Industry Overview
Global aerosol propellants market size is expected to reach 12.5
million tons by 2020, growing at a CAGR of 4.6% from 2014 to 2020.
Increasing personal care & cosmetic products demand such as
shaving creams, deodorants and hair-sprays is anticipated to drive
aerosol propellants demand over the next six years. These products are
gaining wide acceptance among the young population particularly in the
emerging economies of Asia Pacific and Latin America. Furthermore,
growing old age population has propelled use of aerosol in anti-ageing
cosmetic products.
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Introduction of new product formats, gender-specific products, and
technological developments is expected to drive demand for personal care
products. Increasing use of aerosol propellants in deodorants, styling
mousses hair sprays and antiperspirants is expected to drive market
growth.
Aerosol is also used as spray paints in automobile and construction
industry which is expected to drive demand. Global aerosol demand in
2013 was 14,611.8 million units and is expected to reach 18,040.5
million units, growing at a CAGR of 3.1% from 2014 to 2020.
Increasing awareness for hygiene coupled with home furnishing market
growth is expected to drive aerosol demand in household applications.
Rising government spending for infrastructure improvement in China,
India, and Brazil is expected to fuel aerosol paint demand in
construction. Increasing automobile production in China, Mexico,
Germany, Brazil, and Indonesia is expected to positively influence the
market. These factors are expected to drive aerosol propellants market.
The market is further expected to witness growth owing to the support
from the U.S. EPA for hydrocarbon propellants as they have zero ozone
depletion potential and less atmospheric residence time and, thus, do
not contribute to global warming.
Health and environmental issues associated with propellants use in
aerosol products is expected to challenge industry participant’s growth.
Investments in research for technological up-gradation to produce low
VOC and eco-friendly products are expected to open new avenues for
industry.
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Product Overview
Hydrocarbons were the leading product segment with a market valuation
exceeding USD 13 billion in 2013. Hydrocarbons were the largest product
segment, accounting for 82.5% of global market share in 2013.
Hydrocarbons including isobutene, propane, ethane and n-butane provide
high stability, lower costs and less toxicity in comparison to other
propellants which is expected to contribute towards its high market
share over the past few years.
DME & methyl ethyl ether accounted for more than 8% of the market
share and is expected to witness significant growth rates with CAGR of
over 5% up to 2020. This product is expected to grow owing to the
numerous advantages including solvency and water miscibility making it
useful in various products such as paint sprays and hairsprays.
Nitrous oxide & carbon dioxide product is expected to exceed a
market valuation of USD 2 billion by 2020 by witnessing above average
growth rates. Increasing carbon dioxide & nitrous oxide demand to
dispense dental creams, food products, ointments and hair preparations
is likely to surge aerosol propellants market growth.
Application Overview
Personal care was the leading application for aerosol propellants
market with valuation exceeding USD 6.5 billion in 2013. Rising health
concerns and growing demand for hygienic products is expected to
increase the importance of personal care products including infant care,
skin care, deodorants, antiperspirants and hair care.
Household application accounted for more than 32% of the market share
in 2013 and is expected to grow is higher growth rates up to 2020. They
are used in myriad household applications such as stain removers,
pre-wash sprays, shoe polish, starch, water repellents for leather &
fabric, cleaning agents in rugs, fabrics & household surfaces,
furniture polishes & waxes, room disinfectants & fresheners, air
fresheners & anti-static sprays.
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Automotive & industrial applications accounted for more than 8%
of the market share in 2013 and are likely to grow at higher CAGR of
over 5% up to 2020. Aerosol propellants find use in formulation of
adhesives & sealants, anti-fog agents, lubricants, and automotive
cleaning agents. Increasing preference towards preventive maintenance in
industrial and automotive applications owing to reduce production cost
is expected to promote demand for adhesives & sealants and
lubricants.
Paint applications are expected to witness significant growth rates
over the forecast period owing to increasing use of spray painting
technology in automotive and construction sector.
Regional Overview
Europe was the leading regional market with revenues exceeding USD
6.8 billion in 2013. Robust manufacturing base of cosmetic products in
Germany, France, Spain and UK is expected to increase the demand.
North America was the second largest market and accounted for more
than 25% of the share in 2013. Positive outlook on automobile industry
in the U.S. and Mexico is expected to fuel aerosol propellants demand in
the near future.
Asia Pacific aerosol propellants market is likely to witness
significant growth rates with an estimated CAGR of over 5.5% up to 2020.
This region is expected see an increase in infrastructure spending
coupled with growth in automobile production particularly in countries
such as China, Indonesia, India and Thailand.
Competitive Market Share
Honeywell was the largest company in the aerosol propellants market
share accounting for over 15% of the global market in 2013. In July
2012, Honeywell launched a new product range, Solstice Propellants,
which is non-ozone-depleting, and has low GWP (global warming potential)
and is non-flammable and find applications in personal care products.
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