The aerosol cans market has witnessed significant growth over the past few years owing to rising demand for personal care and home care products such as deodorants, hair sprays, air fresheners and fabric care products among others. Aerosol cans provide an effective solution for spraying these products due to properties like ease of use, precise dispensing and preventing leakage. Additionally, aerosol cans are cost effective packaging solutions and allow manufacturers to offer product differentiation. The global aerosol cans market is estimated to be valued at US$ 18.54 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising demand for personal care and home care products is presenting lucrative growth opportunities for the aerosol cans market. These consumer products offer convenience to users for daily tasks like freshening indoor air, styling hair, protecting against body odor etc. Additionally, consumers are increasingly preferring multi-functional personal care products for their grooming needs on-the-go which is driving the adoption of portable packaging solutions like aerosol cans. Moreover, the rise of e-commerce has increased accessibility of these consumer products to both urban and rural consumers which is further augmenting the sales of aerosol cans used in packaging personal care and home care products. Manufacturers of aerosol cans can leverage this growing demand by developing sustainable and eco-friendly cans to attract brand owners looking to strengthen their sustainability credentials.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the aerosol cans market requires huge capital investments for setting up production facilities and meeting stringent regulations. However, the growing market demand provides scope for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of multiple aerosol cans suppliers and brand loyalty. Buyers can bargain for attractive deals and switch between suppliers easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since raw materials used in aerosol cans like steel, aluminum are commoditized. However, suppliers of specialized coating materials possess some bargaining power.
Threat of new substitutes: The threat of new substitutes is low as aerosol cans have established themselves as the standard packaging for various products like deodorants, hair sprays, air fresheners due to their ease of use.
Competitive rivalry: Competitive rivalry is high owing to the presence of numerous global and regional players competing on the basis of product innovation, pricing, and brand differentiation.
SWOT Analysis
Strengths: Aerosol cans allow for uniform and consistent dosage discharge. They provide protection from external contamination and extend the shelf life of packaged products.
Weaknesses: Aerosol cans usage entails environmental concerns due to non-biodegradable nature and emission of greenhouse gases. They also involve expenses associated with import of raw materials and disposal costs.
Opportunities: Growing demand for personal and household care products worldwide presents an opportunistic market. Development of eco-friendly aerosol cans using recycled materials also provides new opportunities.
Threats: Stringent environmental regulations on VOC emissions pose threats. Development of alternative packaging substitutes threatens market demand.
Key Takeaways
The Global Aerosol Cans Market Size is expected to witness high growth over the forecast period of 2023-2030 supported by rising consumption of personal care and household products. Regionally, North America dominates the market currently owing to high per capita personal care spending and presence of key players. Europe follows as the second largest market, driven by developed markets of Germany, France, UK. Asia Pacific is poised to depict the fastest growth over the coming years led by massive populations of China and India demanding affordable personal care products.
Key players operating in the aerosol cans market are LG Chem, Hanmi Pharmaceutical Co., Ltd., Boryung Pharmaceutical Co., Ltd., Novartis AG, EirGenix, Inc., Biocon Limited, G.L. Pharma GmbH, Daewoong Pharmaceutical Co., Ltd., Sandoz International GmbH, Boryung Pharmaceutical Co., Ltd., VHB Life Sciences Limited, HanAll Biopharma, Taiba Healthcare, Huons Co., Ltd., Dong-A ST Co., Ltd. These companies are focusing on new product development, mergers and acquisitions to strengthen their market position.
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https://www.newswirestats.com/aerosol-cans-market-size-share-growth-outlook-2023/
