Rockville, June 19, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global aerosol propellants market is set to reach a valuation of US$ 7.9 billion in 2023 and is expected to grow at a CAGR of 6.9% during the forecast period of 2023-2033.
With the environmental concerns prompt the global phasing-out of chlorofluorocarbons (CFCs), the aerosol industry is undergoing a transformative shift towards sustainable propellants. Natural propellants, including compressed air, nitrogen, and carbon dioxide, are gaining widespread acceptance for their remarkable attributes, such as zero ozone depletion potential and minimal impact on climate change.
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In this era of sustainable innovation, extensive research and development efforts are underway to explore cutting-edge propellant technologies. Dimethyl ether (DME) and hydrofluoroolefins (HFOs) have emerged as promising alternatives, offering improved efficiency and reduced emissions. Moreover, government regulations and policies are playing a pivotal role in driving the market forward and enforcing restrictions and limits on the use of traditional propellants.
The aerosol industry is witnessing significant growth opportunities, particularly in emerging economies, where flourishing end-use industries are fueling demand. The rising consumer preference for aerosol-based products, such as personal care items, household cleaners, and air fresheners, is a key driver behind the escalating demand for aerosol propellants. These products provide unparalleled convenience, ease of use, and precise application, all contributing to the robust expansion of the market.
Key Takeaways from Market Study
- The global aerosol propellants market is projected to grow at 6.9% CAGR and reach US$ 15.4 billion by 2033
- The market witnessed a 5.2% CAGR between 2018 to 2022
- US is expected to grow at a CAGR of 7.2% between 2023-2033
- Europe aerosol propellants market is estimated to grow at a CAGR of 6.4% in the forecast period
- China’s aerosol propellants market is set to grow at a CAGR of 7.8% during the forecast period
- Royal Dutch Shell, Honeywell, Evonik, Repsol, Chemours, and Nouryon are some of the prominent market players in the global aerosol propellants market
“Transition to Sustainable Propellants Accelerates with Phasing-Out of Harmful Substances Driving Aerosol Propellants Demand” says a Fact.MR analyst.
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Market Growth Strategies
Market players are focusing on developing innovative aerosol propellant formulations that meet the needs of customers. They are investing in research and development to enhance product performance, reduce environmental impact, and comply with regulatory standards.
Market players are also focusing on expanding their presence in emerging countries. This expansion strategy involves new production facilities, establishing a distribution network, and adopting products that meet local market requirements. By targeting emerging markets or regions with high growth potential, companies are diversify their customer base and increase market penetration.
Key Companies Profiled
- Royal Dutch Shell
- Repsol
- Honeywell
- Evonik
- Chemours
- HARP International
- Nouryon
- Grillo Werke AG
- Emirate Gas LLC
- Climalife
Segmentation of Aerosol Propellant Industry Research
- By Propellant Type:
- Compressed & Soluble Gas
- Carbon Dioxide
- Nitrogen
- Nitrous Oxide
- Compressed Air
- Liquefied Gas
- Hydrocarbons
- Butane
- Isobutane
- Propane
- Others
- HFCs
- 134a
- 152a
- DME
- Hydrocarbons
- Compressed & Soluble Gas
- By Application:
- Bottles
- Cans
- Dispensers
- Dip Tubes
- Spray Bottles
- By End-Use:
- Personal Care Products
- Body Spray
- Deodorants & Antiperspirant
- Shaving Creams
- Hair Spray
- Others
- Home Care Products
- Healthcare & Medical
- Agro Products
- Aerosol Paints
- Automotive & Industrial
- Forensic
- Firefighting
- Others
- Personal Care Products
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the aerosol propellants market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of propellant type (compressed & soluble gas and liquefied gas), application (bottles, cans, and dispensers), end-use (personal care product, home care product, healthcare & medical, agro products, aerosol paints, automotive & paints, forensic, firefighting, and others), and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Key Questions Covered in the Aerosol Propellants Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Aerosol Propellants sales grow until 2033?
- Which are the factors hampering the Aerosol Propellants demand?
- Which region will spearhead the growth in the global industry by 2033?
- Which are the factors driving sales in the Aerosol Propellants Market during the forecast period?
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Liquid Propellants Market Share: The expansion of the rocket propulsion sector is fueled by an increase in the number of space expeditions, high efficiency and technological improvements in the rocket propulsion, due to which the liquid propellants market share is expected to grow at a CAGR of over 7% during the forecast period and demand for the product is set to behold the huge gain.
Aerosol Cans Market Sales: Worldwide aerosol cans market sales are projected to increase at a CAGR of 3.6% from 2022 to 2032. At present, the global aerosol cans market is valued at US$ 10.3 billion and is anticipated to reach a market size of US$ 14.7 billion by 2032.
Aerosol Propellants Market Revenue: Aerosol propellants market revenue is witnessing growth due to surging demand from the end use segment. On the back of this, the global aerosol propellants market is set to estimate a valuation of US$ 7.9 billion in 2023 and it is expected to grow at a CAGR of 6.9% to reach US$ 15.4 billion by the end of 2033.
Technical Aerosol Market Growth: Increasing use of technical aerosol by the automotive industry and electronics manufacturers is the key driver for the global technical aerosol market growth. Moreover, the growing demand for cleaning spray products is expected to increase the demand for the technical aerosol market during the forecast period.
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