3rd December 2019 – The global salicylic
acid market size is expected to value at USD 547.5 million by 2024. The
market is subject to witness a substantial growth due to the rising demand for
salicylic acid in production of various cosmetic and haircare products and
increasing consumer awareness associated with advantages of salicylic acid.
Factors responsible for rapid market growth of salicylic acid industry, in the
recent years, include increasing adoption of salicylic acid for production of
aspirin under low costs of manufacturing.
Additionally, rising demand for aspirin
tablets better known for their pain relieving capability and cost-effectiveness
are predicted to drive the market demand for salicylic acid in the upcoming
years. Globally, the salicylic acid market is predicted to grow at high CAGR
over the forecast period, providing numerous opportunities for market players
to invest in research and development of the salicylic acid market.
However, the prevailing side effects due
to excessive use or regular intake of aspirin is predicted to limit the market
growth to a certain extent. Furthermore, a highly fragmented market coupled
with less number of manufacturers and changing cost of the products are
restraining the market progress, in recent years. Robust growth in the oil and
gas industry, particularly in the Middle East and North America region and
extensive availability of phenol as a raw material are anticipated to boost the
manufacturing of salicylic acid. Additionally, rising exploration activities
and manufacturing of shale gas and tight oil is projected to surge in overall
the supply of phenol, thereby driving the growth of salicylic acid market in
the upcoming years.
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Excessive use of products containing
large amounts of salicylic acid is considered as injurious to the skin and
hair. The use of such products in large amount causes severe dryness,
blistering, and skin irritation. Increasing popularity of the organic skin care
and haircare products containing natural grape juice, thyme, rosemary, and tea
tree oil extracts over salicylic acid is negatively impacting overall market
performance, in the recent years. The salicylic acid market is broadly
categorized into three major types based on their application such as
pharmaceutical & medicine industry, food & preservatives industry, and
cosmetics industry.
The pharmaceutical & medicine is
considered as one of the fastest growing segment in the salicylic acid market
with substantial revenue generation in the last couple of years. Growing
popularity of the pharmaceutical & medicine market segment is attributed
the salicylic acid based drugs for the therapy of different skin diseases and
for cardiovascular diseases along with treatment of Hughes syndrome.
The food and preservatives segment has
also witnessed substantial growth in the last few years owing increasing use of
salicylic acid in packaged food and rising demand for food preservatives in the
North America region. The salicylic acid prevents spoilage and fermentation in
the packaged food products, thereby longing shelf life of the product.
Moreover, the salicylic acid as a preservative in the sauces, beer, and wine
helps to improve overall product efficiency.
The market is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. European region has
shown major growth in recent years owing to the rise in the implementation of
latest technologies in the chemical industry, rapid growth in the skin care
& haircare sector, increase in the awareness regarding health and hygiene,
and existence of well-established manufacturing industry.
Latin American region is predicted to
hold major market share in the salicylic acid industry with massive growth in
forecast period. Countries such as Brazil and Mexico are leading the
Asia-Pacific market with rising need for packaged food products, increasing
manufacturing for preservatives, and significant investment by leading industry
players considering potential growth opportunities in the region.
The key players in the salicylic acid
market are Alfa Aesar GmbH & Co. KG, J.M. Loveridge Limited, Alta
Laboratories Ltd., Siddharth Carbochem Products Ltd., Zhenjiang Gaopeng
Pharmaceutical Ltd., Novocap S.A., and Simco Chemical Pvt., Limited.
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