The global aerosol market is expected to reach USD 84.04 billion by 2024, according to a new report by Grand View Research, Inc. Growing consumption of personal care and household products in various countries including China, India, the U.S., Germany, Saudi Arabia, UAE, and Brazil is expected to augment demand for aerosols. Increasing consumption of spray paints in construction and automobile industry will drive demand over the forecast period.
Rising demand for mouthwash, breath freshener, and teeth whitening treatments is expected to stimulate aerosol requirement over the next eight years. New product launches including Unilever’s deodorant aerosols made using less amount of raw material, and energy will boost market growth.
Food is anticipated to witness tremendous gains at 4.5% CAGR from 2016 to 2024, in terms of revenue, on account of the development of the food & beverage sector in China, India, Brazil and Saudi Arabia. In addition, innovation in aerosol food packaging on account of convenience and waste reduction will increase product demand over the forecast period.
Full research report on Aerosol market: http://www.grandviewresearch.com/industry-analysis/aerosol-market
Further key findings from the study suggest:
- Global aerosol market demand was 15.48billion units in 2015 and is expected to reach 21.66 billion units by 2024, growing at a CAGR of 3.8% from 2016 to 2024
- Household was one of the larger application segments accounting for over 30.0% of the global volume and will witness substantial growth on account of increasing consumption for air fresheners and insect repellent
- North America was the second largest market and accounted for 30.2% of the global revenue in 2014 and is expected to witness profitable growth over the forecast period on account of growing the automotive industry in the U.S. and Mexico. Increasing automotive production mainly in Mexico along with leading automobile companies including Honda Motors, Nissan, and Mazda is expected to propel paints and coatings demand, which will augment industry growth in the near future.
- Increasing focus towards new product developments in shaving creams and deodorants will create new opportunities for the industry expansion. Growing demand for sprat paints to enhance the aesthetic value and reduce wastage is expected to be another key factor driving aerosol growth.
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- Latin America is projected to witness significant volume gains at a CAGR of 4.0% from 2016 to 2024 owing to growing demand for hair care products, perfumes, and deodorants in Brazil and Argentina. Policies intended for infrastructure development coupled with increased automobile production in Argentina and Brazil is expected to have a positive impact on aerosol market growth.
- Major market participants include P&G, S C Johnson, Henkel, Lindal Group, Unilever, and Reckitt Benckiser. In April 2015, Lindal Group launched a new ball valve with actuation of 360°. The product is approved by the FDA and finds use in automotive, toiletries, cosmetics, household, and pharmaceutical applications. In July 2013, Lindal Group announced the launch of a new product Twist-Lock Actuator for the packaging of deodorants and antiperspirants and sun care products. The product innovation will play a crucial role in increasing its penetration in personal care industry
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