Industry Trend Analysis
The Salicylic Acid market was valued around USD 0.28 Billion in 2014 and is expected to reach roughly USD 0.46 Billion by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 5.49% during the forecast period due to the growing demand of salicylic acid for production of cosmetic, hair care and skincare products on account of rising awareness among customers regarding benefits of it. Salicylic acid is widely used in the production of aspirin. Growing aspirin tablets consumption owing to better pain relieving together with easy accessibility of the medicines is anticipated to boost its demand. Though, growing concerns about the fallouts of aspirin are projected to hinder the growth of the market. The global salicylic acid market is extremely fragmentized, classified by a few manufacturers with diverse evaluation patterns by the application. Industrially, it is fabricated by chemical fusion of phenol. The growth of the gas & oil industry in the United States and the Middle East is likely to augment the phenol availability as a staple. Additionally, increasing discovery & output of tight oil and shale gas is anticipated to amplify the phenol supply that in turn is projected to boost the demand over the forecast years. Though, contact to the large quantity of salicylic acid has discovered to be injurious to the skin and also it can cause skin irritation, blistering, and severe dryness. Growing awareness among consumer regarding the side effects of salicylic acid is prone to push customers towards organically derived yield including thyme, grape juice, tea tree oil, and rosemary which can be utilized as a substitute of salicylic acid, hence hampering the general growth of the market.
Application Outlook and Trend Analysis
The global market is sectioned according to the application as; pharmaceutical, cosmetics, and food & preservatives industry. The global market was influenced by pharmaceutical applications due to rising utilization of salicylic acid based medicines for the management of several skin related diseases and also for cardiovascular illnesses and Hughes disorder. The preservatives and food section is anticipated to demonstrate an elevated growth rate of around 7% during forecast period. Rising applications of salicylic acid, as well as its by-products in the beverage and food industry to avoid fermentation and spoiling, is likely to turn into amplifying market demand. Besides, increasing utilization as preservatives of salicylic acid to extend product’s shelf-life such as wine, beer, and sauces is anticipated to enhance the salicylic acid product demand. The cosmetics industry is expected to experience growing salicylic acid demand owing to the elevated demand for acne reduction preparations and facial creams. Additionally, the global market is projected to observe an escalating demand for conditioners and shampoos that are utilized to handle different hair conditions. Moreover, rising cases of pimples, blackheads, zits, and warts are likely to fuel the growth for products containing salicylic acid during the forecast years.
Regional Outlook and Trend Analysis
In 2015, Europe region was reported for around 30% market share of due to the increasing haircare and skincare industry actuated by rising awareness regarding hygiene and health in the region. Besides, rising use of aspirin to prevent and treat ailments like dementia and strokes among the geriatric population is projected to boost the growth of the global market during the forecast period. Though, strict regulations enforced by the European Commission concerning the utilization of salicylic acid are predicted to hamper the market growth. The Latin America market is estimated to show large growth of around 8.0% during the forecast period. Rising demand for processed food products has boosted the demand of preservatives, for which the salicylic acid is a key ingredient. Also, escalating demand for medicinal cosmetics joined with increasing use of pharmaceutical products containing salicylic acid owing their outcomes on illnesses like dementia and Hughes syndrome is anticipated to fuel the growth of the global market during the forecast period.
Competitive Outlook and Trend Analysis
The major market players for the global salicylic acid market are; J.M. Loveridge Ltd., Alfa Aesar, Simco Chemicals, Alta Laboratories, Zhenjiang Gaopeng Pharmaceutical Co. Ltd., Siddharth Carbochem Products Ltd., and Novocap SA. The key product buyers include skincare and haircare manufacturers like St. Ives, Clean & Clear, and Neutrogena, pharma companies like Bayer, and preservatives & food manufacturers like Mondelez, Tyson, and Heinz. The market is classified by acquisitions and mergers as strategies to expand market share. For example, an Argentina-based salicylic acid manufacturer, Novocap SA bought salicylic acid and acetaminophen business of Rhodia Specialty Chemicals to establish a new company named as Novacyl, in a shift to augment its market share existence and market share.
The global salicylic acid market is segmented as follows –
Food Preservatives & Others
Rest of Europe
Rest of Asia Pacific
Rest of the World
United Arab Emirates
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2022?
What will be the industry market growth from 2015 to 2022?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?