The salicylic acid market is projected to register a CAGR of 4.8% during the forecast period 2020-2025.
- An increase in the prevalence of chronic acne vulgaris in adults and teenagers, owing to sedentary lifestyles and increased consumption of fast food items, may accelerate the salicylic acid demand.
- Salicylic acid has also been shown to have anti-inflammatory and antimicrobial properties. When used in combination with benzoic acid in the ointment, it has fungicidal properties.
- Furthermore, salicylic acid’s extensive application in the pharmaceutical industry to manufacture various medicines, such as acetylsalicylic acid, phenyl salicylate, sodium salicylate, methyl salicylate, and methyl salicylate may foster market growth.
Key Market Trends
Increasing Demand for Salicylic Acid in the Skincare Industry
The cosmetic industry holds a major share in the salicylic acid market. Salicylic acid is widely used in the treatment of many common dermatological conditions due to its keratoplastic properties. Moreover, the growing demand for dermatological treatment products such as acne solutions across the globe drives the market for premium salicylic acid. Premium salicylic acid is increasingly used in dermatological applications to treat hyperkeratotic skin disorders attributing to the superior anti-inflammatory, antimicrobial, and keratolytic properties. Salicylic acid effectively treats chronic plaque psoriasis, especially when it is being used as an adjunctive therapy. It is also used for the treatment of diseases, like ichthyoses, verruca, and keratoderma, as it possesses the ability to soften the wound and exfoliate the stratum corneum. The growing acceptance of salicylic acid in the skincare industry is boosting the market growth during the forecast period.
Asia-Pacific Holds the Significant Market Share
The salicylic acid market is largely dominated by countries, like the United States, Canada, Japan, China, and the United Kingdom. Asia-Pacific remains the fastest-growing market for salicylic acid in 2018, owing to strong demand surge from developed countries, such as China and Japan. The manufacturers are eyeing on this potential region and investing heavily to bring the latest innovations and increase production capacity to cater to the increasing demand in the region. Owing to the robust production and largest export of salicylic acid in the country, China poses high power in regulating the global ingredient price.
The salicylic acid market is highly fragmented with various regional players, such as Zhenjiang Gaopeng Pharmaceutical Co. Ltd, Hebei Jingye Group, Shandong Xinhua Longxin Chemical Co. Ltd, Thermo Fisher Scientific, and Merck & Co Inc. The presence of domestic players is huge, where most of the players are operating their businesses in smaller scales.
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