Aerosol Propellants Market
Aerosol Propellants Market Size, Share & Industry Analysis, By Type (Hydrocarbons, Nitrous Oxide and Carbon Dioxide, Dimethyl Ether and Methyl Ethyl Ether, Others), By Application (Personal Care, Household, Automotive & Industrial, Food, Paints, Medical, Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The global Aerosol Propellants Market is projected to grow at a CAGR of 5.3% from 2024 to 2031. The market value is expected to increase from XX USD in 2024 to YY USD by 2031. Europe currently dominates the market, followed closely by North America and Asia-Pacific. Key metrics include increasing demand for personal care and household products, growing adoption in the automotive industry, and rising preference for eco-friendly propellants.
The aerosol propellants market is growing steadily due to the increasing usage of aerosol products in a variety of industries, including personal care, household, automotive, and healthcare. Aerosol propellants are essential for dispensing items in fine mist or spray form, which improves product effectiveness and consumer convenience. This adaptability is propelling market growth across numerous sectors.
Market Dynamics:
Market Trend: Shift towards eco-friendly and sustainable propellants
The aerosol propellants market is undergoing a dramatic shift towards environmentally friendly and sustainable alternatives. Consumers and companies are increasingly looking for ecologically friendly solutions, which is driving the demand for propellants with low global warming potential (GWP) and zero ozone depletion potential (ODP). Because of their lower environmental effect, hydrofluoroolefins (HFOs) are increasingly being used in place of classic hydrofluorocarbons (HFCs). This trend is bolstered by strong environmental regulations in several places, including Europe and North America. The European Union's F-Gas Regulation, which aims to minimise fluorinated greenhouse gas emissions, has had a significant role in this move. According to industry experts, the market share of environmentally friendly propellants has increased by 20% over the last five years, indicating a sustainability-driven trend.
Market Driver: Increasing demand from the personal care and cosmetics industry
The personal care and cosmetics industry has emerged as a key driver of the aerosol propellants market. The burgeoning beauty and personal care sector, combined with increased customer desire for convenience and portability in product packaging, is driving up demand for aerosol propellants. Cosmetics Europe estimated that the European cosmetics and personal care business would be worth €76.7 billion in 2020, with aerosol packaging accounting for a sizable part of products. Aerosol propellants are essential in goods like deodorants, hair sprays, and dry shampoos because they ensure constant spray patterns and product efficacy. The demand for natural and organic personal care products is also pushing research in eco-friendly propellants for this industry. Furthermore, the COVID-19 epidemic has increased demand for aerosol sanitisers and disinfectants, driving growth in the personal care propellant industry.
Market Restraint: Regulatory challenges and safety concerns
The aerosol propellants market confronts considerable hurdles due to tight regulations and safety concerns about particular propellants. Many nations have imposed stringent regulations on the use of volatile organic compounds (VOCs) and fluorinated gases in aerosol goods, prohibiting the use of some classic propellants. For example, the California Air Resources Board (CARB) has established severe VOC limitations for a variety of consumer products, including aerosols. Compliance with these rules often necessitates product reformulation and the use of alternative propellants, which can be expensive for manufacturers. Furthermore, safety issues about the flammability of hydrocarbon propellants complicate shipping, storage, and use of certain aerosol products. These regulatory and safety challenges may limit market expansion and necessitate continual investment in R&D to identify compliant and safe propellant solutions.
Segment Overview:
Hydrocarbons dominate the market due to their cost-effectiveness and wide applicability across various product categories.
Hydrocarbon propellants continue to dominate the aerosol propellants market, accounting for the biggest proportion. This supremacy is partly due to their low cost, widespread availability, and compatibility with a wide variety of product compositions.
Recent advances in hydrocarbon propellants have centred on improving their safety profile and lowering their environmental footprint. For example, a paper published in the International Journal of Aerosol Technology described the development of innovative hydrocarbon propellant blends with lower flammability while keeping ideal spray characteristics. This innovation highlights the continued efforts to enhance the safety and performance of hydrocarbon propellants.
The adaptability of hydrocarbon propellants across multiple product categories contributes to their popularity. A market analysis conducted by a leading aerosol industry group indicated that hydrocarbon propellants are used in more than 70% of personal care aerosol products worldwide. This high acceptance rate is due to hydrocarbons' ability to deliver constant spray performance, compatibility with a wide range of product compositions, and cost effectiveness. Hydrocarbon propellants' widespread use in areas such as personal care, household items, and automobiles contributes to their market domination.
Regional Outlook:
Europe leads the aerosol propellants market, driven by a strong personal care industry and stringent environmental regulations.
Europe now dominates the worldwide aerosol propellants industry, with Germany, France, and the United Kingdom leading the way. The region's leadership is due to its well-established personal care and household products sectors, strict environmental legislation that promote eco-friendly propellants, and strong consumer awareness of sustainable products.
Recent news from the region emphasises continuous efforts to find novel and sustainable propellant options. For example, a large German chemical manufacturer recently announced the successful creation of a new generation of low-GWP propellants for aerosol applications, with the goal of meeting the growing demand for ecologically acceptable alternatives. This discovery is likely to boost Europe's position as a major player in the environmentally friendly propellants market.
Key figures highlight the role of aerosol propellants in Europe's industrial environment. According to the European Aerosol Federation (FEA), approximately 5.6 billion aerosol units were filled in Europe in 2020, with personal care goods accounting for the vast majority. This high production volume generates enormous demand for aerosol propellants in a variety of applications.
The aerosol sector in the United Kingdom has demonstrated resilience in the face of obstacles such as Brexit and the COVID-19 epidemic. According to the British Aerosol Manufacturers' Association (BAMA), the UK will fill more than 1.5 billion aerosol units in 2020, preserving its position as one of Europe's major aerosol producers. This strong manufacturing base continues to drive demand for a diverse spectrum of propellants in the country.
Competitive Intelligence:
The aerosol propellants market is characterised by the existence of multiple important competitors, each attempting to preserve and extend their market share using a variety of techniques. Honeywell International Inc., AkzoNobel N.V., Arkema Group, and Aeropres Corporation are among the industry's top players.
Honeywell International Inc., a multinational technological and manufacturing firm, has maintained its leadership position by continuously innovating in fluorinated propellants. Solstice® Propellant, a low-GWP hydrofluoroolefin (HFO) propellant, is being used in a variety of aerosol applications. Honeywell reported a 6% growth in revenue in its Advanced Materials sector, which includes speciality chemicals and propellants, in its most recent financial report.
AkzoNobel N.V., a leading global paints and coatings manufacturer, has been working on developing environmentally friendly propellants for its aerosol products. The company's strategy of incorporating environmentally friendly propellants into product compositions has increased its market position. AkzoNobel's performance coatings division, which includes aerosol products, saw a 4% year-over-year revenue rise in the most recent fiscal quarter.
The Arkema Group has been increasing its footprint in the aerosol propellants market through strategic acquisitions and product development. The company's emphasis on producing bio-based and low-GWP propellants has been favourably accepted in the marketplace. Arkema's Fluorogases business line, which includes aerosol propellants, increased sales by 3.5% last fiscal year, thanks in part to rising demand for sustainable propellant solutions.
While exact data are closely guarded, industry analysts believe that the top five players control roughly 40-45% of the worldwide aerosol propellants market. The remaining market share is distributed between smaller regional businesses and speciality chemical companies.
Looking ahead, the competitive landscape is projected to shift, with a greater emphasis on sustainable and multifunctional propellants. Companies that can effectively create eco-friendly solutions and provide propellants with extra functional benefits (e.g., improved spray characteristics, increased product stability) will gain a competitive advantage in the next years.
Analyst Opinion:
The aerosol propellants market is set to undergo considerable upheaval in the next years, driven by environmental concerns and technical developments. A major trend to watch is the growing use of compressed gas propellants like nitrogen and compressed air as alternatives to traditional chemical propellants. These compressed gas choices are environmentally friendly and regarded as more natural by consumers, notably in the food and personal care industries.
Another notable development is the increased interest in smart dispensing systems capable of operating with a broader spectrum of propellants. Innovative valve and actuator designs allow for more efficient propellant utilisation, decreasing waste and boosting overall product performance. As these technologies advance, they may change the industry by enabling the use of hitherto difficult propellant formulas.
Major Players:
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Honeywell International Inc.
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AkzoNobel N.V.
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Arkema Group
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Aeropres Corporation
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Shell plc
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Diversified CPC International
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Emirates Gas LLC
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Harp International Ltd.
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Jiutai Energy Group
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Grillo-Werke AG
Key Developments:
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July 2023: Introduction of a novel HFO-based propellant with ultra-low GWP for use in medical aerosols.
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In March 2024, a top propellant manufacturer and a personal care firm announced a strategic alliance to develop next-generation sustainable aerosol products.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Honeywell International Inc.
5.2. AkzoNobel N.V.
5.3. Arkema Group
5.4. Aeropres Corporation
5.5. Shell plc
5.6. Diversified CPC International
5.7. Emirates Gas LLC
5.8. Harp International Ltd.
5.9. Jiutai Energy Group
5.10. Grillo-Werke AG (*LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Shift towards eco-friendly and sustainable propellants
6.1.2. Increasing adoption of compressed gas propellants
6.1.3. Growing interest in smart dispensing technologies
6.2. Market Drivers
6.2.1. Increasing demand from the personal care and cosmetics industry
6.2.2. Growing adoption in the automotive industry
6.2.3. Rising demand for household and industrial aerosol products
6.3. Market Restraints
6.3.1. Regulatory challenges and safety concerns
6.3.2. Volatility in raw material prices
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Hydrocarbons
7.2. Nitrous Oxide and Carbon Dioxide
7.3. Dimethyl Ether and Methyl Ethyl Ether
7.4. Others
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Personal Care
8.2. Household
8.3. Automotive & Industrial
8.4. Food
8.5. Paints
8.6. Medical
8.7. Others
9. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. North America
9.1.1. United States
9.1.2. Canada
9.1.3. Mexico
9.2. South America
9.2.1. Brazil
9.2.2. Argentina
9.2.3. Rest of South America
9.3. Europe
9.3.1. Germany
9.3.2. United Kingdom
9.3.3. France
9.3.4. Italy
9.3.5. Spain
9.3.6. Russia
9.3.7. Rest of Europe
9.4. Asia-Pacific
9.4.1. China
9.4.2. Japan
9.4.3. India
9.4.4. Australia
9.4.5. South Korea
9.4.6. Rest of Asia-Pacific
9.5. Middle-East
9.5.1. UAE
9.5.2. Saudi Arabia
9.5.3. Turkey
9.5.4. Rest of Middle East
9.6. Africa
9.6.1. South Africa
9.6.2. Egypt
9.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
Aerosol Propellants Market Segmentation:
By Type:
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Hydrocarbons
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Nitrous Oxide and Carbon Dioxide
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Dimethyl Ether and Methyl Ethyl Ether
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Others
By Application:
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Personal Care
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Household
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Automotive & Industrial
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Food
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Paints
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Medical
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Others
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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