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2022
Salicylic Acid Market

Salicylic Acid Market

by Application (Pharmaceutical, Skin Care, Haircare, and Food Preservatives & Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

Report Code: A00314
Pages: 253
Jan 2022 | 19977 Views
Author(s) : Amit Narune, Sushant Moon , Eswara Prasad
Tables: 137
Charts: 59
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Salicylic Acid Market Statistics – 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 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.  

Statement for COVID-19 banner: The COVID-19 increased demand for aspirin from numerous countries such as Australia, Canada, United Kingdom, and others. This consequently increased demand for salicylic acid.

The factor contributing toward the salicylic acid market growth is increased demand for packaged food& beverages drives the market 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 food & beverage sector and cosmetics industry are highly regulated which is a challenging factor for the salicylic acid market. In addition, the market is also hindered by presence of alternatives. On the contrary, the growing pharmaceutical industry in Asia-Pacific and Africa is expected to offer lucrative salicylic acid market opportunities for the industrial participants. Asia-Pacific is the fastest growing across the globe, due to surge in demand for salicylic acid from the pharmaceutical & cosmetics industries, for shampoos, lotions, creams, moisturizers, and oral care lotions. China, Japan, and India are the major contributors to the growth of this region. China, Japan, and India are the major contributors to the growth of this region. Zhenjiang Gaopeng Pharmaceutical Co., Ltd., Hebei Jingye Group, Shandong Xinhua Longxin Chemical Co. Ltd., SiddharthCarbochem Products Ltd., and Alta Laboratories Ltd. are some of the prominent salicylic acid manufacturers in this region. Large-scale use of salicylic acid for different dermatological conditions and increase in production of salicylic acid derivatives such as aspirin, sodium salicylate, and salicylic acid amine for use in pharmaceutical sector are the major drivers of the salicylic acid market in this region.

Global Salicylic-Acid-Market

The salicylic acid market is segmented on the basis of application and region. Depending on application, the market is segregated into pharmaceutical, skin care, hair care and food preservatives and others. Region wise, the salicylic acid market is analyzed across North America, Latin America, Europe, Africa, Asia-Pacific and Middle East. Furthermore, the salicylic acid market share is analyzed across all significant regions and countries.

The 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.

Salicylic Acid Market, by Application

By application, the pharmaceutical segment garnered highest market share in 2020 in terms of volume. It has garnered 59.8% in 2020, in terms of volume. Salicylic acid is used in pharmaceuticals due to its anti-inflammatory properties. 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. 

Salicylic Acid Market
By Application

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Pharmaceutical application holds a dominant position in 2020 and skin care application is projected as the most lucrative segment.

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Salicylic Acid Market, by Region

Region wise, Asia-Pacific is expected to grow at a CAGR of 7.8%, in terms of revenue, during the forecast period. This is attributed to the presence of economies such as China and Japan. These economies have rapidly growing consumer base such as personal care, and pharmaceutical. In addition, the region comprises major industrial participants especially in China. Furthermore, the major competitive advantage of Chinese salicylic acid companies is its cheap cost. Furthermore, Africa is expected to grow at a CAGR of 7.6% in terms of revenue during the forecast period. The increasing scarcity of medications in various nations drives the expansion of the pharmaceutical market in Africa. Moreover, the rising fashion industry might lead to increase demand for the skin care products, which might fuel the demand for salicylic acid and acts as the major driving factor for the market during the forecast period. Additionally, rapid expansion of cities led to increase in the salons, which led to increase in demand for salicylic acid-based products.

Salicylic Acid Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific holds a dominant position in 2020 and is expected to grow at fastest growth rate during the forecast period.

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Key benefits for stakeholders

  • The report outlines the current 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.
  • The report provides an in-depth analysis of the market along with the current and future salicylic acid market trends.
  • This report highlights the key drivers, opportunities, and restraints of the salicylic acid market along with impact analysis during the forecast period.
  • The report also covers the impact of governmental regulations on the salicylic acid market.
  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • The study provides a comprehensive analysis of the factors that drive and restrain the salicylic acid market growth.

Impact of COVID-19 on the salicylic acid market

  • The COVID-19 outbreak has affected the demand as well as manufacturing of salicylic acid.
  •  The raw material procurement was further challenged owing to outbreak of COVID-19.
  • 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. 
  • 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.

Salicylic Acid Market Report Highlights

Aspects Details
By Application
  • Pharmaceutical
  • Skin Care
  • Hair Care
  • Food Preservatives & Others
By Region
  • North America   (U.S., Canada, Mexico)
  • Latin America  (Brazil, Argentina, Chile, Rest of Latin America)
  • Europe   (France, Germany, Italy, Spain, United Kingdom, Rest of Europe)
  • Africa  (Algeria, Egypt, Morocco, Rest of Africa)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • Middle East  (UAE, Saudi Arabia, Iran, Rest of Middle East)
 

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According to the perspective of the CXOs of leading companies, the 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 china 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. However, harmful effect associated with the usage of salicylic acid can have a restraining effect on the growth of the market. Furthermore, in the forecast period from 2021 to 2030, shifting consumer preferences for natural food additives, as well as rising health concerns, are projected to create new opportunities for the salicylic acid market.

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FREQUENTLY ASKED QUESTIONS?

A. Increased demand from pharmaceutical and skin & hair care industry is driving the demand for salicylic acid market.

A. The global 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.

A. Novacyl, Alfa Aesar, Midas Pharma GmbH, and Merck KGaA are some of the major players in the salicylic acid market

A. Food preservative and cosmetic industry in projected to increase the demand for salicylic acid market.

A. Pharmaceutical Skin Care Hair Care Food preservatives and others application are covered in salicylic acid market report.

A. Increased demand for aspirin drug among pharmaceuticals is the main driver of salicylic acid market.

A. Packaged food industry and pharmaceutical industry are expected to drive the adoption of salicylic acid.

A. COVID-19 pandemic is going to positively impact salicylic acid market in 2021 owing to the increased demand for pharmaceuticals and packaged food due to COVID-19 pandemic.

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