Global Aerosol Market Report, published by Variant Market Research, forecast that the global market is expected to reach $94.4 billion by 2024 from $69.6 billion in 2016; growing at a CAGR of 3.9% from 2016 to 2024.
"Aerosol Market (By Application: Household, Automotive Industry, Paint & Varnishes, Food, Personal care, Insecticide, and Other Applications; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 - 2024"
Increasing urbanization and industrialization to drive the aerosol market
Some of the factors driving the growth of global market includes growing application of aerosols in medical products, paints, adhesives, food, and automotive. Growing demand for few products along with personal care products, increasing disposable income along with rising standard of living are also fueling the usage these substances, for better living. Increasing demand for household and personal care products is likely to have a favorable impact on aerosol market size. Also, another application area of aerosol as spray paints in manufacturing, construction and automobile industry is expected to decide the aerosol market trend in the coming future. Furthermore, asthma inhalers are also one of the application areas for these, but the presence of toxic material fluorocarbons named hydrofluoroalkanes is expected to confine the demand and aerosol market share.
Application, and geography are the major segments of global aerosol market. Application segment is further categorized into household, automotive industry, paint and varnishes, food, personal care, insecticide, and other applications. Based on geography, the global market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Country wise analysis of all the regions have been also included in the report.
Personal care accounted for the largest market share in the application segment
Personal care accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024. Rising standard of living along with increasing disposable income are the major factors leading to the growth of this sub segment.
Global Aerosol Market By Application
Europe accounted for the major market share of aerosol market
Europe is accounts for the major market share of 36.1% in 2016 and is expected to continue its share throughout the forecasted period 2016 - 2024, driven by the rising demand for personal care products which is expected to contribute in the mounting popularity of these aerosols in Spain, UK, Germany, and France, among others.
GLOBAL AEROSOL MARKET SHARE BY GEOGRAPHY, 2016 (%)
The major players of the market are investing in R&D for better product quality. Also, manufacturers emphasis on products development and innovation in the household and personal care product segments. In October 2015, Honeywell announced the introduction of progressive propellant mixtures promoted under the trade name Solstice Propellant, likely to increase the attraction of the consumers on account of replacement of the conventional propellant alternatives.
The major key players operating in the market are Crabtree & Evelyn, Thymes LLC, Reckitt Benckiser, Henkel AG & Co., Unilever, Proctor and Gamble Co., S.C. Johnson, Akzo Nobel N.V., The Chemours Company, and Coster Tecnologie Speciali S.p.A., among others.