Surging demand for personal care products and rapid industrialization in emerging economies, such as China, India, Brazil, Thailand, and Indonesia, have pushed the consumption of aerosols, globally. Moreover, the growth in the automotive refinish industry is expected to benefit the global aerosol market, on account of the rising demand for aerosol paints. Due these factors, the market is expected to generate $149.7 billion revenue by 2030, advancing at a CAGR of 6.4% during the forecast period (2020–2030).
The COVID-19 pandemic has drastically impacted the aerosol market, due to the temporarily shutdown of manufacturing facilities. The other factors, such as border closure in the first and second quarters of 2020 and supply chain disruption, impacted the market to a certain extent. Additionally, with the lifting of lockdown imposed by governments and the shift toward normalcy in businesses and manufacturing activities, the market is expected to fully recover by 2021 from the losses incurred due to the pandemic.
The aerosol market is classified into aluminum, steel, plastic, and others, on the basis of packaging material. Among these, the aluminum category held the largest share in 2019. This is credited to the high use of aluminum as a packaging material for aerosols. Aluminum is lightweight and makes the product look aesthetically pleasing, owing to which most manufacturing companies prefer it over other packaging materials.
Further, on the basis of end use, the aerosol market is categorized into personal care, household, food products, paints & coatings, medical, automotive & industrial, and others. The personal care is expected to be the fastest-growing category in the market during the forecast period. This can be majorly ascribed to the high consumption of deodorants, hair sprays, shaving sprays, and dry shampoos, among several other personal care products. Additionally, increasing consumer spending on personal hygiene products is expected to further propel the products’ demand, thereby boosting the market growth in this category.
Geographically, the aerosol market in Asia-Pacific (APAC) is expected to witness lucrative growth, as a consequence of lenient regulatory measures coupled with surging demand for personal care products and aerosol paints. Furthermore, uniform propulsion, ease of application, and aesthetic appeal of aerosols are some attributes driving the demand for aerosols in the region.
Players in the aerosol market are collaborating with one another and also launching new products to enhance their market presence. For instance, in April 2020, an aerosol hand sanitizer, “Breathe”, was launched by Starco Brands. For this, the company filed a patent and commercialized the spray technology with a 75% alcohol solution.
Some of the major players operating in the global aerosol market are Akzo Nobel N.V., Arkema Group, Linde Plc, The Chemours Company, Royal Dutch Shell p.l.c., Henkel AG & Co. KGaA, Honeywell International Inc., Diversified CPC International, Emirates Gas LLC, and Grillo-Werke AG.