Aerosol Propellants Market 2024 Growth Drivers, Regional Supply and Future Forecast 2033
As per the current market research conducted by CMI Team, the global Aerosol Propellants Market size is expected to record a CAGR of 5.7% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 13,303.5 Million. By 2033, the valuation is anticipated to reach USD 21,909.9 Million.
Aerosol Propellants Market: Growth Factors and Dynamics
- Growing Demand for Convenience Products: The increasing demand for convenient and easy-to-use products across various industries, such as personal care, household, and automotive, drives the growth of the aerosol propellants market. Aerosol packaging offers consumers convenient application and precise dosing, contributing to market expansion.
- Rising Adoption in Pharmaceutical Applications: Aerosol propellants find extensive use in pharmaceutical products like metered-dose inhalers (MDIs) and nasal sprays due to their ability to deliver precise and consistent doses of medication. With the increasing prevalence of respiratory diseases and the development of novel drug formulations, the demand for aerosol propellants in the pharmaceutical sector is expected to rise.
- Technological Advancements: Ongoing advancements in aerosol propellant technologies, such as the development of environmentally friendly propellants like hydrofluoroolefins (HFOs) and compressed gases, drive market growth. Innovations in propellant formulations focus on enhancing product performance, safety, and sustainability, catering to evolving consumer preferences and regulatory requirements.
- Expanding Application Scope: The aerosol propellants market continues to expand its application scope beyond traditional sectors like personal care and household products. Industries such as automotive, food, and industrial manufacturing increasingly utilize aerosol propellants for applications like paints, lubricants, and food packaging, driving market growth and diversification.
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Aerosol Propellants Market: Partnership and Acquisitions
- In 2022, Unilever has launched newly natural aerosol deodorant brand Schimdt’s with its first ever campaign in New Zealand & Australia. Newly launched natural aerosol deodorant Schimdt’s is the first certified natural aerosol deodorant.
- In 2020, AkzoNobel plans to expand its powder coating factory in Changzhou, China, by adding three assembly plants, making it the world’s largest facility of its kind. This investment of approximately 3 million euros will enhance manufacturing capacities to meet growing market demands.
Aerosol Propellants Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Aerosol Propellants Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Disruption in Supply Chain: The COVID-19 pandemic led to disruptions in the global supply chain, affecting the sourcing and transportation of raw materials required for aerosol propellants production. Factory closures, logistics constraints, and trade restrictions hindered the availability of propellant components, impacting production capacities and supply chain stability.
- Shift in Consumer Behavior: Changes in consumer behavior during the pandemic, including reduced discretionary spending, altered purchasing patterns, and shifting preferences towards essential products, affected demand for aerosol propellants. Declines in consumer spending on non-essential items like personal care and household products led to decreased demand for aerosol propellants used in these sectors.
- Diversification of Product Portfolio: To mitigate risks associated with dependency on specific end-user industries, aerosol propellant manufacturers are diversifying their product portfolios. Expanding into emerging sectors such as pharmaceuticals, food packaging, and industrial applications helps companies capture new market opportunities and reduce vulnerability to fluctuations in consumer demand.
- Investment in Research and Development: Continued investment in research and development (R&D) for innovative propellant formulations and technologies is essential for market recovery. Developing environmentally friendly propellants with improved performance characteristics, such as reduced flammability and lower global warming potential (GWP), enables companies to meet regulatory requirements and address sustainability concerns, driving market competitiveness.
- Supply Chain Optimization: Aerosol propellant manufacturers are optimizing their supply chains to enhance resilience and flexibility. Collaborating with suppliers, implementing inventory management systems, and diversifying sourcing options help mitigate supply chain risks and ensure timely access to raw materials, supporting uninterrupted production and supply to meet market demand.
List of the prominent players in the Aerosol Propellants Market:
- Arkema S.A.
- Royal Dutch Shell PLC
- The Chemours Company
- Honeywell International Inc.
- BOC Sciences
- Aeropres Corporation
- Aveflor A.S.
- Diversified CPC International Inc.
- Emirates Gas LLC
- Lapolla Industries Inc.
- National Gas Company SAOG
- PureGas LLC
- Shanghai Cal New Material Technology Co. Ltd.
- Toyo Seikan Group Holdings Ltd.
- Indian Oil Corporation Limited
- Others
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