Aerosol Market To Generate $149.7 Billion Revenue by 2030

Developing countries, such as India, Thailand, China, and Indonesia, are experiencing a huge influx of investments owing to the increasing focus of multinational companies on shifting their production base to these nations. This shift is ascribed to the abundant availability of raw materials and easy availability of low-cost labor here. As a result, China, India, and South Korea already rank as some of the largest manufacturing countries in the world. Thus, the soaring industrial activities in these countries will create a huge requirement for aerosols, due to their increasing use in lubrication and greasing applications.

Additionally, the burgeoning demand for personal care products, primarily on account of the soaring disposable income of people, will fuel the aerosol market at a CAGR of 6.4% during the forecast period (2020–2030). The market was valued at $81.1 billion in 2019, and it is projected to generate $149.7 billion revenue by 2030. In this regard, the rising innovations in the personal care industry will drive the demand for aerosols. For example, in August 2020, Nivea India Private Limited launched NIVEA DEO MILK deodorant, which uses milk as a key ingredient.

At present, the personal care, food products, paints and coatings, automotive and industrial, household, and medical sectors are shifting from conventional aerosols to organic, or herbal, aerosols. For instance, the addition of artificial chemicals in skincare products can potentially harm the skin and result in acne, rashes, and blemishes. To reduce the chances of such skin problems, personal care product manufacturers are blending natural floral extracts with essential oils, which offer therapeutic properties, in their offerings.

The packaging material segment of the aerosol market is categorized into steel, aluminum, plastic, and others. Under this segment, the aluminum category accounted for the largest share in 2019, and it is also expected to demonstrate the fastest growth during the forecast period. The increasing use of aluminum packaging material can be credited to its lightweight, aesthetically appealing, and recyclable properties. Moreover, this metal is highly resistant to corrosion, ultraviolet rays, light, oils and fats, and micro-organisms, which prevents the contents from spoilage.

According to P&S intelligence, Europe consumed the highest volume of aerosols in the preceding years due to the expanding household products, automotive, and industrial sectors and surging consumer expenditure on hygiene and personal care products. Personal care products, such as make-up setting sprays, hair setting sprays, and deodorants, are used in the aerosol form. The increasing customer spending on such products can be attributed to the presence of developed economies and their high disposable income.

Whereas, the Asia-Pacific aerosol market is expected to demonstrate the fastest growth throughout the forecast period. This will be due to the growing awareness about haircare products, such as conditioners and shampoos, men's grooming products, deodorants and antiperspirants, and bath- and shower-related products, such as liquid soaps and shower gels, in the region. Moreover, the surging consciousness about personal appearance and mounting disposable income of people will facilitate the market growth.

Thus, the soaring demand for personal care products and expanding industrial sector in emerging economies will fuel the consumption of aerosols in the upcoming years.

Contact: P&S Intelligence Toll-free: +1-888-778-7886 (USA/Canada) International: +1-347-960-6455 Email: enquiry@psmarketresearch.com Web: https://www.psmarketresearch.com