Salicylic Acid Market Is Projected To Be Around $0.46 Billion By 2022
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A research study titled, “Salicylic Acid Market by Application - Global Industry Analysis and Forecast to 2022” published by Crystal Market Research, states that the salicylic acid market is projected to be around $0.46 billion by 2022.
The global salicylic acid market was worth USD 0.28 billion in the year of 2014 and is anticipated to reach approximately USD 0.46 billion by 2022 while registering itself at a compound annual growth rate (CAGR) of 5.49% over the forecast period. Salicylic acid is a lipophilic monohydroxybenzoic acid, which is a kind of phenolic acid and beta hydroxy acid (BHA). It has the chemical formula as C7H6O3. This crystalline white natural acid is extensively utilized in organic functions and synthesis as a plant endocrine. It is prepared from the metamorphosis of salicin. Additionally, to help as a vital active aspirin metabolite i.e. acetylsalicylic acid, which plays a role as a prodrug in part to salicylic acid, it is possibly best recognized for its utilization as a vital ingredient in local anti-acne products. Salicylic acid’s esters and salts are referred as salicylates. According to WHO, it is one of the most vital medications required in a fundamental health system, even it is a part of WHO Model List of Essential Medicines. Salicylic acid has anti-inflammatory and pain relieving properties. Most of the salicylic acid manufactured is employed as a major ingredient in the production of aspirin.
The global salicylic acid market is expected to witness a major growth with a significant compound annual growth rate over the projecting period. Development of the global haircare and skincare market is anticipated to fuel the salicylic acid demand, as consumers are getting increasingly alert of salicylic acid’s benefits for hair and skin. Additionally, rising demand for aspirin owing to its therapeutic benefits on health together with escalating awareness concerning general health among customers is anticipated to boost the salicylic acid demand during the coming years. Though, increasing concerns about the fallouts of salicylic acid by excessive external application or excessive consumption like irritation of stomach lining, blistering of the skin, and intoxication is projected to hinder the market growth. The research analyzes proving the lesser risks of Hughes Syndrome, strokes, and dementia among patients is estimated to unlock innovative opportunities for the market growth over the forecast period.
The major market manufacturers for the global salicylic acid market are Novocap SA, Alfa Aesar, Simco Chemicals, Alta Laboratories, Siddharth Carbochem Products Ltd., Zhenjiang Gaopeng Pharmaceutical Co. Ltd, and J.M. Loveridge Ltd. The key product purchasers include preservatives & food manufacturers like Mondelez, Tyson, and Heinz; skincare and haircare manufacturers like St. Ives, Clean & Clear, and Neutrogena; and pharma companies like Bayer. By application, the global market is classified as; Pharmaceuticals, Skin Care, Hair Care and Food Preservatives & Others. The Pharmaceuticals application includes PC and OTC. PC application further segmented as; Wart Remover, Disinfectant, Antifungal, Dentifrices, Antiseptic and Anti-irritant while OTC split as; Scale Lifter and Ointment. The skin care applications are classified as; Moisturizer, Sunscreen and Acne Solution. And hair care applications are divided into; Conditioner and Shampoo. Geographically, the salicylic acid market is segmented in regions which are; Asia-Pacific (Japan, China, India, Australia, South Korea and Rest of Asia Pacific), Europe (Germany, Spain, Italy, France, UK and Rest of Europe), North America (the United States, Mexico and Canada)and Rest of the World (Brazil, Saudi Arabia, South Africa, United Arab Emirates and Others).
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Key findings of the salicylic acid market
- The global salicylic acid market was valued at USD 0.28 billion in 2014 and is anticipated to reach approximately USD 0.46 billion by 2022 while registering a compound annual growth rate (CAGR) of 5.49% over the forecast period.
- During the forecast period, the cosmetics application sector of salicylic acid is likely to develop at a compound annual growth rate of 7.0%. Rising demand for cosmetics all over Asia Pacific, North America, and Europe together with growing self-recommendation of these goods for the management of mild skin diseases is likely to boost growth during the forecast period.
- In 2015, the demand for salicylic acid in preservative & food application was worth over USD 90.0 million. The product is widely used in the production of other salicylates such as ethyl and methyl salicylates. Increasing food preservatives demand owing to rising demand for processed foods in developing markets of India and China is anticipated to expand food preservatives industry, which consecutively augments the growth during the forecast period.
- Asia Pacific region is predicted to experience the maximum growth than other regions, rising at around 9.0% during forecast period. The pharmaceutical industry and positive food outlook in China, India, South Korea and Japan is likely to boost demand during the projected period.
- In North America region, the United States reported for the utilization of around 16,000 tons of salicylic acid during 2015 due to rising solutions regarding shelf-life extension in beverages and food applications. Moreover, escalating utilization of preservatives by key manufacturers of beverage and food involving Heinz, Cargill Foods, and Tyson is anticipated to enhance the market growth.
- Key market manufacturers in the salicylic acid industry are; are Novocap SA, Simco Chemicals, Alta Laboratories, Siddharth Carbochem Products Ltd., Alfa Aesar, Zhenjiang Gaopeng Pharmaceutical Co. Ltd, and J.M. Loveridge Ltd.