DUBLIN, December 3, 2015 /PRNewswire/ --
Research and Markets (http://www.researchandmarkets.com/research/wsgfxt/aerosol) has announced the addition of the "Aerosol Propellant Market 2015 - Global Forecast to 2020" report to their offering.
The usage of propellants have now been closely monitored by government and environmental agencies as propellants, such as CFC, HCFC, and HFC, harm the ozone layer. Aerosol propellants must meet strict VOC (volatile organic compound) regulations as outlined by the Environmental Protection Agency (EPA), Food and Drug Administration (FDA), Department of Transportation (DOT), and other government agencies.
Aerosol propellants are majorly consumed in the manufacturing of personal care products, such as deodorants, antiperspirants, hair mousse, hair sprays, and many other products. They are also used in household products, such as insecticides, textile/fabric care, air fresheners, and others. In medical application, aerosol propellants play an important role.
They are used in the manufacturing of metered dose inhalers (MDI). The global aerosol propellant market was valued at USD 5.70 Billion in 2014 and is projected to reach USD 8.16 Billion by 2020. The market is driven by growth in the usage of aerosol propellants in personal care and homecare products, use of eco-friendly aerosol propellants in industrial and technical products, increase in the disposable income of consumers, and technological advancements in the field of aerosols.
Europe held the largest share in the global aerosol propellant market in 2014 and is expected to continue doing so during the forecast period owing to the presence of many established players in the region, such as Royal Dutch Shell Plc (Netherlands), Arkema Group (France), Akzo Nobel N.V. (Netherlands), and others. The aerosol propellant market, by type, is segmented into DME, HFC, HFO, other hydrocarbons, and others. The HFO segment is expected to grow at the highest CAGR between 2015 and 2020.
Under the Montreal Protocol, major countries agreed to phase down the use of HFC and replace it with low global warming potential (GWP) aerosol products, such as HFO. From January 2017, the use of HFC will be banned for applications, such as personal care, household, automotive, industrial, and technical products due to its high GWP. HFC (HFC-152a) will be used only for medical and other specific applications, with the permission of government agencies.
The aerosol propellant market is diversified and competitive with a large number of global players as well as regional and local players. The key players in this market are Honeywell International Inc. (U.S.), The Chemours Company (U.S.), Royal Dutch Shell (The Netherlands), Arkema Group (France), and Akzo Nobel N.V. (The Netherlands). Organic growth strategies were adopted by the major players to increase their product portfolio and geographical footprint.
For more information visit http://www.researchandmarkets.com/research/wsgfxt/aerosol
SOURCE Research and Markets