What is the Global market size of the Salicylic Acid Market?

Global Salicylic Acid Market size was valued at USD 510.8 million in 2021 and is poised to grow from USD 547.8 million in 2022 to USD 886.9 million by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).

Salicylic Acid Market Size, Share, Growth Analysis, By Application(Pharmaceutical, Skin Care, Haircare, Food Preservatives), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2441 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 38 | Figures: 73

Salicylic Acid Market Insights

Salicylic Acid Market size was valued at USD 510.8 million in 2019 and is poised to grow from USD 547.8 million in 2023 to USD 886.9 million by 2031, growing at a CAGR of 7.5% in the forecast period (2024-2031).

Salicylic acid is a beta-hydroxy acid that has the formula C7H6O3 and is a lipophilic monohydroxy benzoic acid. It is a type of phenolic acid. In terms of its physical properties, it is a crystalline organic acid that has no smell and no color. Salicylic acid is used in the pharmaceutical and personal care industries as a middle step.

Salicylic acid is used to make haircare and skin care products, and consumers are becoming more aware of its benefits. This is expected to drive demand over the forecast period. Aspirin is often made with a lot of salicylic acids. Aspirin tablets are likely to be in higher demand because they relieve pain better and are easy to get. But growing worries about the side effects of aspirin are likely to slow the growth of the market. Aspirin is known to cause several side effects, such as drowsiness, rashes, cramps, stomach upset, abdominal pain, headaches, and more.

US Salicylic Acid Market is poised to grow at a sustainable CAGR for the next forecast year.

Salicylic Acid Market Report Snapshots

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The Salicylic acid market is relatively fragmented, with a high level of competition. Few large players, like Alfa Aesar, J.M. Loveridge Ltd, and Alta Laboratories Ltd., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Alfa Aesar', 'Alta Laboratories Ltd.', 'Simco Chemicals', 'Novacap', 'Siddharth Carbochem Products Ltd.', 'Zhenjiang Gaopeng Pharmaceutical Co., Ltd.', 'Siddharth Chemicals', 'Hebei Jingye Group', 'J.M. Loveridge Limited', 'JQC (Huayin) Pharmaceutical Co., Ltd.', 'Shandong Xinhua Pharmaceutical Co., Ltd.', 'Samrat Remedies Limited', 'Jeevika Yugchem Private Limited', 'Siddharth International', 'Siddharth Chlorochem Pvt. Ltd.', 'Alta Laboratories Limited', 'Siddharth Carbochem Products Ltd.', 'Zhenjiang Gaopeng Pharmaceutical Co., Ltd.', 'Neelkanth Finechem LLP'

The growing demand for packaged food and beverages is the primary factor that drives the market for salicylic acid. This factor is leading to the expansion of the salicylic acid market. This is mostly attributable to the fact that the usage of salicylic acid in the food and beverage sector is on the rise, as it helps to prevent the rotting and fermentation of packaged food goods. This is a major contributor to this phenomenon.

Salicylic acid is used on a large scale to treat a variety of dermatological conditions. Additionally, there has been an increase in the production of salicylic acid derivatives, such as aspirin, sodium salicylate, and salicylic acid amine, for use in the pharmaceutical sector. These two factors are the primary drivers of the salicylic acid market in this region.

In terms of revenue, Asia-Pacific is expected to grow at a CAGR of 7.8% over the forecast period. This is because countries like China and Japan have big economies. In these economies, the number of people who buy things like personal care and medicines is growing quickly. Also, there are major industrial players in the area, especially in China. Also, the cheap price of salicylic acid is the main thing that gives Chinese companies a competitive edge.

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Salicylic Acid Market Size, Share, Growth Analysis, By Application(Pharmaceutical, Skin Care, Haircare, Food Preservatives), By Region - Industry Forecast 2024-2031

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