Salicylic Acid Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $504 million by 2022, registering a CAGR of 6.3% during the period 2014 - 2022.In the year 2015, the pharmaceuticals segment dominated the market, with more than 50% share, in terms of revenue, and more than one-third share, in terms of volume. This was attributed to increase in production of pharmaceutical active ingredients and chemical intermediates using salicylic acid. It is used as keratolytic and comedolytic agents in the pharmaceuticals industry.
Salicylic acid can be used in conjugation with other pharmaceutical ingredients, such as benzoic acid, resorcinol, coal tar, and sulfur, to produce efficient and effective products. It is used as a wart remover, disinfectant, antiseptic, anti-irritant, and scale lifter, owing to its anti-inflammatory, fungicidal, and keratolytic properties. Salicylic acid is one of the two active ingredients approved by the FDA to treat psoriasis. It is utilized in other medical treatments such as ichthyosis, seborrheic, dermatitis, calluses, and corns. Salicylic acid-based medicines are available as prescription as well as over-the-counter (OTC) drugs. Salicylic acid is used in low concentrations as its overexposure to skin can cause severe dryness, blistering, heavy breathing, digestive disorders, and skin irritation.
The world salicylic market is highly fragmented owing to the increase in application of salicylic acid products across various industrial sectors. The demand for raw materials for salicylic acid production has increased considerably over the past few years; however, the sources from which these raw materials are derived are limited in nature. The raw material differentiation is less as these materials are obtained from natural resources.
Key findings of the Salicylic Acid Market
- North America is expected to maintain its lead, throughout 2022, followed by Europe.
- The pharmaceuticals segment, in terms of volume, is projected to grow at a CAGR of 6.3%.
- U.S. accounted for more than one-fourth share of the world salicylic acid market revenue in 2015.
- OTC is projected to grow at fastest rate, with a CAGR of 7.1%.
- Sunscreen is expected to grow at the highest CAGR of 9.2%.
- Conditioner is the fastest growing segment in the hair care sector, growing at a CAGR of 7.5%.
Asia-Pacific is preferred by the new entrants due to the increase in demand for personal care products. Consumer awareness about its benefits in personal care products has increased in the recent years, which has influenced the demand for salicylic acid. The Asia-Pacific salicylic acid market is expected to grow at a high CAGR of 6.6%, followed by North America with a CAGR of 5.9%. North America, dominant due to the high demand in the pharmaceutical and cosmetics industries, and Europe collectively contributed more than 50% share of the world salicylic acid market revenue in 2015.
The prominent players profiled in this report include Zhenjiang Gaopeng Pharmaceutical Co., Ltd. (China), Hebei Jingye Group (China), Shandong Xinhua Longxin Chemical Co. Ltd. (China), Simco QC (Canada), Siddharth Carbochem Products Ltd. (India), Novacap (France), J.M. Loveridge Ltd. (UK), Alta Laboratories Ltd. (India), and Alfa Aesar (UK).