PUNE, India, November 3, 2015 /PRNewswire/ --
The report "Aerosol Propellant Market by Type (DME, HFC, HFO, Other Hydrocarbons, and Others), by Application (Personal Care, Household, Medical, and Others), and by Region - Global Forecast to 2020", published by MarketsandMarkets, The Aerosol Propellant Market is expected to reach USD 8.16 Billion by 2020, at a CAGR of 6.17% from 2015 to 2020.
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The global aerosol propellant market was valued at USD 5.70 Billion in 2014 and is expected to reach USD 8.16 Billion by 2020, at a CAGR of 6.17% from 2015 to 2020.
Europe - The most dominant region in the aerosol propellant market
The aerosol propellant market in Europe accounted for the largest share of 37.22%, by volume, of the global aerosol propellant market in 2014. The European market is expected to register the largest share by 2020 owing to the increasing demand of personal care and homecare products, such as antiperspirants, hair gels, air fresheners, and other products from developing countries, such as India and China. Also, major propellant manufacturers are based in Europe, such as Akzo Nobel N.V. (The Netherlands), Arkema Group (France), Royal Dutch Shell (The Netherlands), and others. They manufacture and supply propellants to the personal care and homecare product manufacturing companies, such as Unilever, Reckitt Benckiser, and other personal care & homecare product manufacturing companies.
Asia-Pacific is one of the fastest-growing markets across the globe, and this trend is expected to continue in the near future as well. The Asia-Pacific region accounted for a share of 19.41%, in terms of volume, in 2014. Among all countries in the Asia-Pacific region, China contributed the maximum share in the Asia-Pacific aerosol propellant market. Growth in the Chinese market is mainly attributed to the increasing population, favourable investment policies, increase in total disposable income, and changing consumer lifestyle.
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Other hydrocarbons - The largest type segment in the global aerosol propellant market
The other hydrocarbon type segment is one of the most significant types in the aerosol propellant market. It accounted for a share of 63.88% of the global aerosol propellant market in 2014. Other hydrocarbon propellant is easy to produce, has zero ozone depletion potential, and has a low cost as compared to DME, HFC, and HFO. They are used in the manufacturing of various consumer products, such as deodorants, hair mousse, air fresheners, food products, and other industrial and technical products.
During the forecast period, the HFC type segment market will be replaced by the HFO due to the phase down of HFC under the Montreal Protocol. 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. One third of HFC's market share will be taken by HFO and the rest will be covered by hydrocarbons and compressed gases.
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Among the applications, the personal care segment holds the largest share in the aerosol propellant market. In terms of volume, the personal care application segment accounted for a share of 61.81% in 2014. Household is projected to be the fastest-growing application segment of the aerosol propellant market between 2015 and 2020. This growth is attributed to the increasing usage of household products, such as oven cleaners, air fresheners, bathroom & kitchen cleaning mousse, and so on; the changing consumer lifestyle; and increase in the purchasing power of consumers.
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