Analysis of the Global Salicylic Acid Market in terms of Market Dynamics in Historic and Forecast Period
Salicylic Acid Market Overview
Salicylic acid is an organic white crystalline solid which is highly soluble in water. It is derived from the metabolism of Salicin, which is an anti-inflammatory agent extracted from willow bark. Salicylic acid is produced naturally from certain plants and can also be produced synthetically. It can be produced naturally through a biosynthesis process of phenylalanine—an amino acid found in certain plants. Salicylic acid is produced synthetically by treating sodium phenolate, at high pressure and high temperature, with carbon dioxide to yield sodium salicylate, which is later acidified using sulfuric acid to yield salicylic acid. Salicylic acid is a multifunctional ingredient that has pain relieving and anti-inflammatory properties. It is mainly used in manufacturing aspirin and other personal care products. Consumption of aspirin is increasing in emerging economies of Asia Pacific, which has resulted in growth of salicylic acid market at an annual growth rate of 8% in the recent past.
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Prevalent Scenario in Salicylic Acid Market
Growing consumer awareness about the health benefits of salicylic acid-based skincare and hair care products is a major factor fueling growth of the global salicylic market. The hair care and skincare products offered by the manufacturers are in line with the current trends of products offering various medical benefits such as dandruff removal, hair fall, acne, psoriasis, or other skin diseases. Salicylic acid is a widely used commercial chemical and forms an important component of aspirin. The rise in human infectious diseases has resulted in large populations suffering from common fever, cough, and cold, which inadvertently fuels demand for aspirin as a pain killer. This has in turn resulted in increasing demand for salicylic acid. Apart from its use in aspirin, salicylic acid is also used as a key additive in variety of pharmaceutical products such as drugs, lotions, and ointments. Salicylic acid is incorporated into wide range of pharmaceutical, personal care, and food applications and thus, manufacturers need to comply with stringent regulations implemented by various international and local regulatory bodies, especially in U.S. and Europe. Due to an increase in Gross Domestic Products (GDP) of these regions, the global cosmetics industry has been growing by an average of 4.5% over the last 20 years. Thus, the expansion of salicylic acid market is greatly influenced by the increasing demand from North America and Europe regions. Salicylic acid is also used in a wide range of food processing applications to prevent spoilage of packaged food products and fermentation.
Safety of cosmetics is a major concern, as the ingredients used in manufacturing the cosmetic products can have adverse health effects and can result into severe dryness, skin blistering, and skin irritation. As the cosmetics industry is expanding, there increasing number studies carried on safety of these products and are regulated by related authorities. The ever-changing and evolving regulatory scenario results in high costs for research and development in order to ensure compliance. This hampers growth of the market to a certain extent. Rising consumer awareness about the harmful effects of beauty ingredients is driving the consumer demand for naturally derived products from grapes, rosemary, thyme, and tree oil as an alternative.
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The Global Salicylic Acid market is highly fragmented due to the participation of many established and emerging players in the digital genome market. Major players involved in the market include Alfa Aesar (U.K.), Alta Laboratories Ltd. (India), Hebei Jingye Group (China), JM Loveridge Limited (U.K.), Novacap (France), Shadong Xinhua Longxin Chemical Co., Ltd. (China), Siddharth Carbochem Products Ltd. (India), Simco Chemical Inc. (Canada), Zhenjiang Gaopeng Pharmaceutical Co., Ltd. (China).
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