Salicylic Acid Market Size, Share And Forecast To 2031

(MENAFN- Straits Research) Introduction

Salicylic acid is a beta-hydroxy acid found naturally in plants. Salicylic acid, orthohydroxybenzoic acid, is a phenolic acid with the formula C7H8O. It can be taken from salix and willow trees or synthesized with sodium phenolate and carbon dioxide. This chemical is completely white, crystalline, odorless, and mildly water-soluble. It has a direct anti-inflammatory action and is a topical antibacterial agent because it promotes exfoliation. Salicylic acid has comedolytic, keratolytic, antibacterial, and fungicidal properties. In addition to being used to make aspirin and as a food preservative, salicylic acid is employed in treating rheumatic and gouty diseases, primarily in the form of salicylate.

Market Dynamics Increasing Usage in Preserved Food and Beverage Industry Drives the Global Market

The salicylic acid market
is driven by the global growth in demand for packaged foods and beverages. Salicylic acid's expanding use in the food and beverage industry is due to its ability to prevent food spoiling and fermentation. Salicylic acid is a preservative that extends the shelf life of beer, wine, and sauces. Salicylic acid consumption has increased due to the rising demand for packaged food products. Customers are now health-conscious and picky about the foods they eat and the products they prepare. In addition, the use of salicylic acid in functional foods aids in the prevention of diabetes, the treatment of dermatitis and warts, and the improvement of a patient's health. As healthy living becomes increasingly popular in Asia-Pacific and North America, the demand for functional foods is increasing. Due to its antibacterial properties, salicylic acid is in high demand in food and beverage.

High Adoption of Medical Cosmetics Creates Tremendous Opportunities

Salicylic acid is an essential ingredient in the pharmaceutical and cosmetics industries due to its wide range of applications in the treatment of hair loss, dandruff, acne, psoriasis, and skin discoloration. Medicated cosmetics containing salicylic acid are used to treat numerous skin diseases. Due to the increasingly negative consequences of cosmetics on the human body, medical cosmetics are gaining popularity. This has increased the demand for medicated moisturizers, body lotions, sun and sunscreen creams, and other skincare products. In turn, this drives the salicylic acid market throughout the forecast period. The market for salicylic acid is also estimated to rise due to the expansion of the skincare and haircare industries and rising consumer awareness of health and cleanliness.

Regional Analysis

Europe is the most significant global salicylic acid market shareholder and is anticipated to exhibit a CAGR of 7.5% during the forecast period. Major salicylic acid producers in this region include Novacap, J.M. Loveridge Ltd., and Alfa Aesar GmbH & Co KG. They provide a variety of salicylic acid compositions for industrial uses. Growing used in beauty and healthcare products, changing lifestyles, and increased consumer knowledge of salicylic acid's advantages are the primary market drivers in this area. In addition, the increasing usage of aspirin, a salicylic acid derivative, for treating strokes and dementia is anticipated to drive market expansion in Europe. European market participants are significantly constrained by the European Commission's stringent limitations on the use of salicylic acid. A rising number of mergers, acquisitions, and product launches will result in substantial market expansion in the following years. In 2014, Novacap introduced YOS®H homosalate, a salicylic acid derivative with solvent-boosting and stabilizing capabilities, in response to the rising demand for salicylic acid in skincare products.

North America is estimated to exhibit a CAGR of 7.7% over the forecast period. Healthcare is one of the fastest-growing industries in North America. The primary driver of the salicylic acid market in this area is the expanding applications of salicylic acid in the healthcare industry. Acquisition and product introduction is the most prevalent market strategies in this region. Moreover, technical developments have contributed to the expansion of this region's market. The introduction of new goods and efficient and effective technology fosters market expansion in the healthcare and skincare industries. For instance, Salvona Technologies, Inc. released MultiSal in 2012, reducing blemishes and improving and revitalizing skin. MultiSalTM includes 30% salicylic acid, the highest concentration available. The usage of the time-release method renders it skin-friendly. The growing use of salicylic acid in producing aspirin and other formulations is the primary factor driving market expansion in this area.

Key Highlights

• The global salicylic acid market was valued at USD 360.12 million in 2022. It is estimated to reach USD 708.75 million by 2031, growing at a CAGR of 7.8% during the forecast period (2023–2031).
• Based on application, the global salicylic acid market is segmented into pharmaceuticals, hair care, skin care, food preservatives, and others.
  The pharmaceutical segment owns the highest market share and is predicted to exhibit a CAGR of 7.0% over the forecast period.
• Europe is the most significant global salicylic acid market shareholder and is anticipated to exhibit a CAGR of 7.5% during the forecast period.

Competitive Players

Siddharth Carbochem Products Ltd.

Zhenjiang Maoyuan Chemical Co. Ltd.

Alfa Aesar

J.M Loveridge Ltd.

Novacyl

Alta Laboratories Ltd.

Zhenjiang Gaopeng Pharmaceutical Ltd.

Hebei Jingye Group

Avnochem Limited

Shandong Xinhua Pharmaceutical Co. Ltd.

Recent Developments

Recent Developments

Recent Developments

• January 2023- Synokem Pharmaceutical received authorization from the Subject Expert Panel (SEC) of the Central Drug Standard Control Organisation (CDSCO) to undertake the proposed Phase III clinical study of the fixed-dose combination, Salicylic acid IP plus Luliconazole IP (3%+1%) cream.

• September 2022- La Roche-Posay introduced a new acne treatment serum with anti-aging properties. Formulated with a combination of 1.5% salicylic acid, glycolic acid, and lipo-hydroxy acid, in addition to Niacinamide, it eliminates acne lesions and helps prevent future outbreaks.

Segmentation

By Applications

Pharmaceuticals

Skin Care

Hair Care

Food Preservatives

Others

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