The global aerosol propellants market size
is expected to reach USD 11.28 billion by 2025, according to a new report by
Grand View Research, Inc. The market is expected to grow owing to increasing
adoption of the aerosol based household and personal care products primarily in
the developing economies including China, India, Indonesia, and Thailand.
applications
The aerosol
propellants market growth is primarily dependent on the availability of raw
materials such as natural gas and crude oil, with the prices of such gasses
changing in accordance to the price of the raw materials. The pricing of
aerosol propellants is dependent on the price of natural gas and crude oil that
act as raw materials for the extraction of the propellants.
Increasing
production of natural gas in North America and Asia Pacific is expected to
drive the demand for the product over the next nine years-. Increasing
technological initiatives leading to the production of advanced cans with the
superior aesthetic appeal is expected to lead to a growth in demand for such
cans, leading to a growing demand for propellants.
The industry
is regulated by stringent laws and regulations enacted against the usage of the
products in the cans. In addition, the industry is expected to benefit from the
advent of various technological advancements to produce low cost, low VOCs, and
low GWP products.
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Further key findings from the study suggest:
- Hydrocarbon propellants accounted for an overall share of over 81% of the volume in 2015. High demand for environment-friendly propellants coupled with the low price of the products leads to a high usage. The segment is, however, expected to lose market share owing to the advent of advanced formulations with superior performance characteristics such as stability and no interaction with the container contents.
- Personal care segment is expected to grow at a CAGR of more than 3% from 2016 to 2025 on account of growing demand for deodorants, mousses and hair sprays. The demand for the product is expected to rise on account of rising awareness regarding the use of beauty enhancing products primarily in Asia Pacific and Central & South America. Also, demand for shaving foams and hair styling products primarily on account of increased acceptance of such beauty enhancing products is likely to drive market growth.
- The market in Europe is expected to account for over 32% of the global revenue due to high demand for the cans in the household and personal care applications. High demand for the product for automotive cleaners and paints is expected to drive the demand for the product over the forecast period.
- Major manufacturers in the domain resort to high expenditures for research and development of advanced propellant formulations in a bid to increase their market share. The development of highly advanced products such as Solstice, by Honeywell International Inc., that exhibits superior properties such as non-inflammability, zero ozone depletion, and low global warming potential is expected to drive the growth.
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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.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
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Email:
sales@grandviewresearch.com
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