Salicylic Acid Market Holds Growth of USD 547.5 Million By 2024: Grand View Research, Inc

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According to report published by Grand View Research,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.

According to a report, “Salicylic Acid Market Analysis By Application (Pharmaceutical, Food & Preservatives, Cosmetics) And Segment Forecasts To 2024″,The global salicylic acid market is expected to reach USD 547.5 million by 2024,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.

Key Takeaways from the report:

  • 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.

U.S. salicylic acid market revenue, by application, 2013 – 2024 (USD Million)

U.S. salicylic acid market

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.

Application Insights

The market is segmented by application into pharmaceutical, food & preservatives and cosmetics industry. The market was dominated by pharmaceutical application owing to increasing use of salicylic acid based drugs for the treatment of various skin related disorders and for cardiovascular diseases and Hughes syndrome.

The food and preservatives segment is expected to exhibit a high growth rate of over 7% from 2016 to 2024. Growing use of salicylic acid and its derivatives in the food and beverage industry to prevent spoilage and fermentation is expected to translate into increase market demand. In addition, growing the use of salicylic acid as preservatives to prolong the shelf-life of products such as sauces, beer, and wine is expected to augment the demand for salicylic acid products.

The cosmetics industry is estimated to witness increasing demand for salicylic acid due to high demand for facial creams and acne reduction preparations. In addition, the market is expected to witness an increasing demand for shampoos and conditioners that are used to treat various hair conditions. Furthermore, increasing cases of blackheads, zits, warts and pimples is expected to drive growth for salicylic acid based products over the forecast period. 

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Regional Insights

Europe accounted for the substantial market share of over 30% in 2015 owing to a growing skincare and haircare industry propelled by increasing awareness about health and hygiene in the region. Also, increasing adoption of aspirin to treat and prevent ailments such as strokes and dementia among aging population is expected to drive the market growth over the forecast period. However, stringent regulations employed by the European Commission regarding the use of salicylic acid is anticipated to affect the growth.

The market in Latin America is expected to exhibit high growth of over 8.0% over the period 2016 to 2024. Increasing demand for packaged food products has led to growth in the demand for preservatives, for which the compound is a major ingredient. In addition, increasing demand for medicated cosmetics coupled with growing use of salicylic acid based pharmaceutical products owing their effect on ailments such as Hughes syndrome and dementia is expected to drive the market growth over the forecast period.

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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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunity.

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