The global aerosol propellants market size is projected to reach USD 11 billion by 2024. The development of high-quality propellant formulations with enhanced product dispensing capacities can drive this industry during the forecast period (2016-2024). In addition, widespread adoption of various aerosol-based personal care and household products could also positively influence the market. This trend is mainly observed in developing countries, like India, Thailand, etc. Moreover, rising technological developments resulting in the production of superior propellant combinations may stimulate market demand.
Growth of the Aerosol Propellants Market depends greatly on the availability of raw materials, such as crude oil and natural gas. Moreover, cost of the product depends on the prices of crude oil and natural gas. High production of natural gas in Asia-Pacific and North America could boost the demand for aerosol propellants in the years to come. Additionally, greater technological initiatives resulting in the production of high-quality cans that are aesthetically appealing may augment the demand for these cans. This in turn can propel the global market.
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The global Aerosol Propellants Market is categorized as products, applications, and regions. Based on products, the market is divided into Dimethyl Ether (DME) & methyl ethyl ether, hydrocarbons, carbon dioxide & nitrous oxide. Methyl ether & DME can grow at a CAGR of 6% from 2016 to 2025. This attributes to the superior properties exhibited by these components, such as no harm to the ozone layer and low global warming potential. The use of aerosol propellant gases, such as carbon dioxide & nitrous oxide can increase considerably in the near future. This is because these gases cause minimal environmental damage and ensure greater stability.
Applications comprise household, personal care, food, medical, paints, and automotive & industrial. The personal care segment is anticipated to grow at a healthy CAGR of over 3% during the estimated years. This is because of rising popularity of mousses, hair sprays, and deodorants. Demand for beauty products in Central & South America and in Asia-Pacific could fuel product demand in the years to come. In addition, the popularity of hair styling products and shaving foams may propel market growth. One of the key factors driving the global Aerosol Propellants Market is the widespread adoption of personal care products worldwide.
The household segment can expand considerably in the forecast period because of increased usage of floor cleaners and insect sprays. The automotive segment can register a growth rate of 5% during the forecast period.
Geographically, the global Aerosol Propellants Market is segmented into Asia Pacific, North America, Europe, Central & South America, and Rest of the World. Asia-Pacific could witness highest growth on account of rising consumer disposable incomes and rapidly changing lifestyles. Europe is projected to contribute to over 32% of the overall revenues. This owes to the high demand for cans in the personal care & household application segments. Widespread application of the product in automotive paints & cleaners may boost the market in the forecast period.
Prominent companies operating in the global aerosol propellant market are Honeywell International Inc.; Crown Holdings Inc.; Royal Dutch Shell Plc.; E.I. DuPont de Nemours and Company; and Aerosol Gas Ltd. These manufacturers invest considerably in research & development (R&D) of superior propellant formulations. Companies undertake R&D activities in order to increase their market shares in the long run.