Global Aerosol Propellant Market: Overview
The aerosol propellant spray is a type of spray that creates a mist of aerosol liquid particles. It can be used with a bottle or a can that has a payload and propellant. This propellant is under pressure and once the container valve is opened, the payload is sent out with a force and creates the previously mentioned aerosol or mist.
Global Aerosol Propellant Market: Notable Developments
Some of the notable developments in the global aerosol propellant market are listed below:
- In January 2015, SRF Ltd., an industry leader in the global aerosol propellant market announced that the company has acquired the global 134a regulated medical pharmaceutical propellant from DuPont. With this agreement, SRF Ltd also acquired DuPont’s flagship Dymel® brand and received the tech and other information for setting up of their own product manufacturing systems. This takeover has significantly helped in boosting the product portfolio of SRF Ltd. and also bolstering its brand value in the global market.
- In June 2019, Solvay Inc. announced that the company has introduced a new fragrance by the name Natural Vanillin. The product is called Rhovanil® US NAT. Solvay has provided important raw material for the production of the fragrance. With this move, Solvay is trying to extend its portfolio of Aroma chemicals beyond the conventional diphenol chains to meet the market expectations of flavors and fragrance.
- In July 2019, AkzoNobel announced that the company is planning to add three new manufacturing lines at its powder coating plant in Changzhou, China. This facility is the largest facility of its kind across the globe. The investment needed for these proposed new changes will be around 3 million euros and will help in developing the existing production capacities of the facility.
Global Aerosol Propellant Market: Drivers and Restraints
There are numerous factors that are instrumental in fueling the demand for the aerosol propellant market. One key factor is the increasing demand for aerosol products such as deodorants, paints, and air fresheners among others. In addition to this, increasing application of aerosol propellants in the personal care product industry is also driving the growth of the global market.
The growing adoption of aerosol-based products across a variety of industries such as personal care, pharmaceutical, and cosmetics is playing a big role in the development of the global aerosol propellant market.
One biggest end-use vertical of the global aerosol propellant market is fragrance industry. People across the globe are willing to spend premium amount on exotic fragrances. This has also turned out to be huge driving factor for the growth of the global aerosol propellant market.
Global Aerosol Propellant Market: Geographical Outlook
The global aerosol propellant market is segmented into five regional markets namely Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Of these regional markets, the Asia Pacific segment is projected to witness maximum growth potential over the course of the given forecast period. This is due to the presence of emerging economies such as India and China that has economically stronger middle-class population. Also, these nations are creating opportunities such as investments and ideal business environment for the market to thrive. Additionally, introduction of innovative products that are environmentally friendly and have low VOC content is also helping in raising the uptake of aerosol propellant market in the region.
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The developing automobile industry in the US and Mexico is projected to help the aerosol propellant market in North America to grow at significant pace. On the other hand, Latin America and the MEA markets are expected to have steady market growth rates.