants in the years to come.
This in turn can propel the global market.Browse Details of Report @ https://www.hexaresearch.com/research-report/aerosol-propellants-market/The global Aerosol Propellants Market is categorized as products, applications, and regions.
This is because these gases cause minimal environmental damage and ensure greater stability.Applications comprise household, personal care, food, medical, paints, and automotive & industrial.
The market is likely to increase during the forecast period, owing to the development and utilization of superior propellant formulations that offer improved product dispensing capabilities.The industry comprises numerous manufacturers across the globe, who are focusing on the development of advanced products to expand their business and hence enhance their presence as key players and improve their global reach.
The industry is likely to see substantial growth over the years ahead, as a result of increased penetration of aerosol cans in various application sectors including medical, automotive, food processing and paints.
Additionally, rapid urbanization along with infrastructural developments in countries like the UAE, India and China is expected to boost the consumption of cans and thus propel the product demand.The market is heavily dependent on the availability of oil and gas products as raw materials such as natural gas and petroleum.
The price of the propellants is expected to increase due to high volatility in the prices of natural gas and petroleum along with high demand for petroleum fuels in the automotive sector.Transportation of the product is one of the key issues currently faced in the industry, owing to its highly inflammable nature.
One of the major product segments such as dimethyl ether is usually transported by means of ISO containers which provide additional convenience in terms of storage and also reduce secondary transportation cost to a certain extent.Request Sample Copy of This Market Research @ https://www.millioninsights.com/industry-reports/aerosol-propellants-market/request-sampleProduct InsightsMethyl ether and dimethyl ether, one of the key product segments are estimated to witness growth at a CAGR of 6% during the forecast period, as these products exhibit low global warming potential and no damage to the ozone layer.
Due to the superior performance and reduced costs of the product, the demand for DME based blends is likely to increase the usage of can fillers thus enhancing the product consumption.Due to the factors including low environmental damage and higher stability the consumption of aerosol propellant gases is expected to rise over the years ahead.
The Aerosol Propellants Market was estimated at USD 7.26 Billion in the year 2015.
The market is likely to increase during the forecast period, owing to the development and utilization of superior propellant formulations that offer improved product dispensing capabilities.
DuPont de Nemours and Company, BOC Industrial Gases, Harp International, Grillo-Werke GmbH, ExxonMobil, Unigas Europe, Aerosol Gas Ltd., and Covestro AG are a couple of the prominent players operating in the global market.
The industry is likely to see substantial growth over the years ahead, as a result of increased penetration of aerosol cans in various application sectors including medical, automotive, food processing and paints.
Owing to the heavy demand of aerosol cans in health and hygiene associated products like insect repellants and air fresheners, this in turn is likely to increase the demand for propellants over the years ahead.
Additionally, rapid urbanization along with infrastructural developments in countries like the UAE, India and China is expected to boost the consumption of cans and thus propel the product demand.
