The global aerosol market is estimated to witness a healthy growth, at an estimated CAGR of over 5%, over the forecast period. The major factors driving the growth of the market studied are increasing demand for aerosol cans from paints & coatings industry and increasing awareness related to hygiene & personal care.
- Stringent regulations related to use of aerosol are likely to hinder the markets growth.
- Product innovation & increasing investments in medical industry are likely to create opportunities for the market in the coming years.
- Asia-Pacific region is expected to dominate the market and is also likely to witness highest CAGR during the forecast period.
Key Market Trends
Increasing Usage in the Automotive Applications
- Aerosol finds a number of applications in automotive industry in the form of cleaners, lubricant cans, ignition sealer, etc.
- Aerosol cleaners are used for cleaning brake, carburetor, or fuel-injection air intake, battery terminal, electric motor, carb & choke, electronic, etc., in vehicles. Besides this, aerosol degreasers are also used for chain lube citrus, engine, and other general purposes. Aerosol containers and cans are also used for storing automotive lubricants, polishes, etc.
- In addition, the increasing concerns related to environment pollution and continuous research & innovation in the industry has led to the evolution of new car markets for electric, fuel cells, and hybrid vehicles. Automakers, such as Tesla, BMW, Nissan Motor Corporation, Chevrolet, Kia Motors, and others, have been producing electric vehicles.
- Moreover, the governments across the globe have been promoting the market for pollution free vehicles. This is further likely to increase automotive production in the coming years. Hence, an expected increase in the production of vehicles is projected to increase the demand for aerosol automotive products, further driving the growth of aerosol market during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to witness strong growth in the demand for aerosol, driven by increasing demand for personal care products, increasing investments in the medical industry, and increasing automotive production in the region.
- In Asia-Pacific, China is expected to witness noticeable growth in the demand for aerosol during the forecast period, owing to the robust demand from the automotive industry, increasing furniture production & exports, and increasing construction and architectural projects, which is further likely to increase the demand for paints & coatings.
- China accounts for almost 40% of the global furniture production. The production is further increased at a rapid rate, owing to the rising domestic demand, coupled with increasing export to European countries. This is anticipated to increase the demand for aerosol paints, varnishes and polishes from furniture industry in the coming years.
- China is majorly focusing on increasing the production and sale of electric vehicles in the country. For this purpose, the country has planned to increase the production of electric vehicles (EVs) to 2 million a year by 2020 and 7 million a year by 2025.
- The target, if achieved will increase the share of electric vehicles to 20% of total new car production for China by 2025. Such anticipated increase in the automotive production in the country is likely to increase the demand for automotive aerosol products in the coming years, further driving the demand for aerosol market.
The aerosol market is partially consolidated in nature. Some of the major players in the market include Akzo Nobel N.V., Unilever, Henkel AG & Co. KGaA, Honeywell International Inc., and Procter & Gamble, among others.
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