Product Code: 69644
The aerosol valve market was valued at over USD 1,378.22 million in 2020, and it is expected to reach USD 1,744.61 million by 2026, registering a CAGR of 4.05% during the forecast period (2021 - 2026). The major factors driving the growth of the market studied are increasing demand for aerosol valves from the paints & coatings and automotive industry as well as increasing awareness related to hygiene & personal care.
- Increasing product penetration in the healthcare industry for products, such as asthma inhalers and other types of sprays, continuously improving consumer lifestyle backing the demand from the personal care and cosmetic industry for aerosol valves which enable the application in 360 degrees and consume 25% less substance for the relative area coverage is also expected to boost the demand for aerosol valves over the forecast period.
- The components used for the manufacturing of aerosol valves, such as gaskets, seals, springs, and dip tubes, are available in abundance owing to the presence of a large number of manufacturers. In addition, low product differentiation enables easy supplier switching at a low cost. The combined effect of this has resulted in the low bargaining power of suppliers and thus has an effect on the overall pricing of valves.
- In the emerging economies due to rise in urban population, which is leading to a rise in income, automotive manufacturing is witnessing tremendous growth. In the developed economies, there is high replacement rate of diesel/petrol cars with electric or hybrid cars, which is propelling the demand of aerosol valves.
- Vendors rely on partnerships and product innovations to remain relevant in the market. Coster Group was the first aerosol valve and actuator manufacturer to comply with cosmetic GMPs, meeting the highest manufacturing and service standards required by the industry. It obtained the UNI EN ISO 22716:2008 certification on cosmetic Good Manufacturing Practices (GMPs) for three Italian plants.
- The outbreak of COVID-19 has a positive impact on the aerosol valve industry due to sudden increase in the demand from healthcare sector and support from regulatories bodies across the globe to maintain a steady supply. Though the demand from other sectors such as automotive has lowered due to complete hault in production activities. For instance, On April 14 2020, the U.S. Environmental Protection Agency (EPA) announced it had put into place additional measures to ensure a steady supply of safe and effective disinfectant products to help battle the novel coronavirus, SARS-CoV-2 helping the aerosol valve industry sustain through these critical times.
Key Market Trends
Personal Care Segment is Expected to Hold a Significant Market Share
- An increase in disposable incomes of the population in developing countries and changes in preferences of manufacturers for convenient packaging are some of the factors that are driving the aerosol valves market. Aerosol valves are widely used in the personal care industry in aerosol cans for the packaging of different products such as deodorants, face & body creams, shaving foams, and perfumes.
- According to AEROBAL, the cosmetics sector continues to be the most important market for aluminum aerosol cans by far, accounting for nearly 85% of total production worldwide. Deodorants and perfumes are the major products accounting for every second can produced have 60% market share followed by hair sprays, hair mousses, and other cosmetic products. The surge in aluminum aerosol cans will lead to increased demand for aerosol valves in the industry.
- The demand for personal care products in the United States and its contribution to the global number is significantly high. After European countries, the United States marks a higher consumption of cosmetic and personal care products with FDA regulating and inspecting imports. Owing to these factors, depsite fluctuation in demand for deodorants, hair sprays, etc., the country will drive the marke growth.
- Moreover, players are investing in the valve technology for the sustainability, catering to the market growth. In May 2020, UK-based Salford Valve Company (Salvalco) received an investment from personal care giant, Beiersdorf. The investment follows the launch of Salvalco's Eco-Valve aerosol valve, which uses ecologically sustainable propellants. The equity investment from Beiersdorf's venture platform, OSCAR&PAUL Beiersdorf Venture Capital, underlines the company's ambition to drive sustainable innovations under its new sustainability agenda and its C.A.R.E+ corporate strategy.
Europe is Expected to Hold the Largest Market Share
- Europe has significant demand for aerosol valves for various sectors, including healthcare, personal care, automotive, etc. A survey conducted by Global Web Index on over 2,300 web users from the United Kingdom, who buy natural cosmetic and personal care products regularly indicated that about 80% did so because they care about the environment and their health.
- According to the European Aerosol Federation (FEA), 5.4 billion aerosols were filled in Europe in 2019, compared to 5.5 billion in 2018, in which 16 billion units globally produced are made in Europe. The aerosol market shares of the United Kingdom, Germany, and France provide more than 60% of the annual aerosol production in Europe in all segments, boosting the growth opportunities for aerosol valves in the region.
- The personal care segment has the largest market share of 57% in terms of aerosol production followed by paints, varnishes, food, pharmaceuticals, and chemicals. The wide application of aerosol valves in these cans results in a simultaneous growth of aerosol valves in the region.
- Stringent government regulations surrounding the collection and recycling of used cans have made the industry follow an optimum chain of operations in order to comply with the regulations. For instance, It is mandatory for the Member States of Europe to develop systems for the return and/or collection of used packaging in order to attain, amongst other aspects, the following minimum targets for recycling: 80% of ferrous metals and 60% of aluminum contained in packaging waste. This boosts the recycling of aerosol valves and thus provides a sustainable market growth by combatting restrains such as above.
The aerosol valve market is highly competitive owing to the presence of multiple vendors in the market. The market appears to be moderately concentrated with the presence of a few major players in the market as the market is price sensitive, the sustaining in the market is difficult. Some of the major players in the market are Aptar Group, Precision Valve Corporation, Coster Tecnologie Speciali, among others.
- December 2019 - Coster signed a binding agreement to complete the acquisition of Catidom SAS, a French company specialized in metal anodization. Coster will acquire the remaining 60% of Catidom's share capital from Vacheron Industries. The acquisition will strengthen the position and offer of both companies in beauty packaging and consolidate the position of Catidom in the automotive, mechanical, sport & leisure markets. The closing of the operation is set in January 2020.
- July 2019 - Aptar Launched fan spray insert for Bag-On-Valve cooking sprays. Bag-on-valve is an excellent packaging example that allows for more natural food preservation, especially within the cooking spray market.
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TABLE OF CONTENTS
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Industry Value Chain Analysis
- 4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Consumers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
- 4.4 Market Drivers
- 4.4.1 Strong Demand From the Cosmetic & Personal Care Industry
- 4.4.2 Shift Towards Easy-To-Handle and Convenient Packaging
- 4.5 Market Restraints
- 4.5.1 Stringent Government Regulations
- 4.6 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
- 5.1 Type
- 5.1.1 Continuous
- 5.1.2 Metered
- 5.2 End-user Industry
- 5.2.1 Personal Care
- 5.2.2 Home Care
- 5.2.3 Healthcare
- 5.2.4 Automotive
- 5.2.5 Other End-user Industries
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Latin America
- 5.3.5 Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Aptargroup
- 6.1.2 The Precision Valve Corporation
- 6.1.3 Coster Tecnologie Speciali
- 6.1.4 Lindal Group Holding GmbH
- 6.1.5 Mitani Valve
- 6.1.6 Summit Packaging Systems
- 6.1.7 Clayton Corp.
- 6.1.8 Newman Green
- 6.1.9 Koh-I-Noor Mlada Vozice A.S.
- 6.1.10 Salvalco
- 6.1.11 Majesty Packaging Systems Limited
- 6.1.12 Shanghai Sunhome Industrial Company
- 6.1.13 EC Pack Industrial Limited
- 6.1.14 C. Ehrensperger Ag.
- 6.1.15 Aroma Industries
- 6.1.16 Seugn Il Corporation
- 6.1.17 Yingbo Aerosol Valve (Zhongshan) Co., Ltd.
- 6.1.18 Guangzhou Zhongpin Aerosol Valves Co., Ltd
- 6.1.19 Maruichi Co. Ltd
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS