According to a new report published by Allied Market Research titled, “Salicylic Acid Market by Application: Opportunity Analysis and Industry Forecast, 2020–2027,” the global Salicylic Acid market size was valued at $287.1 million in 2019, and is projected to reach $490.8 million by 2027, growing at a CAGR of 8.0% from 2020 to 2027. In 2019, pharmaceuticals segment dominated the market with more than 50% share in terms of revenue and more than one-third share in terms of value.
The salicylic acid market is driven by factors such as increasing usage of salicylic acid in preserved food & beverage industry, growing demand for aspirin drug, and rising 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.
They are 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 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. Salicylic acid-based medicated cosmetics are used for the treatment of various skin related disorders. The adoption of medical cosmetics is increasing due to rising harmful effects of cosmetics on human body. This has led to an increased demand for medicated moisturizers, body lotions, suntan & sunscreen creams, and other skin care products. This in turn is driving the market of salicylic acid during the forecast period. The market for salicylic acid is expected to grow owing to the expanding skincare and haircare industry supported by increasing awareness about health and hygiene among consumers.
The demand for salicylic acid in the pharmaceuticals sector is expected to grow at a CAGR of 7.2% in terms of revenue, owing to increase in demand for salicylic acid for manufacturing aspirin. The demand from skin care sector is expected to witness considerable growth due to increasing usage of salicylic acid in skin care products such as moisturizers, sunscreen, and acne solutions. Geographically, in salicylic acid market share, Europe is expected to hold major share. In term of growth rate, Asia Pacific is estimated to grow with healthy growth rate by end of forecast period.
The major player studied and profiled in the global salicylic acid market are SiddharthCarbochem Products Ltd., Novacyl, Alta Laboratories Ltd., Alfa Aesar, J.M Loveridge Ltd, Zhenjiang Gaopeng Pharmaceutical Ltd., Hebei Jingye Group, Avnochem Limited, Zhenjiang Maoyuan Chemical Co. Ltd, Shandong Xinhua Pharmaceutical Co. Ltd., etc.
Key Findings Of The Study:
On the basis of application, the pharmaceutical industry reported the highest revenue in 2019.
By region, Europe and North America acquired the more than half of market share in 2019, and Asia Pacific is anticipated to be the largest segment by the end of 2027.
OTC is the fastest growing segment in the pharmaceuticals sector, registering a CAGR of 7.1% during the forecast period
Sunscreen is the fastest growing segment in the skin care sector, growing at a significant CAGR from 2019 to 2027.
The U.S. accounted for more than one-fourth share of the global salicylic acid market revenue in 2019.