The latest report by IMARC Group, titled “Salicylic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the global salicylic acid market reached a value of US$ 371 Million in 2017. Salicylic acid is a water-soluble, organic crystalline solid which is derived from Salicin, an anti-inflammatory agent extracted from willow bark. It is naturally produced through the biosynthesis process of phenylalanine. Salicylic acid is also produced synthetically by treating sodium phenolate with carbon dioxide to yield sodium salicylate, which is later acidified using sulfuric acid to produce salicylic acid. The acid has keratolytic and anti-aging properties owing to which it is used as an important component in the manufacturing of personal care products. Apart from this, it is also utilized for food processing applications to prevent spoilage of packaged food products.
Due to its anti-fungal, -pruritic and -microbial properties, salicylic acid is employed in several cosmetic products. Rising awareness about the benefits of salicylic acid-based skincare and haircare products is fueling the growth of the market. Moreover, salicylic acid helps in the treatment of numerous skin diseases owing to which it is increasingly being used in the pharmaceutical and healthcare sectors. In addition to this, salicylic acid is widely utilized as a commercial chemical in the production of aspirin. A rise in the outbreak of certain infectious diseases like common fever, cough and cold, along with the easy availability of the drug, is propelling the consumption of aspirin, thereby bolstering the growth of the salicylic acid market. Looking forward, the market is expanding at a CAGR of 5.6% during 2018-2023, reaching a value of US$ 514 Million by 2023.
- On the basis of applications, pharmaceuticals hold the majority of the global share, representing the leading segment. Pharmaceuticals is followed by personal care, and food and preservatives.
- On a geographical front, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Currently, North America is the leading market for salicylic acid, accounting for the majority of the total market share.
- On analyzing the import and export scenario of the market, it has been found that India is the largest importer, whereas China is the biggest exporter of salicylic acid.
- The competitive landscape of the market has also been examined with the key players being Alfa Aesar, Alta Laboratories Ltd., JM Loveridge Limited, Novacap, Sigma-Aldrich and Siddharth Carbochem Products Ltd.
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