Global aerosol market predicted to be worth US$70.15bn by 2020

Global aerosol market predicted to be worth US$70.15bn by 2020

The global aerosol market is expected to reach a value of US$70.15 billion by 2020, due to growing use in personal care and household applications.

The market report by US-based market research and consultancy company Grand View Research, found that global aerosol demand was estimated at 14.61 billion units in 2013 and is expected to exceed 18.0 billion units by 2020, growing at a compound annual growth rate (CAGR) of 3.1 percent.

Personal care was the largest application segment in 2013 owing to new product development in Europe and North America coupled with increasing cosmetics demand from Asia Pacific and Latin America. The segment had an estimated demand of over 6.0 billion units in 2013 consisting of products including deodorant, hair care and body care.

Europe was a major regional market with an estimated demand of over 5.0 billion units in 2013 owing to high demand in personal care, household and medical applications.

Yet the region is expected to witness below average growth rate owing to volatile organic compound and chlorofluorocarbon emission related regulations which are expected to restrict demand.

Asia Pacific is expected to be the fastest growing regional market due to lax regulations and high demand for cosmetics and household products.

Demand from region is expected to grow at a CAGR of 4.1 percent from 2014 to 2020.

Growing use of personal care products such as deodorants and shaving creams among younger population in emerging markets including India and China is expected to have major impact on market growth. In addition, increasing old age population has propelled use of aerosol in anti-ageing cosmetic products.

Key market participants, such as Unilever, Procter & Gamble and Reckitt Benckiser, are making extensive efforts for developing sustainable alternatives which use fewer amounts of raw material and energy with low carbon footprint and high recyclability.

For example, Unilever reduced the size of aerosol cans for female Dove, Sure and Vaseline deodorants in 2013. The smaller cans from its Sure, Dove and Vaseline brands mean that more products can be transported per truck, thereby reducing greenhouse gas emissions.