Jun 16, 2022   SOURCE: BusinessWire

Outlook on the Salicylic Acid Global Market to 2030 - Featuring Alfa Aesar, Solvay and Merck Among Others - ResearchAndMarkets.com

The "Salicylic Acid Market by Application: Global Opportunity Analysis and Industry Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.

The global salicylic acid market was valued at $431.7 million in 2020, and is projected to reach $886.9 million by 2030, growing at a CAGR of 7.5% from 2020 to 2030.

Salicylic acid is a lipophilic monohydroxybenzoic acid, a type of phenolic acid, and a beta hydroxy acid. In terms of physical properties, it is an odorless and colorless crystalline organic acid. Salicylic acid acts as an intermediate in the pharmaceutical and personal care industries. The global salicylic acid market estimation includes revenue reported by salicylic acid and its applications.

Owing to the anti-inflammatory properties of salicylic acid, it is highly preferred by pharmaceutical and skin care industries. Thus, the global salicylic acid market is anticipated to witness strong growth opportunities during the forecast period, owing to increase in demand from various end-use industries, including pharmaceutical, food & beverage, and cosmetic & personal care industries. Furthermore, salicylic acid is key ingredient in the manufacturing of aspirin.

Aspirin is one of the most often prescribed pharmaceutical medications in the world, and its use is on rise due to its superior pain-relieving properties and ease of availability. In addition, it is increasingly being used to prevent and cure diseases such as dementia and strokes, particularly among the elderly, which is driving the demand for this medicine.

Moreover, salicylic acid is used in the personal care & cosmetics industry due to its oxidation property. Increase in number of individuals suffering from pimples, whiteheads, blackheads, warts, and zits is expected to further drive the demand for salicylic acid-based cosmetics. In addition, developments in personal care products are expected to support the growth of salicylic acid market during the forecast period.

The global salicylic acid market is segmented on the basis of application and region. By application, the market is divided into pharmaceutical, hair care, skin care and food preservatives & others. Further, the pharmaceutical segment is categorized into PC (Prescription drugs) and OTC (Over-the-counter). On the basis of skin care, the market is segmented into moisturizer, sunscreen, and acne solution. By hair care, the market is segmented into conditioner and shampoo.

Key Benefits

  • The report provides in-depth analysis of the global salicylic acid market along with the current trends and future estimations.
  • This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
  • Porter's five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global salicylic acid industry for strategy building.
  • A comprehensive market analysis covers factors that drive and restrain the global salicylic acid market growth.
  • The qualitative data about market dynamics, trends, and developments is provided in the report.

Impact of COVID-19

  • The outbreak of COVID-19 in China and its spread across numerous countries around the world halted the manufacturing activities of industrial sectors, which correspondingly hampered salicylic acid manufacturing.
  • In addition, the unavailability of raw material and due disturbed supply chain, raw material procurement was challenged owing to outbreak of COVID-19.
  • The COVID-19 pandemic is further expected to have significant impact on industrial participants operations, indirectly and directly with respect to customer behaviors, labor shortages or stoppages, inventory, sales, businesses, and manufacturing operations.
  • As per the companies operating in the market, there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and the political & economic disturbance it might cause.
  • Manufacturing as well as the supply regions witnessed economic slowdown due to lockdown.
  • Conversely, the packaged food industry witnessed increased sales and profit. The consumers were increasing inventories as much as possible in March 2020, i.e., the initial phase of pandemic. This increased demand for salicylic acid from the food & beverage industry.
  • The COVID-19 pandemic further boosted demand for salicylic acid in the pharmaceutical industry. Individuals who were infected with COVID-19 were suffering from muscle and joint pain, which led to increased demand for anti-inflammatory and pain killer drugs, thus leading to increased demand for salicylic acid in pharmaceutical industry.

Market Dynamics

Drivers

  • Surge in demand from preserved food & beverage industry
  • Increase in demand for personal care products

Restraint

  • Consumer awareness about harmful effects

Opportunities

  • High adoption of salicylic acid in pharmaceuticals and cosmetics
  • Rise in demand for aspirin drug

Key Market Segments

By Application

  • Pharmaceutical
  • Skin Care
  • Hair Care
  • Food Preservatives and Other

By Region

  • North America
  • Latin America
  • Europe
  • Africa
  • Asia-Pacific
  • Middle East

Key Market Players

  • Alfa Aesar
  • Avonchem Limited
  • J.M. Loveridge limited
  • Novacyl
  • Midas Pharma GmbH
  • Shandong Xinhua Pharmaceutical Co. Ltd
  • Solvay
  • Merck KGaA
  • Hebei Jingye Group
  • Larachem Inc

For more information about this report visit https://www.researchandmarkets.com/r/8220y