Aerosol Market Overview
The global aerosol market is expected to attain a size of $53,871.6 million in 2017 and is forecasted to reach $75,208.9 million by 2023, registering a CAGR of 5.8% during 2018–2023. The major factors driving the market growth are the growing end use industries and rapid industrialization in developing economies.
GLOBAL AEROSOL MARKET, BY APPLICATION, $M (2013-2023)
Aerosol is a suspension of tiny particles in the air. It is a system of solid particles that are uniformly distributed in a finely divided state through a gas, usually air, and the size of suspended particles varies from 0.001 to 100 microns. Natural aerosol include dust, forest exudates, natural geyser steams and fog; while artificial aerosol include haze, smoke and particulate air pollutants.
Based on application, 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 all, personal care held the largest share in the market, contributing more than 35.0% revenue in 2017. This can be ascribed to the increasing usage of it in the cosmetics and personal care products hair sprays, deodorants, foam products, and others.
The increasing buying power of consumers is also a major factor contributing to the market growth. With the rise in income, the expenditure on discretionary items has increased. The new groups of urban consumers are inclining towards better lifestyle and living standard, which is leading to increase in the demand of discretionary items such as perfumes, high-end cosmetics, essential oils, and others.
Globally, Europe has been accounting for the highest revenue in the aerosol market, with a contribution of more than 35.0% in 2017. This is attributed to the well-developed cosmetics and personal care industry in the region. Along with that, the growing usage of it in the food and beverage application is also boosting the market growth, owing to the increasing demand and consumption of packaged goods.
Aerosol Market Dynamics
Expanding key end use industries and rapid industrialization in developing economies are the major factors driving the aerosol market growth.
The increasing demand of the product in various food items, such as mayonnaise, chocolate, olive oil, vinegar, whipped creams, ketchup, and soda is expected to further increase its demand during the forecast period. The food habits of individuals are changing, as they are spending more on food and beverages, owing to increasing income and living standards globally. The growing food and beverages industry in various countries such as China, India, and the U.S. is expected to drive the aerosol market growth.
Developing economies, such as China, India, Brazil, and Malaysia are witnessing fast-paced industrialization and urbanization, creating significant potential for the aerosol market growth. The increasing automobile production in various countries including India, China, Brazil, Indonesia, and Germany is expected to drive the demand of this product, as it is used for paints and coatings application in vehicles. Asia-Pacific accounts for significant share of the total automotive vehicles manufactured worldwide, making it a high-potential market.
Additionally, it is preferred for spray paints application in the automotive and paints and coatings industries. The rapid urbanization along with infrastructural development, particularly in India, Thailand, and Brazil is expected to drive the paints and coatings industry, which in turn would increase aerosol demand during the forecast period. The increasing usage of this product for stain removing, pre-wash sprays, shoe-polish, water and starch removal in the leather industry and fabrics is expected to further drive the aerosol market growth in the coming years.
Aerosol Market Competitive Landscape
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.