Aerosol Propellants Market Outlook to 2024: Analysis by Services, Solutions, Users, Industry Verticals, and Regions
Global Aerosol propellants market size is estimated to surpass 14.5 million tons by 2024, at a CAGR of around 4.5% over the period of 2018-2024
India – September 30, 2019 /MarketersMedia/ —
Growing demand across personal care products such as deodorants, shampoos, body sprays, etc., increasing application in the automotive industry, and rising infrastructural spending are the major factors likely to drive the industry growth over the coming eight years. Growing consumer awareness pertaining to the personal and household hygiene is boosting the demand for aerosol propellants for use in various products such as teeth whitening, breath freshener, mouthwash, etc. Also, the rapidly expanding automotive industry is another factor positively influencing the industry share owing to the rising demand for spray paints in the automotive and construction sector. It is estimated that Global Passenger and Commercial vehicle sales are estimated to grow at a CAGR of 5% and 3.5% over 2016-2024, reaching an approximate sales figure of 88 million units and 32 million units by 2024, respectively.
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However, environmental and health hazards pertaining to the use of these products may hamper the industry growth over the forecast timeframe. The focus is shifting towards lower VOC content based propellants such as hydrocarbons which minimizes the risks of global warming due to null ozone depletion potential and lower atmospheric residual time.
The market is segmented in terms of products, applications, and regions.
Aerosol propellants product market comprises DME & Methyl Ethyl Ether, Hydrocarbons, Nitrous Oxide & Carbon Dioxide.
Hydrocarbon propellants dominated the product landscape with a revenue of approximately over USD 16.5 billion in 2017. The segment will continue to grow significantly over the forecast timeframe owing to its properties such as low toxicity, high stability, and cost-effectiveness.
DME & Methyl Ethyl ether market is estimated to record a CAGR of around 5% over 2018-2024. The segment growth can be attributed to its extensive use in hair sprays and spray paints owing to its high solvency properties.
Nitrous oxide & carbon dioxide product segment is predicted to witness moderate growth over the forecast timeframe primarily driven by their applications in dispensing ointments, creams, food products, etc.
Application market includes Household, Foods, Personal Care, Medical, Automotive & Industrial, and Paints.
Aerosol propellant market size in personal care industry accounted for a volume of over 4 million units in 2017, and is estimated to cross around 6 million units by 2024, at a CAGR of around 4%. Increasing application in personal care products such as skin care creams, deodorants, antiperspirants, etc. is estimated to fuel the market growth.
Automotive & Industrial application is forecast to grow at a CAGR of around 4.5% over 2018-2024.Rising demand for adhesives & sealants and lubricants in the automotive industry is likely to drive the segment growth.
Aerosol propellants application in the food industry is projected to register a CAGR of 5.2% from 2016-2024.
Household application segment, which accounted for over 6% of the overall share in 2017, will also witness noticeable growth in the coming years, owing to its extensive use in shoe polish, pre-wash sprays, cleaning agents, stain removers, air fresheners, anti-static sprays, disinfectants, etc.
The regional segment covers North America, Asia Pacific, Europe, Latin America, and MEA.
Europe dominated the global market with a revenue of over USD 7.9 billion in 2017, and is estimated to grow substantially over the forecast timeframe. Large presence of cosmetic companies in countries such as UK, Spain, Germany, and France is likely to drive the regional growth over the forecast timeframe.
North America Market will also witness a significant surge over the coming years, mainly driven by the expansion of automobile industry across this region.
Asia Pacific market is estimated to grow at a CAGR of around 5.5% over 2018-2024. The growth can be attributed to the increasing infrastructure spending coupled with the rise in the automobile industry across this region. India and China are estimated to be the major revenue pockets.
Key industry participants include Honeywell, DuPont, Covestro, Lapolla Industries, Inc., AkzoNobel, Aveflor, Harp International, and Aeropres Corp.
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Segments Covered in this Report:
Aerosol Propellants Market Forecast By Product
Hydrocarbons
Dimethyl ether (DME) and methyl ethyl ether
Nitrous oxide and carbon dioxide
Others
Aerosol Propellants Market Analysis By Application
Personal Care
Househols
Automotive & Industrial
Foods
Paints
Medical
Others
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