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Industry Insights, Market Size, CAGR, High-Level Analysis: Aerosol Market The global aerosol market size was valued at USD 86.55 billion in 2019 and is estimated to witness a CAGR of 6.5% in terms of revenue, from 2020 to 2027. The growth is majorly driven by the increasing consumption of personal care products such as deodorants, shaving creams, hair sprays, and body sprays. Aerosols are colloidal systems of solid or liquid particles suspended in gas. They find a broad range of application including personal care, household, automotive and industrial, food, paints, and medical. Convenience of use and aesthetic design of product packaging are the factors expected to further drive the product demand. Development of eco-friendly packaging is expected to develop new opportunities for the market in the forthcoming years. For instance, in 2013, Unilever launched aerosol products with eco-friendly packaging. These containers were 50% smaller and more long lasting than the traditional cans. Moreover, they use 50% less propellant and reduce the overall carbon footprint of the product. Increasing urbanization coupled with rapid infrastructural developments in emerging economies of Asia Pacific is expected to drive the demand for aerosol in paints and household products. In addition, introduction of the Environmental Protection Agency (EPA) approved aerosol cleaning products is anticipated to boost the market growth. In terms of metal packaging, innovations in aerosol-based products for improving consumer convenience and environmental concerns have been witnessed. For example, compressed gases replacing hydrocarbons as propellants and innovation of bi-compartmental technology that separates the product from propellant by introducing a plastic inner bag. Such steps are expected to further propel the growth of the aerosol market. Various food products, including oil, whipped cream, edible mousse, and sprayable flavors are made available in aerosol form owing to the convenience this product packaging offers. Furthermore, the demand for whipped cream has been witnessing significant growth from the past few years owing to their increasing demand for bakery products such as pies, cupcakes, ice creams, sundaes, cakes, hot chocolate milkshakes, waffles, cheesecake, and puddings. This further anticipated to fuel the growth of the market. Application Insights of Aerosol Market Personal care segment held the largest market share of 36.6% in terms of volume in 2019. The segment is driven by growing demand for hair care products and deodorants. The demand for personal care products is increasing in emerging economies owing to changing lifestyle, rising consumer spending, and emphasis on gender-specific products. Growth of the household segment is attributed to improvement in standard of living and emphasis on hygiene, especially in developing regions. This has led to increased consumption of household products like air fresheners, cleaners, sanitizing agents, and disinfectants. Dispersion of these products in less quantity reduces wastage and increases their longevity. This property further propels their usage, especially for middle class population. Automotive and industrial segment is one of the significant application segments. Increasing consumer awareness regarding the appearance and maintenance of vehicles is propelling the demand for aerosol products like spray paints and automotive cleaning agents. In addition, increasing sales of vehicles is impacting the consumption of other products, such as adhesives and sealants, anti-fog agents, and lubricants. Growth in medical segment is owing to the increasing demand for dry powder respiratory inhalers and metered dose inhalers, especially in North America. Growing pollution has led to increased number of asthma patients, which is anticipated to further propel the demand for these inhalers over the forecast period. Type Insights of Aerosol Market Bag-on-Valve (BoV) is a packaging technology wherein the bag containing the product is welded to the valve. The propellant is placed in between the bag and can. Therefore, propellant and the products are completely separated from each other, which improves the integrity of the packaged product. In a bag-on-valve aerosol, the product is dispensed mainly by the propellant by squeezing the bag after the pressing of the spray button. Cosmetic, medical, and food products are usually packaged in the aerosol with a bag-on-valve to maintain the purity of the product. Bag-on-valve offers nearly 99.5% of product dispersion; the bag is usually made up of four layer laminates, which minimizes the possibility of oxidation, and the product is hermetically sealed with the bag, which ensures product integrity. These advantages are attracting product manufacturers to adopt BoV aerosol, which in turn, expected to propel the segment growth in the forthcoming years. Material Insights of Aerosol Market The aluminum material segment held the largest share in the global market for aerosol in 2019 and is also expected to grow at a considerable pace over the forecast period. Aluminum is environmentally friendly materials and can be recycled multiple times. In addition, it offers robust packaging and significantly enhances the aesthetic appeal of products. These are some of the major factors contributing to the segment growth. Globally, aluminum prices are witnessing a significant rise, further leading to an increase in the final cost of aerosol products. As a result, the aerosol manufacturers are expected to opt for a low price alternative, which in turn may hamper the growth of the aluminum material segment in the coming years. The plastic material segment has also been experiencing significant demand from aerosol manufacturers. Low weight, low cost, and high recyclability of PET plastic are the key factors augmenting the growth of the segment. However, increasing ban on plastic packaging, especially in Europe, is expected to hamper the segment growth in near future. Regional Insights of Aerosol Market Europe held the largest market share of 33.0% in terms of volume in 2019. The region is also the leading producer of aerosol. Its large share is mainly attributable to the personal care industry. Factors including high cosmetics consumption, rapid growth of fragrance industry, and rise in consumer spending are boosting the regional growth. Despite increasing demand from personal care industry, growth of the Europe market is hindered by the regulations regarding Volatile Organic Compounds (VOC) emissions, laid down by the European Commission and the Environmental Protection Agency (EPA). However, the region is anticipated to overcome this challenge in near future with new innovations. For example, in 2017, a new line of aerosol cleaners was introduced by the brand Breathe, certified by the EPA’s Safer Choice Program. In terms of revenue, Asia Pacific is among the fastest growing regions and is expected to register a CAGR of 8.7% over the forecast period. Governments of China and India have been focusing on promoting favorable investments, which is expected to create lucrative growth opportunities over the forecast period. Increasing consumer spending in emerging Asian economies is boosting the demand for aerosol in personal care, automotive, and paints. Middle East and Africa is the fastest growing regional segment. Increasing spending on hair care products in countries, such as Saudi Arabia and UAE is expected to be the driving factor for personal care application segment during the forecast period. In addition, presence of hypermarkets such as Carrefour, and Lulu Hypermarket in UAE, Saudi Arabia, and Kuwait has ensured the retail distribution for consumer products. Market Share Insights of Aerosol Market The global market is highly competitive in nature owing to the presence of major players like Proctor & Gamble; Reckitt Benckiser; Unilever; Honeywell International Inc.; SC Johnson & Son Inc.; and Henkel. Mergers and acquisitions and new capacity expansions are among the key strategies adopted by the major market players. For instance, in May 2018, Spray Products Corp. acquired a new facility in Ohio, U.S. In another development, Lindal Group inaugurated its new state-of-the-art facility in Columbus, Indiana. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Aerosol Market Research Report This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global aerosol market report on the basis of material, type, application, and region: Material Outlook (Volume, Million Units; Revenue, USD Million, 2019 - 2030) Steel Aluminum Plastic Glass Type Outlook (Volume, Million Units; Revenue, USD Million, 2019 - 2030) Bag-on-Valve (BoV) Standard Application Outlook (Volume, Million Units; Revenue, USD Million, 2019 - 2030) Personal Care Deodorants Hair Mousse Hair Spray Shaving Mousse/Foam Others Household Insecticides & Plant Protection Air Fresheners Furniture & Wax Polishes Others Automotive & Industrial Greases Lubricants Spray Oils Cleaners Food Oils Whipped Cream Edible Mousse Sprayable Flavours Paints Medical Inhaler Topical Application Others
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...