The global aerosol valve market is expected to reach USD 1.73 billion by 2022, according to a new report by Grand View Research, Inc. Rising expenditure for the use of bag-on valve technology by personal care manufacturers including P&G and Unilever in their products is expected to promote the application of aerosol valves in the near future.
Demand for aerosol valves in paints exceeded 900.00 million units in 2014. Aerosol containers are used in the paints & coatings industry on accounting of its ability to convert paint into a fine spray thereby providing appropriate leveling and finish to the surface. Growing paints & coatings industry in Asia Pacific on account of rising expenditure towards the construction sector, particularly in new residential and commercial buildings, is expected to drive industry growth over the forecast period.
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Further key findings from the report suggest:
Global aerosol valves demand was 14.92 billion units in 2014 and is expected to cross 18.50 billion units by 2022, growing at a CAGR of 2.8% from 2015 to 2022.
Demand for continuous valves exceeded 12.00 billion units in 2014. These products are commonly used across a wide range of applications owing to their ease of use & design along with high market visibility as compared to their counterparts.
Medical application is expected to witness growth at a CAGR of 1.6%, in terms of volume, from 2015 to 2022. Increasing use of pain relief sprays among sports fraternity for the treatment of on-field injuries is expected to drive demand over the next seven years. However, low adoption rate among consumers regarding aerosol coupled with presence of stringent regulations for this sector is expected to result in sluggish growth over the forecast period.
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North America market exceeded USD 395.0 million in 2014. Expansion of the automotive industry in Mexico on account of new vehicle launches by Volkswagen and Renault in the local market coupled with close proximity to the U.S. is expected to play a crucial role in fueling valves demand for packaging of paints &coatings.
Latin America is expected to witness growth, at a CAGR of 2.9% from 2015 to 2022, in terms of volume. Expansion of the personal care sector in Brazil in light of rising domestic consumption is likely to favorably impact the industry in the near future.
Key industry participants include Majesty Packaging, Aptar, Summit, Lindal, Salvalco, and Precision Valve. In April 2015, Lindal Group launched a ball valve with actuation of 360°. The product is approved by the FDA for use in cosmetics, toiletries, household, automotive, and pharmaceutical industries.
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