NEW YORK, Aug. 28, 2018 (GLOBE NEWSWIRE) -- The global aerosol market is expected to witness a CAGR of 6.6%, and is projected to reach USD 85,350.6 Million by 2023. Factors propelling the growth of aerosol market include increasing medical and non-medical applications along with introduction of new products and continuous innovations.
The report segments the Aerosol market by Application (Automotive, Household, Food, Personal Care, Insecticides, Paint & Varnishes and Others), by Region (North America, Europe, Asia-Pacific and Rest of the World (RoW)). The report studies the global aerosol market over the forecast period (2017-2023).
Aerosol is defined as a suspension of fine solid or liquid particles in a gas, which is generally air. The particles size in aerosols ranges between 0.001 to 100 microns. Aerosols have the tendency to coagulate and combine with each other forming a larger particle. Aerosol products are commonly stored in cans under pressure and the spray is propelled via valve in the form of fine mist or foam. This process provides a safe and efficient means of dispersing aerosol products ranging from perfumes, to shaving creams, to paints, and to inhalers.
Key Findings from the report:
- On the basis of application, personal care was holding the largest share of global aerosol market, accounting for over 40% of the global volume in 2016 and is expected to dominate the market throughout the forecast period, in terms of volume and value. The increasing awareness towards health and rising concern for personal care and hygiene is driving the demand for the aforementioned application
- Household was the second largest application of aerosol in 2016 and is anticipated to grow at a significant rate during the forecast period owing to improving living standards and increasing spending capacity of consumers
- Insecticide application of aerosol is to anticipated register the highest growth over the forecast period attributed to the rising demand for pest control products in commercial as well as household sector
- Europe was dominating the global aerosol market in 2016, owed to the high demand from household and personal care applications
- In May 2016, Grupo Ferrer International acquired Alexza Pharmaceuticals in a deal of USD 2.0 million to add Alexza Pharmaceutical’s staccato aerosol system to its drug delivery system
- The key players in the aerosol market includes Procter and Gamble Inc., S. C. Johnson and Son Inc., Honeywell International Inc., Akzo Nobel N.V., Unilever PLC, Reckitt Benckiser PLC, Coster Tecnologie Speciali S.p.A, Crabtree and Evelyn, Thymes LLC, Colep UK Ltd., among others.
Pharmaceutical Aerosol– Non-invasive Pulmonary Drug Delivery System
Pharmaceutical aerosol, a noninvasive drug delivery system is considered to be a better method compared to other routes of administration. Its advantages over the other routes of administration enhance its range of application in the treatment of illness such as asthma and chronic obstructive pulmonary diseases (COPD). Other advantages such as possibility of directly targeting the drug to the site of action, avoidance of first pass metabolism, rapid action and reduction of systemic side effects.
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Aerosol- Regional Insight
Europe was holding the major share of aerosol market in 2016, where the U.K. was the largest contributor to the region’s aerosol market. The growing demand for personal care products is anticipated to drive the market growth in Europe. Additionally, the growing automobile industry in Germany is anticipated to boost the region’s aerosol market. The region is anticipated to register slow growth rate over the forecast period due to the stringent environmental regulations by European Commission to restrict the use of CFC, HCFC, HFC compounds.
North America was the second largest market after Europe, in 2016. The aerosol market in this region is expected to remain stable during the forecast period. Household and personal care are the major applications determining the size of the North America aerosol market. The U.S accounted for the major share in the North America aerosol market.
Asia-Pacific is anticipated to be the fastest growing aerosol market. The growth in Asia-Pacific aerosol market is attributed to development of end-user industries such as paint and varnishes, food and beverages and automobile. The increasing application in automobile industry and infrastructure development will increase the demand for aerosols in paint and varnishes application. Further, the lenient environmental regulation and increasing awareness towards personal care and hygiene are expected to drive the aerosol market in China and India.
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