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Global Salicylic Acid Market was Valued at US$ XX Mn in 2019 and it is Expected to Reach More than US$ 615 Mn by 2028, Likely to Grow with the CAGR of 7.1% During the Forecast Period.
Salicylic Acid is an odorless and colorless crystalline organic acid. Salicylic acid acts as an intermediate in the pharmaceutical and personal care industries. Owing to the anti-inflammatory properties of salicylic acid is highly preferred by pharmaceutical, cosmetics, and personal care industry. Furthermore, salicylic acid is used in the manufacturing of aspirin which helps in pain-relieving, increasing consumption of aspirin tablets owing to superior pain-relieving action along with easy availability of the drug is expected to drive demand for Salicylic Acid.
Increasing Cases of Cardiovascular Diseases and Growing Popularity of Skin & Hair Care Products Among Population Is Anticipated To Drive the Demand For Salicylic Acid
Increasing cases of cardiovascular diseases such as stroke, coronary heart disease, and myocardial infraction owing to rising excessive consumption of cigarettes, alcohol, and caffeine will drive the demand for the Salicylic acid as it is a common ingredient in the drugs.
In addition, salicylic acid is used is the personal care & cosmetics industry due to its oxidation property. Increasing cases of chronic acne vulgaris, pimples, blackheads, whiteheads, and warts in adults & teenagers are expected to drive growth for salicylic acid-based cosmetics. Moreover, increased consumption of fast food items which may accelerate the salicylic acid market during the forecast period.
However, growing awareness regarding the harmful effects of excessive consumption of salicylic acid, and stringent regulations by regulatory bodies such as the Food and Drug Administration (FDA) regarding the maximum permissible limit for salicylic acid in various products may hamper the growth during the forecast period.
The Pharmaceutical Application Segment is Expected to Dominate The Salicylic Acid Market During the Forecast Period
On the basis of Application, the Pharmaceutical segment dominates the Salicylic Acid market, accounted for over 30% of the global revenue share of the Salicylic Acid market in 2019. And expected to grow at a significant CAGR of XX% during the forecast period. Increasing the use of salicylic acid-based drugs for the treatment of various skin related disorders and for cardiovascular diseases is driving the demand in Pharmaceuticals. Moreover, advancement in the medical industry has led to a rise in the application scope of salicylic acid to treat various diseases.
European Market Is Expected to Dominate the Global Salicylic Acid Market During the Forecast Period
Salicylic Acid Market in Europe accounted for over 35% of the global revenue share of the Salicylic Acid market in 2019, which is holding the largest market across all regions. Increasing awareness about health and hygiene in the region attributed to the growth in the European skincare and haircare industry. Furthermore, increasing the adoption of aspirin to treat and prevent ailments such as strokes and dementia among the aging population is expected to drive the market growth over the forecast period.
The Asia-Pacific Region Is Projected to Register the Highest Growth In The Salicylic Acid Market during the Forecast Period
The Asia Pacific accounted for over XX% of global revenue share in 2019 and is expected to be the fastest-growing region at a CAGR of 7.3% during the forecast period. Changing lifestyle, rise in population, and regional consumer dependence on pharmaceuticals for health-related conditions driving the regional market. Asia Pacific salicylic acid market demand led by Japan, China, and India may see significant growth.
The global Salicylic Acid market is fragmented among the number of local and global players. Some of the key players operating in the global Salicylic Acid market are lfa Aesar, J.M. Loveridge Ltd., Siddharth Carbochem Products Ltd.,Alta Laboratories, Zhenjiang Gaopeng Pharmaceutical Co. Ltd, Simco Chemicals, Cropnosys, Novacap, Zhenjiang Seidler Chemical Company, Hebei Jingye Group, and Shandong Xinhua Longxin Chemical
Salicylic Acid Market Key Segments:
Salicylic Acid Market, By Application
- Food & Beverage
Salicylic Acid Market, By End use
- Acne Solution
Salicylic Acid Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America