Salicylic Acid Market Expected to Reach $886.9 Million by 2030

According to a new published report by Allied Market Research titled, “Salicylic acid Market by Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The salicylic acid market was valued at $431.7 million in 2020, and is projected to reach $886.9 million by 2030, growing at a CAGR of 7.5% from 2020 to 2030.

Salicylic (C7H6O3) is an organic white crystalline solid, which is obtained synthetically from sodium phenolate and carbon dioxide or it can be extracted organically from plants such as the willow tree and Salix. Salicylic acid majorly finds its application in the pharmaceutical, food & beverage, and cosmetic industries, owing to its keratolytic, fungicidal, comedolytic, anti-inflammatory, and anti-microbial properties. It is further utilized in cosmetics as it aids in moisturizing and dissolving the material that binds the skin layers together.

The growth of the salicylic acid market is driven by factors such as increase in usage of salicylic acid in food & beverage industry as food preservatives, surge in demand for aspirin drug, and rise in scope of applications in personal care products. 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 can be used as 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 for treatment of psoriasis.

It is utilized in many 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 drugs.

Overexposure of skin to salicylic acid can cause severe dryness, blistering, heavy breathing, digestive disorders, and skin irritation. Thus, salicylic acid is used in low concentrations due to implementation of stringent government regulations regarding product formulations.

Salicylic acid is an important compound in the pharmaceutical and cosmetics industries due to its widespread applications in the treatment of hair fall, dandruff, acne, psoriasis, or blemishes. Furthermore, salicylic acid-based medicated cosmetics are used for the treatment of various skin related disorders. This has led to an increased demand for medicated moisturizers, body lotions, suntan & sunscreen creams, and other skin care products, which is strengthening the salicylic acid market growth. The salicylic acid market is expected to grow at a significant rate, owing to the expanding skincare and haircare industries supported by increase in awareness about health and hygiene among consumers.

In 2020, the pharmaceuticals segment dominated the market with more than 77.7% share in terms of revenue.  This is attributed to the fact that the demand for salicylic acid is expected to grow considerably in the pharmaceutical sector. Furthermore, skin care segment is expected to grow at a CAGR of 9.2% in terms of revenue, owing to increased demand for salicylic acid for manufacturing of cosmetics. The skin care sector is expected to witness considerable growth due to increase in usage of salicylic acid in skin care products such as moisturizers, sunscreen, and acne solutions.

Region wise, Asia-Pacific is expected to hold major share in terms of revenue. In term of growth rate, Africa is estimated to grow with healthy growth rate during the forecast period, owing to increase in demand for pharmaceuticals and cosmetics in the region

Region wise, the salicylic acid market is studied across North America, Latin America, Europe, Africa, Asia-Pacific and Middle East. The salicylic acid market share is analyzed across significant regions and countries.

The key players operating in the salicylic acid market include Alfa Aesar, Avonchem Limited, J.M. Loveridge limited, Novacyl, Midas Pharma GmbH, Shandong Xinhua Pharmaceutical Co. Ltd, Solvay Merck KGaA, and Hebei Jingye Group

Key Findings Of The Study

• The report outlines the current salicylic acid market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The salicylic acid market size is provided in terms of volume and revenue.
• On the basis of application, Pharmaceutical segment garnered 77.7 % share in 2020 in terms of revenue.
• Skin care application is projected to be fastest growing at a CAGR of 9.2% during the forecast period.
• On the basis of region, Asia-Pacific garnered a share of 34.1% in 2020 in terms of revenue and is projected as the fastest growing market for salicylic acid, at CAGR of 7.8%.

Impact Of Covid-19 On The Salicylic Acid Market

• The outbreak of COVID-19 in China and its spread across numerous countries around the world halted the manufacturing activities of industrial sectors, which correspondingly hampered salicylic acid manufacturing as well.
• The COVID-19 pandemic is expected to have significant impacts on industrial participants operations, indirectly and directly with respect to customer behaviors, labor shortages or stoppages, inventory, sales, business and manufacturing operations, and others.
• As per the companies operating in the market, there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and the political, and economic disturbance it might cause.
• Manufacturing as well as the supply regions witnessed economic slowdown owing to lockdown.
• The preserved food industry witness increased sales and profit. The consumers were increasing inventories as much as possible in March 2020 i.e., the initial phase of pandemic. This increased demand for salicylic acid from food industry.
• The COVID-19 pandemic further boosted demand for pharmaceutical drugs for the treatment of various diseases. This resulted in increased demand for salicylic acid from pharmaceutical industry