How Is Personal Care Industry Steering Aerosol Demand?
Developing countries, such as India, Thailand, China, and Indonesia, are experiencing a huge influx of investments owing to the increasing focus of multinational companies on shifting their production base to these nations. This shift is ascribed to the abundant availability of raw materials and easy availability of low-cost labor here. As a result, China, India, and South Korea already rank as some of the largest manufacturing countries in the world. Thus, the soaring industrial activities in these countries will create a huge requirement for aerosols, due to their increasing use in lubrication and greasing applications. Additionally, the burgeoning demand for personal care products, primarily on account of the soaring disposable income of people, will fuel the aerosol market at a CAGR of 6.4% during the forecast period (2020–2030). The market was valued at $81.1 billion in 2019, and it is projected to generate $149.7 billion revenue by 2030. In this regard, the rising innovatio...