(EMAILWIRE.COM, March 27, 2020 ) Market Overviews
The Global Aerosol Propellants Market is expected to grow at a CAGR of 4.9% during the forecasting period (2019-2026).
Aerosol propellants utilizes 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.
Growing skincare industry in emerging economies is also impelling the demand for aerosol propellants. Moreover, increasing demand for fragrances due to rise in the spending power of consumers is fueling the growth in the market.
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The global Aerosol Propellants market is primarily driven by advancement in technology and technical innovations which has created environment friendly, lower prices and lower VOC items. In addition to this, rise in old age population has driven the utilization of aerosol in anti-ageing cosmetics that have further added to 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 future.
Rise in disposable income, rapid urbanization and increasing health awareness have changed the lifestyle of consumers in developed and developing regions. Owing to the rising demand in numerous personal care applications including skincare, hair care, antiperspirants, deodorants, etc., there is an increasing adoption of aerosol propellants. Various environmental organizations are also facilitating the adoption of some eco-friendly aerosol propellants. For example, U.S. Environmental Protection Agency (EPA) has permitted the use of hydrocarbon aerosol propellants considering its zero risk toward ozone layer depletion. Moreover, increasing 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.
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 steady CAGR during the forecast period. Factors like increased demand for items like deodorants, skin care products, antiperspirants, infant care and hair care, will further fuel the growth in the market.
Also 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 propellant, hydrocarbons propellants, such as propane, isobutene and n-butane have low cost, less toxicity and high stability; therefore, these propellants caters wide range of applications in various industries.
By geography, the global Aerosol Propellants market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and 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 a moderate growth during the forecast period due to sluggish growth of end users and economic slowdown.
South America and APAC regions are estimated to register a significant CAGR owing to reviving economy and 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 huge demand of personal care and household products.
Aerosol Propellants market is highly competitive and thus manufacturers continuously focus on developing new strategies in order to grab more number of 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, Aeropres 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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