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.
In depth research report on Salicylic Acid Market
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.
•
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.
Grand View Research has
segmented the salicylic acid market on the basis of application and region:
Salicylic Acid Market Application Outlook (Volume, Tons;
Revenue, USD Million, 2013 - 2024)
•
Pharmaceutical
•
Food & Preservatives
•
Cosmetics
•
Others
Salicylic Acid Market Regional Outlook (Volume, Tons;
Revenue, USD Million, 2013 - 2024)
•
North America
•
U.S.
•
Canada
•
Mexico
•
Europe
•
Germany
•
UK
•
France
•
Asia Pacific
•
China
•
India
•
Japan
•
Australia
•
Latin America
•
Brazil
•
Middle East & Africa
•
Saudi Arabia
•
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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