"Increase the use of aerosol in the paint industry will spur the market revenue growth"
The global aerosol market accounted for US$ 95.9 Bn in 2021 and is anticipated to grow to US$ 165.10 Bn growing at a CAGR of 6.3% throughout the forecast period from 2023 to 2030. In 2021, in terms of volume market registered sales of 17.64 Bn units and is anticipated to reach 22.52 Bn units expanding at a CAGR of 3.1%.
The growth of the global aerosol market is anticipated to be driven by factors including increasing consumption of personal care products such as deodorants, hair spray, and shaving creams among others. The rising environmental concerns and steep growth in the packaging industry are key factors propelling the demand of the aerosol market. The combination of benefits offered by aerosol products such as ease of use, eco-friendly packaging, aesthetic appeal, and recyclability among others contribute towards the aerosol market growth. Aerosol products find usage in wide areas including personal care, automotive, paint, and household among others. The rise in disposable income across the globe is also one of the key factors contributing to the growth of the aerosol market.
Additionally, the growing innovation and investments in research and development in the healthcare industry anticipated creating more opportunities for the growth of the aerosol market. The growing automotive, construction, and paint industries especially in emerging economies such as India, and China among others, and globally are projected to further boost the demand for aerosol products thus driving the aerosol market growth. Moreover, stringent environmental regulations imposed by governments across the globe for producing pollution-free vehicles and products are expected to increase the demand for the aerosol market in the years to come.
"Aluminum to dominate the market throughout the forecast period"
Based on material type, the aerosol market is classified into aluminum, steel, glass, and plastic. The aluminum segment dominates the global aerosol market and is anticipated to grow at a significant pace. In 2021, the aluminum segment contributed a revenue share of approximately 40% and a volume share of more than 40%. The factors contributing to the growth of the segment are eco-friendly nature, recyclable multiple times, aesthetic appeal, and offers strong packaging.
In contrast, the plastic segment is projected to grow at a rapid pace and is in demand by aerosol manufacturers owing to the benefits offered including low-cost low weight, and high recyclability of PET plastic. However, the ban on plastic by governments and the environmental impact of plastic hinder the market growth of this segment.
"Personal Care segment expected to dominate the market during the forecast period"
On the basis of application, the global aerosol market is further classified into personal care (deodorants, hairsprays, shaving mousse & gel, hair mousse, others), household (air freshener, insecticides & plant protection products, furniture waxes & polishes, textile and fabric care, shoe/leather care, bathroom & kitchen cleaning mousse, oven cleaners, others), automotive,(grease, spray oil & lubricants, cleaners), food & beverage (oils, sprayable flavors, edible mousse & whipped cream), pharmaceutical (inhaler, topical application), paints. The personal care segment dominated the aerosol market and is expected to retain its position during the forecast period. The segment accounted for more than 30% share in terms of revenue and more than 35% share in terms of volume. Out of the sub-segments deodorants, the segment accounted for the largest market share accounting for more than 35% of the market. The growth in this segment can be associated with the growing demand for deodorants and hair care products and the increasing demand for personal care products in emerging economies such as India and China among others.
"Rising environmental concerns to bolster the growth in the Asia Pacific region"
In 2021, the European region dominated the global aerosol market and accounted for 34% of revenue generated globally and more than 30% in terms of volume. The growth in the region can be attributed to, the rapidly growing personal care industry owing to the increasing consumption of cosmetics, high growth in the fragrance industry, and rise in consumer spending in countries such as Germany, the UK, and Italy among others.
In contrast, the Asia Pacific region is anticipated to expand at a significant growth rate. Owing to growing personal care products and household product demand in the region such as China, and India among others. Rapid urbanization, infrastructural development, rising consumer spending, and increasing awareness regarding aesthetic appearance are expected to propel the market growth in the region.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Aerosol market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Billion |
| Segmentation | |
Material Type
| |
Application
| |
|
Region Segment (2022-2032; US$ Billion)
|
Key questions answered in this report
