The global salicylic acid market is expected to reach USD 547.5 million by 2024, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth owing to increasing use of the product in the pharmaceutical industry for treatment of various skin disorders such as psoriasis, acne, and blemishes.
In addition, the product is used as an ingredient during the preparation of aspirin. salicylic acid acts as an anti-inflammatory agent thus promoting its use as an ingredient in aspirin preparations.
The increasing use of derivatives of salicylic acid such as methyl salicylate and chlorine salicylate as a liniment for joint and muscle pain and for relieving pain caused by mouth ulcers is expected to drive the market growth over the forecast period.
However, growing awareness regarding the harmful effects of excessive consumption of the compound has led the regulatory bodies such as the Food and Drug Administration (FDA) to enforce stringent regulations regarding the maximum permissible limit for salicylic acid in various products, thus limiting its growth over the next eight years.
The global salicylic market is characterized by a small number of manufacturers. Some companies including Novacap, Simco, and Loveridge are forward integrated into their operations and are engaged in the production of phenol, which is an important raw material used for manufacturing of the product. Other companies procure phenol from manufacturers such as Shell and INEOS Phenol.
Further key findings from the report suggest:
- The cosmetics application segment of salicylic acid is expected to grow at a CAGR of over 7.0% from 2016 to 2024. Increasing demand for cosmetic products across Europe, North America and Asia Pacific coupled with increasing self-prescription of these products for the treatment of mild skin disorders is expected to augment growth over the forecast period.
- Salicylic acid demand in food & preservative application was valued at over USD 90.0 million in 2015. The product is extensively used in manufacturing other salicylates including methyl and ethyl salicylates. Rising demand for food preservatives on account of growing demand for processing foods in emerging markets of China and India is expected to augment food preservatives market, which in turn is likely to augment growth over the forecast period.
- Asia Pacific is expected to witness the highest growth as compared to other regions, growing at over 9.0% from 2016 to 2024 Positive food and pharmaceutical industry outlook in China, India, Japan and South Korea is expected to augment demand over the projected period.
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- In North America, the U.S. accounted for the consumption of more than 16,000 tons of salicylic acid in 2015 owing to shelf-life extension solutions in food and beverages applications. Furthermore, increasing use of preservatives by major food and beverage manufacturers including Cargill Foods, Tyson and Heinz located in the U.S. is expected to augment the demand over the forecast period.
- Key players in the industry include Alfa Aesar, Alta Laboratories, JM Loveridge Limited, Novocap, Siddharth Carbochem Products Ltd., Simco Chemicals, and Zhenjiang Gaopeng Pharmaceutical Co. Ltd.