Salicylic Acid Market to Gain Form Enhanced Demand in Production of Various Cosmetic and Haircare Products Till 2024 Million Insights
12 Nov 2018
The global Salicylic Acid Market size is expected to value at USD 547.5 million by 2024. The market is subject to witness a substantial growth due to the rising demand for salicylic acid in production of various cosmetic and haircare products and increasing consumer awareness associated with advantages of salicylic acid. Factors responsible for rapid market growth of salicylic acid industry, in the recent years, include increasing adoption of salicylic acid for production of aspirin under low costs of manufacturing. Additionally, rising demand for aspirin tablets better known for their pain relieving capability and cost-effectiveness are predicted to drive the market demand for salicylic acid in the upcoming years. Globally, the salicylic acid market is predicted to grow at high CAGR over the forecast period, providing numerous opportunities for market players to invest in research and development of the salicylic acid market.
However, the prevailing side effects due to excessive use or regular intake of aspirin is predicted to limit the market growth to a certain extent. Furthermore, a highly fragmented market coupled with less number of manufacturers and changing cost of the products are restraining the market progress, in recent years. Robust growth in the oil and gas industry, particularly in the Middle East and North America region and extensive availability of phenol as a raw material are anticipated to boost the manufacturing of salicylic acid. Additionally, rising exploration activities and manufacturing of shale gas and tight oil is projected to surge in overall the supply of phenol, thereby driving the growth of salicylic acid market in the upcoming years. Excessive use of products containing large amounts of salicylic acid is considered as injurious to the skin and hair. The use of such products in large amount causes severe dryness, blistering, and skin irritation. Increasing popularity of the organic skin care and haircare products containing natural grape juice, thyme, rosemary, and tea tree oil extracts over salicylic acid is negatively impacting overall market performance, in the recent years. The salicylic acid market is broadly categorized into three major types based on their application such as pharmaceutical & medicine industry, food & preservatives industry, and cosmetics industry.
The pharmaceutical & medicine is considered as one of the fastest growing segment in the salicylic acid market with substantial revenue generation in the last couple of years. Growing popularity of the pharmaceutical & medicine market segment is attributed the salicylic acid based drugs for the therapy of different skin diseases and for cardiovascular diseases along with treatment of Hughes syndrome.
The food and preservatives segment has also witnessed substantial growth in the last few years owing increasing use of salicylic acid in packaged food and rising demand for food preservatives in the North America region. The salicylic acid prevents spoilage and fermentation in the packaged food products, thereby longing shelf life of the product. Moreover, the salicylic acid as a preservative in the sauces, beer, and wine helps to improve overall product efficiency.
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