AEA Salicylic Acid Market Expected to Reach $553.8 Million by 2030

According to a new report published by Allied Market Research titled, “AEA Salicylic Acid Market by Application: AEA Opportunity Analysis and Industry Forecast, 2021–2030,”

The AEA salicylic acid market size was valued at $274.5 million in 2020, and is projected to reach $553.8 million by 2030, growing at a CAGR of 7.3% from 2020 to 2030.

Salicylic (C7H6O3) is an organic white crystalline solid, which is obtained synthetically from sodium phenolate and carbon dioxide or it can be extracted organically from plants such as the willow tree and Salix. Salicylic acid majorly finds its application in the pharmaceutical, food & beverage, and cosmetic industries, owing to its keratolytic, fungicidal, comedolytic, anti-inflammatory, and anti-microbial properties. It is further utilized in cosmetics as it aids in moisturizing and dissolving the material that binds the skin layers together. It is utilized in many other medical treatments such as ichthyosis, seborrheic, dermatitis, calluses, and corns. Salicylic acid-based medicines are available as prescription as well as over-the-counter drugs. Overexposure of skin to salicylic acid can cause severe dryness, blistering, heavy breathing, digestive disorders, and skin irritation. Thus, salicylic acid is used in low concentrations due to implementation of stringent government regulations regarding product formulations.

The growth of the AEA salicylic acid market is driven by factors such as increase in usage of salicylic acid in food & beverage industry as foo preservatives, surge in demand for aspirin drug, and rise in scope of applications in personal care products. Salicylic acid can be used in conjugation with other pharmaceutical ingredients, such as benzoic acid, resorcinol, coal tar, and sulfur to produce efficient and effective products. It can be used as wart remover, disinfectant, antiseptic, anti-irritant, and scale lifter, owing to its anti-inflammatory, fungicidal, and keratolytic properties. Salicylic acid is one of the two active ingredients approved by the FDA for treatment of psoriasis.

There is an increase in the demand for salicylic acid from cosmetic industry, pharmaceutical industry, and others. Some of the major cosmetic markets are North America and Europe. However, stringent regulatory rules are projected to be a one of the barriers for salicylic acid market growth. In addition, the prices of salicylic acid are also expected to hinder the AEA salicylic acid market. On the contrary, the increasing cosmetics and pharmaceutical industry in Africa and Latin America is expected to offer lucrative opportunities during the forecast period.

The AEA salicylic acid market is segmented into application and region. On the basis of application, the AEA salicylic acid market is categorized into pharmaceutical, hair care, skin care, and food preservatives & others. Region-wise, the AEA salicylic acid market share is analyzed across North America, Latin America, Europe, and Africa.

Salicylic acid is an important compound in the pharmaceutical and cosmetics industries due to its widespread applications in the treatment of hair fall, dandruff, acne, psoriasis, or blemishes. Furthermore, salicylic acid-based medicated cosmetics are used for the treatment of various skin related disorders. This has led to an increased demand for medicated moisturizers, body lotions, suntan & sunscreen creams, and other skin care products, which is strengthening the market growth for salicylic acid. The market for salicylic acid is expected to grow at a significant rate, owing to the expanding skincare and haircare industries supported by increase in awareness about health and hygiene among consumers.

In 2020, the pharmaceuticals segment dominated the market with more than 77.6% share in terms of revenue.  This is attributed to the fact that the demand for salicylic acid is expected to grow considerably in the pharmaceutical sector. Furthermore, skin care segment is expected to grow at a CAGR of 8.5% in terms of revenue, owing to increased demand for salicylic acid for manufacturing of cosmetics.

The skin care sector is expected to witness considerable growth due to increase in usage of salicylic acid in skin care products such as moisturizers, sunscreen, and acne solutions. Region wise, North America is expected to hold major share in terms of revenue. In term of growth rate, Africa is estimated to grow with healthy growth rate during the forecast period, owing to increase in demand for pharmaceuticals and cosmetics in the region.

The AEA salicylic acid market analysis covers in-depth information of the major industry participants. Some of the major players in the AEA salicylic acid market include Alfa Aesar, Avonchem limited, J.M. Loveridge limited, Novacyl, Midas Pharma GmbH, Wego Chemical Group, Solvay Merck KGaA, and Reagents.

Other players in the AEA salicylic acid market are Thermo Fisher Scientific, Alta Laboratories, and others.

Key findings of the study

• The report outlines the current AEA salicylic acid market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The AEA salicylic acid market size is provided in terms of volume and revenue.
• North America is expected to maintain its lead in the market throughout 2030, followed by Europe.
• Pharmaceuticals market volume is projected to grow at a CAGR of 6.1% during the forecast period.
• The U.S. accounted for more than 36.2% share of the AEA salicylic acid market revenue in 2020.
• Skin care segment is projected to grow at a CAGR of 8.5% and is fastest growing segment in terms or revenue during the forecast period.
• Africa is projected to grow at a CAGR of 7.6% in terms or revenue during the forecast period.
• Latin America is projected to grow at a CAGR of 7.7% in terms or revenue during the forecast period

Impact of COVID-19 on the AEA Salicylic Acid Market

• Manufacturing as well as the supply regions witnessed economic slowdown owing to lockdown.
• Raw material procurement was a challenge owing to disturbed transportation services.
• As per the companies operating in the market there are numerous uncertainties about the COVID-19 pandemic, comprising the scope of scientific and health problems, the expected period of the pandemic, and the political, and economic disturbance it might cause.
• The COVID-19 pandemic is further expected to have significant impact on industrial participants operations, indirectly and directly with respect to customer behaviors, labor shortages or stoppages, inventory, sales, businesses, and manufacturing operations.