Aerosol Propellants Market- Growth, Share, Opportunities & Competitive Analysis, 2024 – 2032
Description
Market Overview
The aerosol propellants market is projected to grow from USD 9,800 million in 2024 to USD 13,830.25 million by 2032, reflecting a compound annual growth rate (CAGR) of 4.4% during the forecast period (2024-2032).
This market growth is driven by the growing demand across industries such as personal care, household, automotive, and industrial sectors, which benefit from the convenience and efficiency of aerosol products. Increasing environmental regulations are pushing manufacturers to develop eco-friendly and low-global-warming-potential (GWP) propellants, fostering innovation in the market. The shift toward sustainability and consumer preference for natural and organic products further accelerate the adoption of greener aerosol propellants. Technological advancements, including compressed gas propellants and hydrocarbons with lower environmental impacts, are also contributing to market growth. Additionally, the expanding use of aerosol products in emerging markets, driven by urbanization and rising disposable incomes, further boosts demand.
Market Drivers
Environmental Regulations and Shift Toward Sustainability
Governments worldwide are implementing stringent environmental regulations aimed at reducing greenhouse gas emissions and limiting the use of harmful chemicals in propellants. These regulations encourage the adoption of low-GWP and non-ozone-depleting substances in aerosol formulations. In response, manufacturers are innovating to develop environmentally-friendly alternatives. For example, Honeywell is developing low-GWP propellants that comply with environmental regulations, addressing the growing consumer awareness of sustainability and environmental impact, which accelerates the market shift towards greener alternatives.
Market Challenges Analysis
Regulatory Compliance and Environmental Concerns
The major challenge in the aerosol propellants market lies in increasingly stringent regulatory environments. Governments and international bodies worldwide are enforcing regulations to minimize the environmental impact of aerosol propellants, particularly concerning greenhouse gas emissions and ozone depletion. These regulations require manufacturers to reduce harmful compounds and adopt sustainable, non-ozone-depleting substances. To comply, manufacturers must invest heavily in research and development to create low-GWP alternatives, which presents significant financial and operational challenges, especially for smaller companies. Additionally, varying regulations across regions complicate global market entry and operations, leading to increased operational costs, potential delays in product launches, and challenges in complying with multiple international standards.
Market Segmentation
Based on Type:
Compressed Gas
Liquefied Gas
Based on Product Type:
Hydrocarbons
Fluorocarbons
Nitrous Oxide and Carbon Dioxide
DME and Ethyl Methyl Ether
Others
Based on Application:
Personal Care
Household
Medical
Automotive
Food and Beverage
Based on Geography:
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Key Player Analysis
Honeywell International Inc.
Arkema S.A.
Aeropres Corporation
Repsol S.A.
Grillo-Werke Aktiengesellschaft
Emirates Gas LLC
AkzoNobel N.V.
Harp International Ltd.
Royal Dutch Shell PLC
Aztec Aerosols Limited (Instarmac Group Plc)
The aerosol propellants market is projected to grow from USD 9,800 million in 2024 to USD 13,830.25 million by 2032, reflecting a compound annual growth rate (CAGR) of 4.4% during the forecast period (2024-2032).
This market growth is driven by the growing demand across industries such as personal care, household, automotive, and industrial sectors, which benefit from the convenience and efficiency of aerosol products. Increasing environmental regulations are pushing manufacturers to develop eco-friendly and low-global-warming-potential (GWP) propellants, fostering innovation in the market. The shift toward sustainability and consumer preference for natural and organic products further accelerate the adoption of greener aerosol propellants. Technological advancements, including compressed gas propellants and hydrocarbons with lower environmental impacts, are also contributing to market growth. Additionally, the expanding use of aerosol products in emerging markets, driven by urbanization and rising disposable incomes, further boosts demand.
Market Drivers
Environmental Regulations and Shift Toward Sustainability
Governments worldwide are implementing stringent environmental regulations aimed at reducing greenhouse gas emissions and limiting the use of harmful chemicals in propellants. These regulations encourage the adoption of low-GWP and non-ozone-depleting substances in aerosol formulations. In response, manufacturers are innovating to develop environmentally-friendly alternatives. For example, Honeywell is developing low-GWP propellants that comply with environmental regulations, addressing the growing consumer awareness of sustainability and environmental impact, which accelerates the market shift towards greener alternatives.
Market Challenges Analysis
Regulatory Compliance and Environmental Concerns
The major challenge in the aerosol propellants market lies in increasingly stringent regulatory environments. Governments and international bodies worldwide are enforcing regulations to minimize the environmental impact of aerosol propellants, particularly concerning greenhouse gas emissions and ozone depletion. These regulations require manufacturers to reduce harmful compounds and adopt sustainable, non-ozone-depleting substances. To comply, manufacturers must invest heavily in research and development to create low-GWP alternatives, which presents significant financial and operational challenges, especially for smaller companies. Additionally, varying regulations across regions complicate global market entry and operations, leading to increased operational costs, potential delays in product launches, and challenges in complying with multiple international standards.
Market Segmentation
Based on Type:
Compressed Gas
Liquefied Gas
Based on Product Type:
Hydrocarbons
Fluorocarbons
Nitrous Oxide and Carbon Dioxide
DME and Ethyl Methyl Ether
Others
Based on Application:
Personal Care
Household
Medical
Automotive
Food and Beverage
Based on Geography:
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
GCC Countries
South Africa
Rest of the Middle East and Africa
Key Player Analysis
Honeywell International Inc.
Arkema S.A.
Aeropres Corporation
Repsol S.A.
Grillo-Werke Aktiengesellschaft
Emirates Gas LLC
AkzoNobel N.V.
Harp International Ltd.
Royal Dutch Shell PLC
Aztec Aerosols Limited (Instarmac Group Plc)
Table of Contents
188 Pages
- CHAPTER NO. 1 : INTRODUCTION
- 1.1.1. Report Description
- Purpose of the Report
- USP & Key Offerings
- 1.1.2. Key Benefits for Stakeholders
- 1.1.3. Target Audience
- 1.1.4. Report Scope
- CHAPTER NO. 2 : EXECUTIVE SUMMARY
- 2.1. Aerosol Propellants Market Snapshot
- 2.1.1. Aerosol Propellants Market, 2018 - 2032 (USD Million)
- CHAPTER NO. 3 : Aerosol Propellants Market – INDUSTRY ANALYSIS
- 3.1. Introduction
- 3.2. Market Drivers
- 3.3. Market Restraints
- 3.4. Market Opportunities
- 3.5. Porter’s Five Forces Analysis
- CHAPTER NO. 4 : ANALYSIS COMPETITIVE LANDSCAPE
- 4.1. Company Market Share Analysis – 2023
- 4.2. Aerosol Propellants Market Company Revenue Market Share, 2023
- 4.3. Company Assessment Metrics, 2023
- 4.4. Start-ups /SMEs Assessment Metrics, 2023
- 4.5. Strategic Developments
- 4.6. Key Players Product Matrix
- CHAPTER NO. 5 : PESTEL & ADJACENT MARKET ANALYSIS
- CHAPTER NO. 6 : Aerosol Propellants Market – BY Based on Type ANALYSIS
- CHAPTER NO. 7 : Aerosol Propellants Market – BY Based on Product Type ANALYSIS
- CHAPTER NO. 8 : Aerosol Propellants Market – BY Based on the Application ANALYSIS
- CHAPTER NO. 9 : Aerosol Propellants Market – BY Based on the Geography ANALYSIS
- CHAPTER NO. 10 : COMPANY PROFILES
- 9.1. Honeywell International Inc.
- 9.1.1. Company Overview
- 9.1.2. Product Portfolio
- 9.1.3. SWOT Analysis
- 9.1.4. Business Strategy
- 9.1.5. Financial Overview
- 9.2. Arkema S.A.
- 9.3. Aeropres Corporation
- 9.4. Repsol S.A.
- 9.5. Grillo-Werke Aktiengesellschaft
- 9.6. Emirates Gas LLC
- 9.7. AkzoNobel N.V.
- 9.8. Harp International Ltd.
- 9.9. Royal Dutch Shell PLC
- 9.10. Aztec Aerosols Limited (Instarmac Group Plc)
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