The global aerosol propellant market size is expected to reach USD 11.04 billion by 2025, as per a new report by Grand View Research Inc. It is anticipated to expand at a CAGR of 5.2% during the forecast period. Rising demand for aerosol products, such as hair sprays, antiperspirants, room fresheners, and deodorants is expected to fuel the growth. In addition, increasing application in cosmetics is predicted to fuel the product demand.
Europe led the market in the previous years and is expected to grow considerably in near future due to the presence of robust cosmetics manufacturing base in France, Germany, Spain, and U.K. Nonetheless, restricted use of CFC, HCFC, and HFC is expected to limit the demand for aerosol propellants over the forecast period.
North America emerged as the second largest market and is expected to grow significantly in future due to high demand from automobile industry in Mexico and U.S. Asia Pacific leads the market owing to growth of automotive and construction industry. Increasing demand for personal care products from millennials is anticipated to have a positive impact on the market growth.
The factors such as growing home furnishing sector due to rising urbanization, demand for furniture from Middle Eastern countries, and adoption in cleaning application are anticipated to fuel the product demand. Moreover, introduction of advanced products across various application industries is expected to drive the market growth.
Further key findings from the report suggest:
- Personal care application accounted for 34.3% of the overall market share in terms of revenue in 2018 on account of high existing penetration of the product in cosmetics and body care products
- Demand for hydrocarbon based products is expected to account for USD 8.79 Billion by 2025 on account of high penetration in the pharmaceutical industry due to non-reactivity, low toxicity, and environment-friendly nature of the product
- Europe aerosol propellant market is projected to expand at a CAGR of 4.3% from 2019 to 2025, due to increased applications in industries such as paints and coatings, households, and medical
- North America accounted for 28.1% of the global market share in 2018 and is expected to exhibit notable gains over the forecast period on account of the high adoption of the product in U.S., Canada, and Mexico
- Key market players are focused on new product developments, especially in shaving creams and deodorants for strengthening their market presence, which will ultimately promote the industry growth