New York, NY -- (SBWire) -- 04/23/2019 --The global aerosol market generated a revenue of $53,871.6 million in 2017 and is estimated to reach $75,208.9 million by 2023, witnessing a CAGR of 5.8% during the forecast period (2018–2023). This is attributed to the increasing purchasing power, expanding end-use industries, and rapid industrialization in developing economies. Aerosol is a suspension of tiny solid or liquid particles in the air or gas. On the other hand, an aerosol spray refers to a substance packed with pressure and dispensed or released as a spray from a container by means of a propellant gas.
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On the basis of application, the aerosol market is categorized into food and beverages, paints and varnishes, household, automotive, personal care, insecticide, and others. Out of these, in 2017, personal care was the largest application area, with a revenue contribution of more than 35.0% to the market. The reason for its dominance has been the rising use of it in cosmetics and personal care products, such as hair sprays, foam products, and deodorants.
Due to the growing demand for various food products, such as chocolate, mayonnaise, olive oil, whipped cream, vinegar, ketchup, and soda, the demand for aerosols in the near future is anticipated to escalate. Changing lifestyle and increasing income have changed the food habits of consumers; they are quite happy with packaged food and beverages in their routine diet. Hence, with the developing food and beverages sector in countries such as India, China, and the U.S., the aerosol market is projected to grow.
Further, due to the rise in income, consumers are in a position to spend more on discretionary items, such as essential oils, perfumes, and high–end cosmetics, to look attractive and appealing. The new generation in urban areas is especially inclined toward improving their lifestyle and living standards, which, in turn, is pushing the demand for discretionary items.
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Considering this, many environmental organizations have taken initiatives to encourage people to adopt organic or herbal aerosol products. For instance, the U.S. Environmental Protection Agency (EPA) has permitted the use of hydrocarbon aerosol products as these are eco-friendly and have zero risk of ozone depletion. This has resulted in an increase in the manufacture of eco-friendly aerosols, which is further expected to aid the growth of the aerosol market across the world.
Therefore, the expanding key end-use industries and growing purchasing power of consumers are increasing the demand for aerosol products at a significant rate.
Expanding End-Use Industries Propelling the Growth of the Aerosol Market
The growth of the market is majorly driven by the growing key end use industries and rapid industrialization in developing economies