According to the World Health Organization, global spending on health grew by 3.9% per year in real terms from 2000 to 2017. Additionally, it also stated that the spending on health grew significantly from US$ 7.6 trillion in 2016 to US$ 7.8 trillion in 2017. The growing spending on health globally is also anticipated to promote the use of healthcare products which use aerosol valves in various product forms. An aerosol is generally used in personal healthcare and cosmetics products such as deodorants, hairsprays, shaving creams, face & body creams, which are estimated to support the growth of aerosol valves market. Additionally, the rising demand for aerosols used for household cleaning is anticipated to fuel the growth of the market over the forecast period.
Fluctuations in the prices of raw materials used to manufacture aerosol valves and the availability of alternatives in terms of packaging and price, coupled with factors such as the disposal of aerosol valves and the environmental concerns are some of the factors expected to hinder the growth of the market over the forecast period.
The global aerosol valves market is anticipated to witness a mammoth growth owing to the rising demand for aerosols used for household cleaning, coupled with the rising demand for personal care products, which is raising the need amongst the manufacturers of aerosol products to consume more amount of aerosol valves in their packaging process of the aerosol products. According to the statistics by the International Trade Centre, imports of scent sprays and similar toilet sprays and mounts and heads thereof have increased from USD 760930 thousand in the year 2010 to USD 1143096 thousand in the year 2019. CLICK TO DOWNLOAD SAMPLE REPORT
Aerosols are sold in the form of shaving creams, face & body creams, deodorants, hairsprays, where aerosol valves are extensively used. Rising consumer preference for cosmetics with convenient applications is fueling the demand for aerosols which in turn is anticipated to promote the growth of the market for aerosol valves. Moreover, on account of the changing consumer lifestyle, advances, and innovations in the cosmetic industry are estimated to support the growth of the aerosol valves market over the coming years.
The global aerosol valves market is anticipated to record a notable CAGR in the forecast period i.e. 2020-2028. The market is segmented by type and application. Among these segments, the type segment is further sub-divided into metered and continuous, out of which, the continuous segment is anticipated to hold the leading shares in the aerosol valves market on account of high durability, user-friendly, and high recycling rates, coupled with the rising concerns about safety and hygiene. On the other hand, the metered segment is estimated to witness a modest growth over the forecast period owing to the use of convenience in asthma inhalers and respiratory equipment, along with the rising respiratory disorders, such as, asthma, pneumonia and others. On the contrary, the personal sub-segment of the application segment is anticipated to hold the largest share of the market over the forecast period.
Our in-depth analysis of the global aerosol valves market includes the following segments:
On the basis of regional analysis, the global aerosol valves market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in North America is anticipated to hold the largest share owing to the high disposable income among the individuals in the developed economies of the U.S. and Canada, which helps to promote an urban lifestyle, and in turn helps to raise the demand for personal care, automotive, healthcare, and food products. Moreover, increasing awareness amongst the citizens of the region regarding product wastage and recycling of containers, coupled with the economic growth, dynamic consumer preferences for high-quality and convenient packaging, and the increasing competition among manufacturers are also anticipated to drive the growth of the market in North America. The market of Middle East & Africa is expected to have a modest growth over the forecast period on account of rapid expansion in the petrochemical production capacity in Saudi Arabia and UAE, along with the government support for the promotion of new investments is anticipated to boost demand for ethylene and propylene as well as other propellants which are used in the production of aerosol products, thereby complementing the market growth.
The global aerosol valves market is further classified on the basis of region as follows:
April 2020: AptarGroup, Inc. announced that it has mobilized its resources and has reorganized its production priorities to deliver essential supplies in dispensing and packaging solutions to customers. The move has benefitted manufacturers of health and safety products to initiate their production process for the first-line responders, which has ultimately helped to fight against the coronavirus pandemic.
December 2019: Coster Tecnologie Speciali S.p.A. announced that it has acquired the company which is specialized in metal anodization, Catidom SAS. The acquisition move by Coster would help the organization in expanding its product portfolio in luxury packaging in the international markets.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Sadaf Naaz, Mohd Shadab