NEW YORK, March 1, 2017 /PRNewswire/ --
The global aerosol market size is expected to reach USD 123.98 billion by 2025, according to a new report by Grand View Research, Inc. Increasing demand for aerosol products for packaging products such as insecticides and household cleaners is expected to emerge as the primary growth driver over the forecast period.
The market is expected to be driven by the rising demand for aerosol based pharmaceutical products such as pain relief sprays, inhalers, and drug delivery systems. In addition, the industry is likely to exhibit high growth on account of demand for personal care products such as hair sprays, mousses, and shaving foams.
Rising concerns regarding the personal hygiene coupled with high demand for deodorants primarily in Asia Pacific is expected to emerge as a major driver for the market growth over the next nine years. In addition, the market for personal care aerosols is expected to be driven by the increasing product launches by major manufacturers such as Unilever and Procter and Gamble Co.
Increasing product innovation pertaining to the use of aerosol based food products such as spray oils and salad dressings is expected to emerge as the major growth driver over the forecast period. In addition, rising development of advanced propellant mixtures is expected to alleviate consumer concerns regarding toxicity of propellants, leading to an increased affinity towards aerosols.
Further key findings from the study suggest:
Household emerged as one of the major application segments accounting for over 31% of the global volume in 2015 and is likely to exhibit substantial growth on account of increasing consumption of air fresheners and bug sprays
The demand volume of the product in medical application is expected to register a CAGR of over 5% from 2016 to 2025 on account of growing new product launches coupled with ease of application achieved through use of aerosol based products
The market in Asia Pacific is expected to grow at a CAGR of over 7% from 2016 to 2025, on account of rapid development of the personal care industry coupled with increasing penetration of the compound in household products
The market in the U.S. is expected to account for over 86% of the revenue demand in North America in 2015 on account of high adoption by the consumers in the economy coupled with the high disposable income enabling the purchase of higher priced products
Major market players such as Procter & Gamble Co, Unilever, Beiersdorf AG rely on new product launches and innovations in the design as the major instruments employed for increasing the market share. The companies are also involved in strategies such as mergers & acquisitions, and capacity additions to increase the revenues.
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