As per the latest report by IMARC Group, titled “Salicylic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global salicylic acid market size reached US$ 391 Million in 2018. Salicylic acid (C7H6O3), chemically known as ortho-hydroxybenzoic acid, is an odorless white crystalline solid that is naturally derived from salix and willow tree. It can also be synthetically produced using carbon dioxide and sodium phenolate. It has fungicidal, keratolytic, comedolytic, anti-inflammatory and anti-microbial properties that help in lowering the pH value of stratum corneum, the outermost layer of the skin. Owing to its favorable properties, salicylic acid finds numerous applications in the food, cosmetic, healthcare, personal care and pharmaceutical industries across the globe.
Global Salicylic Acid Market Trends:
Salicylic acid is widely utilized in the pharmaceutical industry for manufacturing medicines, such as methyl salicylate, phenyl salicylate, sodium salicylate, salicylic acid amine and acetylsalicylic acid (aspirin). A rise in the demand for these medicines, in confluence with the increasing cases of infectious diseases among individuals, is boosting the overall sales of salicylic acid around the world. Apart from this, as it nourishes and exfoliates the skin, removes dead skin cells and minimizes skin discoloration, it is widely used as an active ingredient in various personal care products. For instance, it is used in facial cleansers, serums, creams and ointments for clearing and treating acne and skin blemishes. It is also employed for treating skin conditions that involve scaling or overgrowth of skin cells, such as corns, calluses, psoriasis, and ichthyoses dandruff. This, along with the burgeoning personal care industry, is anticipated to impel the market growth in the coming years. On account of these factors, the market value is projected to reach US$ 540 Million by 2024, expanding at a CAGR of 5.5% during the forecast period (2019-2024).
- Based on the application, the market has been classified into pharmaceuticals, personal care, food and preservatives, and others. Amongst these, the pharmaceutical sector accounts for the majority of the total market share.
- Region-wise, North America represents the largest market. Other major markets include Europe, Asia Pacific, Latin America, and Middle East and Africa.
- On assessing the import and export scenario of the market, it has been found that India and China are the leading importers and exporters of salicylic acid, respectively.
- The competitive landscape of the market has been examined, with some of the key players being Alfa Aesar (Thermo Fisher Scientific Inc.), Alta Laboratories Ltd., JM Loveridge Limited, Novacap, Inc., Sigma-Aldrich Corporation and Siddharth Carbochem Products Ltd.
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