Global Salicylic Acid Market is segmented By Pharmaceuticals (Wart remover, Anti-fungal, Anti-septic, Anti-irritant), By Cosmetics (Moisturizer, Sunscreen, Others), By Hair Care (Shampoo, Conditioner, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
The Global "Salicylic Acid Market" is expected to grow at a high CAGR of 6.6% during the forecasting period ( 2022-2029).
- Salicylic acid is a white crystalline solid organic compound. It is a mono hydroxybenzoic acid that is derived naturally from the willow tree and Salix, or it can also be produced synthetically from sodium phenolate and carbon dioxide.
- Due to the increase in its demand in various end-user industries is predicted to propel the global salicylic acid growth at a higher CAGR over the forecast period.
- Growth in various end-user industries is one of the major factors boosting the global salicylic acid market. Owing to its fungicidal, anti-inflammatory, keratolytic, pain reveling and anti-microbial properties, salicylic acid is finding several applications in the cosmetics, healthcare, and pharmaceutical industries.
- Salicylic acid is a commercial chemical and essential component of aspirin. Rise in human infectious diseases such as fever, cough, and cold are fuelling the demand for aspirin as a pain killer.
- For instance, in 2017, according to a survey conducted by the frontier organization, aspirin is the most used medicine worldwide. About 80 million pounds of aspirin are produced globally, and 100 billion tablets are consumed every year. This, in turn, resulted in an increasing demand for salicylic acid.
- However, salicylic acid can cause a rare but serious allergic reaction or severe skin irritation along with skin dryness, and peeling. Also, salicylates applied to the skin are can be absorbed into the bloodstream and can cause Reye’s syndrome, and sometimes fatal condition in children.
- These factors are hindering the global salicylic acid market growth.
- In January 2019, a study by Danish environment ministry stated that salicylic acid is also an endocrine disruptor.
- Based on the application the global salicylic acid market is broadly segmented as Pharmaceuticals, cosmetics, food, and others. Among all these cosmetic applications accounted for the major market and is projected to grow at a higher CAGR over the forecast period. This is due to its expanding applications in the treatment of skin related problems such as psoriasis, acne, dandruff, and others.
- Also, the safety of cosmetics is a major concern. Thus, growing consumer awareness about the health benefits of salicylic acid-based skincare and hair care products due to its anti-inflammatory properties is a major factor that is fueling the growth of the global salicylic acid market.
- The global salicylic acid market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America occupies the dominant share in the salicylic acid market and is expected to grow at a high CAGR in the forecast period.
- It is due to growing healthcare, food industries along with raising awareness among people regarding the use of these products in cosmetics and other purposes. Salicylic acid is also used in a wide range of food processing applications to prevent spoilage of packaged food products from fermentation.
- For instance, according to ACS, about 70% of the diet of the average US resident is from processed foods. Thus, growing processed food industry has anticipated the growth of salicylic acid in this region.
- Significant players of the salicylic acid market are Alfa Aesar, Alta Laboratories Ltd., Hebei Jingye Group, JM Loveridge Limited, Novacap, Shandong Xinhua Longxin Chemical Co., Ltd., Siddharth Carbochem Products Ltd., Zhenjiang Gaopeng Pharmaceutical Co., Ltd., and others.
- The Global Salicylic Acid market is highly fragmented due to the participation of many established and emerging players. Majority of them are adopting a few key strategies such as expansions, product launches, mergers and acquisitions, and others to maintain their share in the global salicylic acid market.
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