The salicylic acid market is forecasted to grow at a high rate owing to increasing demand for salicylic acid in different industries like food, cosmetics and pharmaceuticals and rising advantages of salicylic acid. The Global Salicylic Acid Market was valued at US$ 420.0 Mn in 2020 is expected to reach US$ 635.7 Mn by 2027, with a growing CAGR of 6.1% during the forecast period (2021-2027).
Salicylic acid is an organic white crystalline solid obtained naturally from plants like willow tree and salix. Salicylic acid can be also produced synthetically through chemical reaction using sodium phenolate and carbon dioxide. Salicylic acid has many pharmacological effects such as anti-inflammatory, anti-fungal, anti-bacterial. Due to these properties, salicylic acid is highly preferred in cosmetics and pharmaceutical industry. It is also used in various formulations such as serums, creams, and ointments. With respect to the growing demand and usage of salicylic acid in various industry, the global salicylic acid market is estimated to witness high growth during the forecast period. Salicylic acid is one of the most important and key ingredients used in formulation of aspirin, which is highly manufactured and sold as pain killer globally. This increases the sales of pharmaceutical drug and ultimately increases the demand of salicylic acid in the market.
The Global Salicylic Acid Industry Segmentation:
Global Salicylic Acid Market by Application Outlook (Revenue, USD Million, 2021-2027)
Moreover, salicylic acid has its application in cosmetic industry and personal care due to its oxidative and anti-inflammatory property. Development and growing adoption of personal care products account for the growth and support of salicylic acid market during the forecast period. However, there are certain pitfalls for the use of salicylic acid such as excess use of salicylic acid is found to be harmful to the skin and this might result in skin dryness and rashes. These factors may hinder the growth of salicylic acid market and may divert the consumer towards the use of natural available supplements to the salicylic acid. Rising awareness regarding the impact of salicylic acid on human health, consumers are now shifting towards naturally derived products, which negatively impact the growth of salicylic acid market.
Salicylic acid market is broadly segmented into applications and regions. Based on applications, pharmaceutical segment accounted for highest market share in 2020 and it is expected to continue the growth during forecast period. This is due to increase in use of salicylic acid in different formulations and diseases like CVS, skin infections, psoriasis etc. Increase in players in the market and expand in R&D activities surges the growth of salicylic acid market.
Global Salicylic acid Market by Region Outlook (Revenue, USD Million, 2021-2027)
On the basis of region, Europe is expected to increase more during the forecast period. This is due to the regulatory rules and European governments focussing on the healthcare expenditure and care in this region. This drives the growth of salicylic acid market. Further, increase in research and development facilities, availability of structured infrastructure drives the growth of salicylic acid market in this region.
Moreover, Asia-Pacific dominates the salicylic acid market during the forecast period due to increase in growth of cosmetics and personal care products such as skin and hair care products and rising awareness regarding hygiene health and environment pulls the growth of salicylic acid market in this region.
Key Findings:
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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