Aerosol propellants market size to exceed USD 27 billion by 2022.
Aerosol propellants market size is anticipated to be valued at USD 27.6 billion by 2022, as per a new research report by Global Market Insights, Inc. Increasing demand for household & personal care products such as deodorant, shaving cream, hair spray and dry shampoo among young consumers is anticipated to drive demand. Increasing anti-ageing products demand among ageing populations is also likely support aerosol propellants market growth.
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Increase in automobile production coupled with rise in infrastructure spending in countries such as India, China and Indonesia is likely to have a positive influence on demand in spray paints. U.S. EPA supports use of hydrocarbon based aerosol propellants as it has no VOC content contributing towards global warming.
Hydrocarbon based propellants such as n-butane, isobutane and propane occupied a major chunk of the market by accounting over 82% of the aerosol propellants market share in 2014. These hydrocarbons are comparatively less toxic and are cheaper when compared to their counterparts. Dimethyl ether (DME) & methyl ethyl ether were the second largest products and are likely to witness highest growth rates of over 5% up to 2022.
Key insights from the report include:
Global aerosol propellants market size was estimated at 9.53 million tons in 2014 and may register 13.73 million tons by 2022 growing with an estimated CAGR of 4.7% from 2015 to 2022.
Personal care applications were the dominant and occupied a market share of 37.6% in 2014 in terms of volume. Increasing use in manufacturing products such as antiperspirants, hair care, skin care and infant care is likely to drive demand for personal care applications. Food applications are likely to witness highest gains with an estimated CAGR of 5.2% up to 2022.
Europe aerosol propellants market size registered the highest consumption with an estimated share of 37.0% in 2014. Countries such as France, Germany, UK and Spain are witnessing growth in personal care & cosmetic industry over the past few years. Asia Pacific is likely to witness highest gains with an estimated CAGR of 5.7% up to 2022.
The aerosol propellants market share is highly fragmented with top four companies catering to less than 40% of the total demand in 2014. Global market is characterized by the presence of Multinationals and regional manufacturers across the value chain. Key companies include Covestro (Bayer MaterialScience), DuPont, AkzoNobel, Lapolla Industries, Harp International, Aveflor and Aeropres Corp.