The worldwide salicylic acid market was valued at around USD 200 million in 2012. It is expected to grow at a CAGR exceeding 7% and reach close to USD 500 million by 2020. Salicylic acid is extracted from the winter green plans and willow black leaves.
Salicylic acid is antiseptic and anti-inflammatory qualities. It is used in the manufacturing of aspirin, skin & hair care products, and cosmetics industry.
Adoption of aspirin for the prevention and treatment of dementia and strokes in the geriatric population can drive market. This is likely to impel the market in the next eight years.
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Commercially, this salicylic acid is manufactured using chemical synthesis of phenol. Expansion of oil & gas industry is anticipated to increase the availability of phenol, this can the drive industry over the coming years.
Over-use of salicylic acid can harm the skin causing blistering, dryness, and irritation. Awareness regarding the ill-effects of the product can nudge the consumer towards other natural alternatives like rosemary and tea tree oil. This can impact market growth. The global salicylic acid market is divided into applications and regions.
Applications include food & preservatives, pharmaceuticals, and cosmetic industry. Use of salicylic acid based drugs has led the pharmaceuticals segment to dominate the applications. Hughes syndrome, skin disorders (acne, psoriasis, and blemishes), and cardiovascular diseases, this will augment the demand of the product till 2020.
Food and preservatives sector can exhibit a CAGR of around 7% till 2020. Using salicylic acid as preservatives has improved shelf life of products like wine, sauces, and beer. This can contribute in catalyzing market growth.
Use of salicylic acid in cosmetic industry is also expected to witness growth. This segment can witness growth due to the increase in the use of shampoos, conditioners, and skin and hair problems.
Regions involve North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA). In 2012, Europe accounted for over 32% of market share, due to the growing use of hair and skin care products and the health & hygiene awareness.
Increasing demand for preservatives in packaged food products, medicated cosmetics, and pharmaceutical products can exhibit market growth in Latin America. It can show a CAGR of over 8% during 2012-2020.
Key market competitors include Loveridge Limited, Alfa Aesar, Novocap, Zhenjiang Gaopeng Pharmaceutical Company Limited, and Simco Chemicals. While major buyers are companies like Clean & Clear, Heinz, and Neutrogena.