Global Salicylic Acid Market is anticipated to cross USD 490.8 million by 2027 and registering a CAGR of 8.0% from 2020 to 2027.
Based on chemistry, the pharmaceuticals segment contributed to around three-fifths of the global salicylic market share in 2019, and is expected to lead the trail by the end of 2027. The fact that salicylic acid is used in the pharmaceutical industry for manufacturing drugs for cardiovascular diseases, skin disorders, and Hughes syndrome drives the growth of the segment. The skin care segment, on the other hand, would grow at the fastest CAGR of 10.2% from 2020 to 2027. Rise in efforts of manufacturers to develop effective skin care products method along with mounting awareness of personal care products is anticipated to drive the growth of this segment.
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Presence of anti-inflammatory and oxidation properties in salicylic acid and increasing cases of pimples, whiteheads, blackheads, warts, and zits drive the growth of the global salicylic acid market. On the other hand, the fact that temporary exposure to salicylic acid may lead to certain disorders in individuals restrains the market growth. However, rise in adoption of medical cosmetics and surge demand from developing economies such as the Asia-Pacific region are projected to pave the way for lucrative opportunities in the near future.
COVID-19 scenario-
- With the outbreak of COVID-19, people have become more cautious about the quality of pharmaceutical and personal care stuffs they are buying. As salicylic acid heightens the quality of such products, the global market is likely to grow at a substantial rate.
- With expanding sales of soap and hand cleansing products, there is a great opportunity for the top brands to innovate in terms of new marketing strategies and product designs.
- However, major disruptions in the supply chain impede the market growth to certain extent.
Key players in the industry-
- Novacyl
- Alta Laboratories Ltd.
- J.M Loveridge Ltd.
- Zhenjiang Gaopeng Pharmaceutical Ltd.
- Hebei Jingye Group
- Siddharth Carbochem Products Ltd.
- Zhenjiang Maoyuan Chemical Co. Ltd.
- Shandong Xinhua Pharmaceutical Co. Ltd.
- Alfa Aesar
- Avnochem Limited
Based on region, Europe, followed by North America, held the highest share in 2019, generating nearly two-fifths of the global salicylic acid market. This is attributed to significant support by the European Union Governments and regulatory bodies present in the region that have been regulating favorable policies for healthcare. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 8.4% throughout the forecast period. This is due to increasing demand in the pharmaceutical & cosmetics industries for shampoos, lotions, creams, moisturizers, and oral care lotions.
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