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Expanding End-Use Industries Propelling the Growth of the Aerosol Market
The global aerosol market generated a revenue of $53,871.6 million in 2017 and is estimated to reach $75,208.9 million by 2023, witnessing a CAGR of 5.8% during the forecast period 2018–2023
The growth of the market is majorly driven by the growing key end use industries and rapid industrialization in developing economies.the aerosol market is segmented into household, automotive, paints and varnishes, food and beverages, personal care, insecticide and others; ‘others’ include pharmaceuticals, veterinary, and textiles. Among these, personal care is the largest category in the market, attributed to the increasing awareness about personal care and hygiene worldwide. As aerosols are widely used in the personal care products ranging from shaving care, deodorants, body sprays, oil sprays, and others, the market is expected to grow at a considerable rate in the coming years as well.
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Globally, Europe is the largest aerosol market, with a contribution of more than 35.0% revenue in 2017. This can be ascribed to the superior barrier properties of aerosol, which protect the products from harmful ultraviolet (UV) radiations in the food, personal care, and medical industries. The region is a leading personal care market globally, thus, accounting for high consumption of the product. According to the Cosmetics Europe (personal care association), in 2016, the European cosmetics and personal care market was valued at $89.0 billion (EUR 77.0 billion). The largest cosmetics and personal care products market in Europe are Germany, the U.K., France, and Italy.
The region has around 500 million consumers of personal care products, who rely on these products to protect their health, boost self-esteem, and enhance well-being. Large industry players have established multiple research centres which focus on product development, market research, and regulatory compliance respectively. All these factors are contributing towards the aerosol market growth in the region.
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Increasing demand for aerosol products in the packaging application for different products such as household cleaners and insecticides, is creating various opportunities in the market for the industry players. It provides easy application of household cleaners and insecticides without any hassle or skin contact, which is its most attractive property. This also produces less waste as compared to other means, as they are metered and each spray is designed to deliver a specified amount.
Some of the major players operating in the global aerosol market are Reckitt Benckiser Group Plc., Proctor & Gamble Company, SC Johnson & Son Inc., Akzo Nobel N.V., Unilever PLC, Coster Technologie Speciali S.p.A., Thymes LLC, Crabtree & Evelyn Ltd., Honeywell International Inc., Colep Polska Sp. z.o.o.
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