The global Aerosol Propellant Market is expected to reach USD 27.09 billion by 2022, according to a new report by Grand View Research, Inc. Increasing demand for aerosol in personal care products, mainly cosmetics, is expected to drive market growth. Rising consumption of carbon dioxide and nitrous oxide aerosol propellant for dispensing dental creams, food products, ointments and hair preparations will augment growth over the forecast period.
Asia Pacific is expected to witness significant gains in terms of volume at a CAGR of 5.5%from 2015 to 2022, on account of supporting regulations and high demand for household &cosmetic products. Growing demand for shaving creams and deodorants, particularly among the younger population, in emerging economies including China and India, is expected to have a positive impact on market growth.
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Further key findings from the report suggest:
- Global Aerosol Propellant Market demand was 9,521.5 kilo tons in 2014 and is expected to grow at a CAGR of 4.5% from 2015 to 2022. U.S. EPA support for utilization of hydrocarbon propellants as they have zero ozone depletion potential and less atmospheric residence time, is expected to drive growth.
- Demand for aerosol propellants in household products accounted for over 30% of global volume in 2014 and is anticipated to witness substantial growth on account of increasing consumption for air fresheners and insect repellents. Growing awareness regarding hygiene coupled with growing home furnishing market will spur industry penetration in household applications.
- Global DME and methyl ethyl ether demand is expected to reach 1,343.3kilo tons by 2022. Dimethyl ether offer advantageous properties including chemical stability, low toxicity, high solvency and water miscibility which are used in a variety of aerosol products including paint sprays and hairsprays. Rising consumer awareness regarding hygiene is expected to result in a high demand for deodorants, perfumes and air fresheners.
- North America Aerosol Propellant Market was valued at USD 5.53 billion in 2014. Increasing automotive production in Mexico is expected to drive demand for paints & coatings, which will promote growth over the forecast period. In addition, FMCG companies including Proctor & Gamble, Colgate-Palmolive and Unilever have been focusing towards new product developments in shaving creams and deodorants.
- Key market players include DuPont, Aveflor, Honeywell, ExxonMobil, Aeropres Corporation, Bayer Material Science AG, Grillo-Werke AG, Evonik Industries, Lapolla Industries Inc., AkzoNobel, Emirates Gas, National Gas Company SAOG, BOC Industrial Gases UK and Harp International.
- Companies are focusing on product innovation to increase their market presence. For instance, in October 2014, DuPont launched a new product for AC fresh and AC Pharmacair shipments named as Tyvek Coveralls. In December 2014, the company launched HydroFluoroOlefin (HFO) product range for safer work environment with no harmful impact.
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