USD 510.8 million
Report ID: SQSG15E2032 | Region: Global | Published Date: July, 2023 | Pages: 165 | Tables: 38 | Figures: 73
Global Salicylic Acid Market size was valued at USD 510.8 million in 2021 and is poised to grow from USD 547.8 million in 2022 to USD 886.9 million by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
Salicylic acid is a beta-hydroxy acid that has the formula C7H6O3 and is a lipophilic monohydroxy benzoic acid. It is a type of phenolic acid. In terms of its physical properties, it is a crystalline organic acid that has no smell and no color. Salicylic acid is used in the pharmaceutical and personal care industries as a middle step.
Salicylic acid is used to make haircare and skin care products, and consumers are becoming more aware of its benefits. This is expected to drive demand over the forecast period. Aspirin is often made with a lot of salicylic acids. Aspirin tablets are likely to be in higher demand because they relieve pain better and are easy to get. But growing worries about the side effects of aspirin are likely to slow the growth of the market. Aspirin is known to cause several side effects, such as drowsiness, rashes, cramps, stomach upset, abdominal pain, headaches, and more.
US Salicylic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 510.8 million
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Salicylic Acid Market is segmented based on application and region. Based on application, the Salicylic Acid Market is segmented into pharmaceuticals, skincare, haircare, food preservatives, and other applications. Based on region, the global Salicylic acid market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Salicylic Acid Market Analysis by Application
In 2021, the pharmaceutical segment accounted for the largest market share more than 58%, and is expected to grow at a steady pace during the analysis period. Because of its anti-inflammatory effects, salicylic acid is a common ingredient in many over-the-counter medications. It interacts with acetic acid to create aspirin and is therefore essential to the process. Aspirin is a common pain reliever and is also used to reduce fever, ease congestion, and alleviate coughing. It also delivers exceptional pain-relieving activity, which has led to an increase in its use and its status as one of the world's best-selling prescription pharmaceuticals.
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In terms of revenue, Asia-Pacific is expected to grow at a CAGR of 7.8% over the forecast period. This is because countries like China and Japan have big economies. In these economies, the number of people who buy things like personal care and medicines is growing quickly. Also, there are major industrial players in the area, especially in China. Also, the cheap price of salicylic acid is the main thing that gives Chinese companies a competitive edge.
Africa is also expected to grow at a CAGR of 7.6% over the next few years in terms of revenue. The pharmaceutical market in Africa is growing because there aren't enough medicines in many countries. Also, the growing fashion industry could lead to more people buying skin care products. This could increase the need for salicylic acid and be the market's main driver over the next few years. Also, as cities grew quickly, the number of salons grew, which led to a rise in the demand for products with salicylic acid.
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Salicylic Acid Market Driver
Salicylic Acid Market Restraint
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The Salicylic acid market is relatively fragmented, with a high level of competition. Few large players, like Alfa Aesar, J.M. Loveridge Ltd, and Alta Laboratories Ltd., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Salicylic Acid Market Top Player’s Company Profiles
Salicylic Acid Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Salicylic acid is a beta-hydroxy acid that has the formula C7H6O3 and is a lipophilic monohydroxy benzoic acid. Aspirin tablets are likely to be in higher demand because they relieve pain better and are easy to get. Growing worries about the side effects of aspirin are expected to slow the growth of the market. Based on industry, the market is segmented into E-commerce, Healthcare, Retail, Food & Beverage, Automotive, and Others. Based on region, the global Salicylic acid market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
|Market size value in 2021||USD 510.8 million|
|Market size value in 2030||USD 547.8 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Salicylic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Salicylic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Salicylic Acid Market:
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