Aerosol Market: Current Analysis and Forecast (2021-2027)

The demand for aerosol products is witnessing growth across the globe with the rising market of personal care, household, automobiles, paints, food & beverage, and pharmaceutical, to name a few. Growing population and income are among the main contributor to the increasing demand for high-quality and easy-to-use products from the aforementioned industries. Due to the rise in income, consumers are spending more on physical beauty products and personal and home hygiene products. A large number of products like deodorant, hairspray, shaving mousse, air fresheners, insecticides & plant protection products, and textile & fabric care products, to name a few are fall under personal and household areas. Further, aerosols are found useful in areas where hands are not reachable, this is very common in industrial applications. In addition, nowadays aerosols are environmentally friendly as well due to the stringent regulation on the use of environmentally hazardous propellants. Therefore, increasing the adoption among consumers. Companies are also offering aerosols with environmentally friendly propellants. For instance, in June 2020 Unilever PLC collaborated with Tubex GmbH, a Germany-based aerosol can manufacturer, to develop an eco-friendly antiperspirant, Rexona Recycled Refreshed.

Based on material, the market is segmented into steel, aluminum, and others. The aluminum segment accounted for a significant share in the global aerosol market. Because of its vast variety of characteristics, aluminum is one of the most used materials for packaging. It's light, shatterproof, impervious to water, flexible, corrosion-resistant, and recyclable. Aluminum aerosol cans keep the contents fresh for a long period by preventing high volatile ingredients from escaping. Aluminum has a considerable market share in the worldwide aerosol can market due to these considerations.

Based on propellant, the market is segmented into liquefied gas propellant and compressed gas propellant. The liquefied gas propellants accounted for a significant share in the market. Even when the product level declines, additional liquefied gas propellant evaporates to maintain constant pressure in the space above the product in the case of liquid gas propellant. This helps to keep the spray's performance over the life of the aerosol can. This is attributable to the liquefied gas propellant's significant market share benefits.

Based on formulation, the market is segmented into water-based and solvent-based. Among both, water-based formulation is likely to showcase significant growth during the forecast period. This can be attributed to the increasing demand for environmentally friendly products. Further, globally, perception regarding solvent-based products is increasingly getting adverse as a consumer are becoming more aware of the harmful effects of volatile organic compounds (VOC). Increasing awareness coupled with stringent government regulation is supporting the market of water-based aerosols which have a lower VOC content.

Based on application, the market is segmented into personal care, household, and others. Personal care captured the dominant position in the aerosol market. Personal care products like deodorants/antiperspirants, hairsprays, shaving mousse, and hair mousse are widely consumed across the globe and these products are mainly available in aerosol, thus boosting the demand for aerosol in the personal care sector. Further, growing consumer spending power increases the consumption of beautification products, thereby propelling the demand for aerosols.

For a better understanding of the market adoption of Aerosol, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Europe accounted for a significant share in the global Aerosols market owing to high spending power, high standard of living, and presence of a large number of international FMCG companies which continuously innovate in order to offer better quality products to its customers.

Some of the major players operating in the market include Henkel AG & Co. KGaA, Reckitt Benckiser Group PLC, S.C. Johnson & Son Inc., The Procter & Gamble Company, Unilever PLC, Akzo Nobel N.V., PPG Industries Inc., The Sherwin-Williams Company, L'Oreal S.A., and Beiersdorf. AG These companies are taking various strategic decisions to increase their market presence and share.