Report Code: A15615 | Pages: 168 | Jan 2022 | 1765 Views | ||
Author(s) : Amit N, Sushant M , Eswara P | Tables: 99 | Charts: 47 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Aea Salicylic Acid Market
Request Now !The AEA salicylic acid market was valued at $274.5 million in 2020, and is projected to reach $553.8 million by 2030, growing at a CAGR of 7.3% from 2020 to 2030. Salicylic acid is a lipophilic monohydroxybenzoic acid, a type of phenolic acid, and a beta hydroxy acid, having molecular formula C₇H₆O₃. In terms of physical properties, it is odorless and colorless crystalline organic acid. Salicylic acid acts as intermediate in pharmaceutical and personal care industry.
During COVID-19, it was witnessed that import of aspirin increased in 2020 from South Africa, Argentina, United Kingdom etc., which consequently increased the demand for salicylic acid.
The factor contributing toward the growth of the AEA salicylic acid market is increase in spending on cosmetics and personal care goods in developed countries. In addition, surge in demand for packaged food & beverages drives the market growth for salicylic acid. This is majorly attributed to the fact that the use of salicylic acid in the food & beverage industry is increasing, as it helps to prevent spoilage and fermentation of packaged food products.
However, the availability of alternatives hinders the AEA salicylic acid market growth. In addition, implementation of stringent regulations, especially for skin and hair products, is one of the challenging factors for the market growth. On the contrary, expansion of the pharmaceutical industry in Africa is expected to offer lucrative opportunities for the industrial participants. Africa is one of the major importers of pharmaceutical products. Owing to its dependence on imports for most medicines, antibiotics, and other health products, Africa's vulnerability has been underlined by the COVID-19 pandemic. According to the United Nations Economic Commission for Africa (UNECA), Africa imports around 94% of its pharmaceutical and medicinal needs from outside the continent, at a cost of $16 billion per year. These factors provide high growth opportunity for pharmaceutical companies in the region to manufacture pharmaceutical products, which, in turn, is likely to foster the growth of the salicylic acid market.
The AEA salicylic acid market is segmented into application and region. Depending on application, the market is segregated into pharmaceutical, skin care, haircare, and food preservatives & others. Region wise, the AEA salicylic acid market share is analyzed across North America, Latin America, Europe, and Africa.
The AEA salicylic acid market analysis covers in-depth information of the major industry participants. Some of the major players in the market are Alfa Aesar, Avonchem Limited, J.M. Loveridge Limited, Novacyl, Midas Pharma GmbH, Wego Chemical Group, Solvay Merck KGaA, and Reagents. Other players in the AEA salicylic acid market are Thermo Fisher Scientific, Alta Laboratories, and others.
By application, the pharmaceutical segment garnered highest market share in 2020 in terms of volume, garnering 60.1%. This is attributed to the fact that salicylic acid is used in pharmaceuticals due to its anti-inflammatory properties. Moreover, it is a key ingredient in the manufacturing of aspirin; it reacts with acetic acid to produce aspirin. Aspirin is an anti-inflammatory drug that is widely used as a painkiller and to treat fever, cold, and cough. In addition, it is one of the largest selling pharmaceutical drugs across the globe, and its consumption is on rise, as it offers superior pain-relieving action.
Region wise, Latin America is expected to grow at a CAGR of 7.7%, in terms of revenue, during the forecast period. This is attributed to the presence of economies such as Brazil, Argentina, and Chile, which have rapidly growing consumer base. However, Africa is expected to grow at a CAGR of 7.6% in terms of revenue during the forecast period, owing to scarcity of medications in various nations, which drives the expansion of the pharmaceutical market. Furthermore, development of the fashion industry is likely to escalate the demand for skin care products, which is expected to fuel the demand for salicylic acid. In addition, rapid expansion of cities led to increase in salons, which led to rise in demand for salicylic acid-based products, thus augmenting the market growth.
AEA Salicylic Acid Market Report Highlights
Aspects | Details |
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By APPLICATION |
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By Region |
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Key Market Players | REAGENTS, J.M. LOVERIDGE LTD., WEGO CHEMICAL GROUP, LARACHEM INC, NOVACYL, AVONCHEM LIMITED, MIDAS PHARMA GmbH, ALFA AESAR, MERCK KGAA, SOLVAY |
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According to the insights of the CXOs of leading companies, the AEA salicylic acid market is likely to exhibit high growth potential during the forecast period, owing to surge in demand from end-use industries especially from countries such as the U.S., Brazil, Germany, and Italy as well as rise in need for aspirin drug & personal care products. However, harmful effects of salicylic acid are likely to hinder the market growth.
By region, Latin America and Africa are projected to register significant growth as compared to the other regions. This is attributed to rise in consumer base such as pharmaceutical, skin care, and haircare industries.
The CXOs further added that numerous economies across the globe are expected to emphasize on pharmaceutical and healthcare industries in next few years, owing to the increased health awareness due to COVID-19. This might boost demand for salicylic acid, as it is one of the key ingredients in the pharmaceutical industry.
A. Novacyl, Alfa Aesar, Midas Pharma, Avnochem Limited, and Merck KGaA are the some of the established players of the global AEA salicylic acid market
A. Skin care is projected to increased the demand for salicylic acid in the AEA salicylic acid market.
A. By application and region are the segments covered in the AEA salicylic acid market report. On the basis of regions, the market is analyzed across Americas, Europe and Africa region.
A. Skin care and hair care applications are expected to drive the adoption of salicylic acid in the AEA salicylic acid market.
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