Salicylic Acid Market Analysis | 2022-2028

Market Insights

The salicylic acid market was estimated at USD 430.7 million in 2021 and is likely to grow at a CAGR of 7.1% during 2022-2028 to reach USD 701.1 million in 2028.

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Market Dynamics

Introduction

Salicylic acid is a beta hydroxy acid (BHA) derived from plants, widely recognized for its role in skincare and medicinal applications. It is a colorless, crystalline organic compound with exfoliating, anti-inflammatory, and antimicrobial properties. Salicylic acid works by penetrating pores to dissolve excess oil, dead skin cells, and debris, making it a popular ingredient for treating acne, psoriasis, warts, and dandruff. In addition to its skincare benefits, it is a precursor in the synthesis of aspirin. Found naturally in willow bark and certain fruits, salicylic acid is an essential compound in pharmaceuticals, cosmetics, and industrial applications due to its versatile properties.

COVID-19 Impact:

The demand for personal care products declined dramatically during the COVID-19 pandemic. However, the pharmaceutical industry's growth surged with the disease spreading all across the world. Aspirin, which includes the use of salicylic acid, became the major end-user of salicylic acid during the COVID-19 pandemic.

However, the procurement of raw materials became one of the biggest challenges during the pandemic as most of the borders were closed. Directly or indirectly, it affected the end-users interest, and other challenges associated with labor shortages or stoppages, manufacturing, and sales, further hampered the market growth. 

Market Drivers

An increase in the demand for packaged foods and beverages is one major factor behind the salicylic acid market's expansion. Salicylic acid demand is constantly growing in the food and beverage industry, which aids in preventing the fermentation and rotting of packaged food goods. Unfortunately, many regulations in the cosmetics and food & beverage industries may act as a hurdle in market growth. The market is further hampered by the availability of substitutes. 

Contrarily, it is anticipated that the expanding pharmaceutical markets in Asia-Pacific and Africa will present profitable opportunities for the market in the foreseeable future.

Key Players

The following are the key players in the salicylic acid market

• Hebei Jingye Group
• Merck & Co Inc.
• Other Prominent Players
• Shandong Xinhua Longxin Chemical Co. Ltd
• Thermo Fisher Scientific
• Zhenjiang Gaopeng Pharmaceutical Co. Ltd

Segment Analysis

By Application Type

"Pharmaceutical segment held a share of more than 50% based on volume during the base year"

The pharmaceutical segment garnered the highest market share and is expected to continue to dominate in the coming years. The segment held a share based on volume during the base year. Salicylic acid is widely known for its anti-inflammatory properties and acts as a major ingredient in the development of aspirin, an anti-inflammatory drug used in the treatment of fever, cold, and cough. Moreover, aspirin is also among the largest-selling pharmaceutical drugs across the globe, which plays a major role in the growing demand for salicylic acid. 

Salicylic acid is a multipurpose chemical that treats many of the systemic reasons for blemishes, and its use in acne prevention and related cosmetics is on the rise. Salicylic acid is becoming more widely used, and researchers have identified it as a crucial growth factor due to its evolution into a substitute for glycolic acid.

A surge in adult customers with acne is driving the demand for salicylic acid. 54% of women over 25 have at least some face acne, according to the Journal of the American Academy of Dermatology. Therefore, the market is constantly witnessing a hike in demand. Various companies dealing in the cosmetic industry, such as Clinique, Almay, Neutrogena, and Lancome now offer foundations with acne-fighting qualities in their color cosmetic lines.

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Regional Analysis

"Asia-Pacific is anticipated to experience the fastest revenue growth among all regions during the projected period, at a CAGR of 7.1%"

Asia-Pacific is anticipated to experience the fastest revenue growth among all regions during the projected period. This is explained due to the high consumer base in the economies like China and India. The expanding pharmaceuticals and personal care industries in the region, particularly in China along with the low cost of Chinese salicylic acid is a huge competitive advantage for the regional market.

Countries like the United States and Canada will also have significant contributions to the overall industry growth. Due to a significant increase in demand from developed nations like Brazil, South America continues to be the salicylic acid market that is expanding at the fastest rate. The manufacturers are paying close attention to introducing the newest technology and boosting production capacity to meet the region's rising demand. 

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Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s functional salicylic acid market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The salicylic acid market is segmented into the following categories:

By Application Type 

• Food and Beverage
• Cosmetics
• Personal Care
• Pharmaceuticals

By Form Type 

• Liquid 
• Powder

By Region 

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com