09 January 2020
Visiongain’s new report Aerosol Propellants Market Report 2020-2030: Forecasts by Product (DME and Methyl Ethyl Ether, Hydrocarbons, Nitrous Oxide and Carbon Dioxide, Others), Application (Automotive & Industrial, Foods, Household, Medical, Paints & Coatings, Personal Care, Others), and by region and analysis of leading companies operating in this industry.
The global aerosol propellants market is anticipated to surpass USD 13 billion by 2030 while growing at a lucrative CAGR of 5.4% during the forecast period from 2020 to 2030.
The global aerosol propellant market growth is attributed to growing disposable income, rapid urbanization & changing lifestyle in developed and developing countries. Due to the increasing demand for skin care, hair care, antiperspirants, etc. products in numerous personal care applications, there is increasing adoption of aerosol propellants. The adoption of some eco-friendly aerosol propellants is also facilitated by various environmental organizations. For instance, The Environmental Protection Agency (EPA) has allowed hydrocarbon aerosol propellants to be used because of their zero risks of depletion of the ozone layer.
Also, due to the increasing usage of anti-aging cosmetics containing aerosol propellants, an increasingly aging population is expected to boost the market growth. However, due to their adverse health and environmental effects, EPA has imposed restrictions on the use of various aerosol propellants, including hydrochlorofluorocarbon and dimethyl ether. It is anticipated that this will restrict the growth of the global market for aerosol propellants. The market has immense potential for the future as the increasing technological advances and development of low-cost and eco-friendly aerosol propellants are underway by various companies.
Also, the growth of aerosol propellants is likely to be driven by the growing adoption of aerosol in cosmetics, pharmaceutical, and personal care products. The growing skincare industry is also driving demand for aerosol propellants in emerging economies. Also, the growing demand for fragrances as a result of increased consumer spending power is fueling growth.
The growing automotive industry is predicted in the U.S. and Mexico in the coming years which is projected to fuel the demand for the product. Also, growing construction and automotive sectors are expected to drive demand for aerosol propellants in Asia Pacific's emerging economies, such as India, China, and Malaysia. It is also predicted that Latin America and the Middle East and Africa will grow at a steady CAGR till 2030.
Emerging economies, such as India and China, are expected to be inclined to promote favorable investment to create growth opportunities for the market for aerosol propellants. Also, innovations are expected to offer lucrative opportunities shortly to introduce environmentally friendly, economical and low VOC products.
In most parts of North America and Europe, the prohibition on the use of CFC and HFC restricts the market growth. Hydrocarbon propellants have zero potential to deplete ozone and less time to reside in the atmosphere. Therefore, the growth of aerosol propellants is being challenged by various health & environmental risks associated with it.
Due to the growing breadth of applications in the automotive industry, especially in the U.S. and Mexico, North America is anticipated to witness lucrative growth over the forecast period. Also, the presence of key market players is contributing to the growth of the North American aerosol propellants market.
Some of the key Aerosol Propellants market players include Aerochem, Aeropres Corporation, Aerosol Gas Ltd., Aerosol Service GmbH, Aero-Spray AB, AkzoNobel NV, Aveflor, Aztec Aerosols Ltd., Bayer, Benegas, BOC Industrial Gases, Brothers Gas Bottling and Distribution Co. LLC, Diversified CPC International, Inc., DowDuPont, Emirates Gas, Eugenio Santos Envasados Y Servicios SL, Evonik Industries, ExxonMobil, Grillo-Werke AG, Harp International among other prominent players.
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