Aerosol Propellants Market Size is projected to reach USD 16.55 billion by 2031, growing at a CAGR of 6.4%: Straits Research

According to Straits Research, “The global aerosol propellants market was valued at USD 9.47 billion in 2022. It is estimated to reach USD 16.55 billion by 2031, growing at a CAGR of 6.4% during the forecast period (2023–2031).”

New York, United States, April 02, 2024 (GLOBE NEWSWIRE) -- Aerosols are pressurized dosage forms that include one or more active ingredients (product concentrate and propellant) and discharge a fine dispersion of the product concentrate into a gaseous medium when triggered. A propellant is a substance used to pressurize gas to generate energy, which is then used to move liquids. The most commonly utilized propellants are hydrocarbons, nitrous oxide, dimethyl ether, methyl ethyl ether, carbon dioxide, chlorofluorocarbons, and hydro-fluorocarbons. They are used in various commercial and consumer products, including deodorants/antiperspirants, air fresheners, shaving creams, and automotive, industrial, and technical equipment.

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Increasing Demand for Aerosol Products Drives the Global Market

Aerosols are predominantly used in air fresheners, deodorants, hairsprays, paints, antiperspirants, air sprays, inhalers, shaving gels, insecticides, fabric furniture polish, oven cleaners, and leather care. Automotive, paints, varnishes, industrial, pharmaceutical, veterinary, and food goods are further applications. Aerosol demand is anticipated to increase as personal care and household goods use rises in various countries. Aerosol is also used as spray paint in the vehicle and construction industries, which is anticipated to increase demand over the projection period. In Europe and North America, the introduction of new products, such as the deodorant aerosols manufactured by Unilever, using fewer raw materials and less energy, is anticipated to stimulate market expansion.

Growing Paints and Coatings Industry in the Asia-Pacific Creates Tremendous Opportunities

Aerosol propellants are widely used in the paint and coatings industry. It becomes a gas, transforming the paint into a fine spray with optimum surface finish and leveling. Applications of aerosol propellants in many industries, such as the automotive, construction, and marine industries, will increase demand for aerosol propellants. The demand for aerosol propellants is estimated to be driven by the rising paints and coatings industry in emerging nations of Asia-Pacific, particularly in new residential and commercial buildings owing to the development of the construction industry. In addition, a rise in population, urbanization, and disposable income in China, India, Indonesia, and Vietnam is anticipated to stimulate demand for paints and coatings. With the expansion of the paints and coatings sector in Asia-Pacific, the demand for aerosol propellants is expected to generate enormous growth potential for market participants.

Regional Analysis

Europe aerosol propellants market share is anticipated to grow at a CAGR of 6.7% during the forecast period. Europe is one of the fastest-growing regions due to the increasing use of deodorants and antiperspirants due to economic growth and rising disposable income. Growing demand for hair care products due to the region's aging population is anticipated to drive market expansion. Moreover, research and development leading to innovation in shaving cream and gel formulation are expected to benefit the market. Major chemical producers such as BASF, Shell, Henkel, and Bostik have built a production facility in Europe, which is anticipated to assure a continuous supply of aerosol propellants for adhesives, sealants, and lubricants to the region.

The North American aerosol propellants market is expected to grow due to the market presence of FMCG companies such as Proctor & Gamble and Unilever in the U.S. Firms' primary focus on creating innovative personal care and household goods are projected to drive the growth of the aerosol propellants market over the forecast period. In addition, the U.S. manufacturing sector provides almost 11% of the country's GDP, which bodes well for the consumption of aerosol propellants in the personal care, medical, paints and coatings, food, automotive, and industrial production sectors. Canada also has substantial industrial businesses, with the automobile industry dominating. However, the country's dominance in oil and natural gas resources enhances its potential to offer raw materials for the aerosol propellants market. Increasing automobile manufacturing is anticipated to spur demand for automotive paints and coatings, driving the market for aerosol propellants throughout the forecast period.

Key Highlights

  • Based on product, the global aerosol propellants market is divided into hydrocarbons, DME, nitrous oxide and carbon dioxide, and others. The hydrocarbons segment is responsible for the largest market share and is anticipated to grow at a CAGR of 6.3% over the forecast period.
  • Based on end-user, the global aerosol propellants market is segmented into personal care, household, automotive and industrial, food, paints and coatings, medical, and others. The personal care segment owns the highest market share and is projected to grow at a CAGR of 6.1% during the forecast period.
  • Europe is the most significant shareholder in the global aerosol propellants market and is anticipated to grow at a CAGR of 6.7% during the forecast period.

Competitive Players

The key global aerosol propellants market players are Royal Dutch Shell, DuPont de Nemours, Inc., Brothers Gas, The Chemours Company, Aeropress Corporation, Nouryon, Harp International Ltd, AVEFLOR, A.S., Exxon Mobil Corporation, Sinopec, TPC Group, Reliance Industries Limited, Honeywell International Inc., and PCC Group.

Market News

  • In October 2022, Loryma launched Lory Starch Opal, a spray-on adhesive for seeds and other decorative food seasonings. The spray is made from pregelatinized wheat starch, focusing on solubility to ease its ability to be sprayed on.
  • In December 2022, Honeywell stated that its Baton Rouge, Louisiana, facility had increased its manufacturing capacity of Honeywell Solstice® ze (HFO-1234ze), an energy-efficient and low-global-warming-potential (GWP) alternative to other current technologies. Solstice ze is utilized in applications involving foam insulation, aerosol propellants, refrigeration, and air conditioning.

Global Aerosol Propellants Market: Segmentation

By Product

  • Hydrocarbons
  • DME
  • Nitrous Oxide and Carbon Dioxide
  • Others

By End-User

  • Personal Care
  • Household
  • Automotive and Industrial
  • Food
  • Paints and Coatings
  • Medical
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America
  • The Middle East and Africa

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About Straits Research Pvt. Ltd.

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