Premium Salicylic Acid Market Expected To Reach $ 263.9 Million by 2030

According to a new published report by Allied Market Research titled, “Premium Salicylic Acid Market by Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global premium salicylic acid market size was valued at $131.4 million in 2020, and is projected to reach $263.9 million by 2030, growing at a CAGR of 7.2% from 2020 to 2030.

Salicylic acid (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. Premium 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.

The growth of the premium salicylic acid market is driven by factors, such as increase in usage of premium salicylic acid in the food & beverage industry as food preservatives, surge in demand for aspirin drug, and rise in scope of applications in personal care products. Premium 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. Premium salicylic acid is one of the two active ingredients approved by the FDA for treatment of psoriasis.

Premium salicylic acid is also used in several medical treatments, such as ichthyosis, seborrheic, dermatitis, calluses, and corns. Salicylic acid-based medicines are available as prescription and 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 stringent government regulations regarding product formulations.

Premium salicylic acid is an important compound used in the pharmaceutical and cosmetics industries due to its widespread applications in the treatment of hair fall, dandruff, acne, psoriasis, or blemishes. Furthermore, premium salicylic acid-based medicated cosmetics are used for the treatment of various skin-related disorders. This leads to increase in demand for medicated moisturizers, body lotions, suntan & sunscreen creams, and other skin care products, which strengthens the market growth for premium salicylic acid. The premium salicylic acid market is expected to grow at a significant rate during the forecast, 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 premium salicylic acid market with more than 87.7% share in terms of revenue. This is attributed to the fact that the demand for premium salicylic acid is expected to grow considerably in the pharmaceutical sector. Furthermore, the skin care segment is expected to grow at a CAGR of 9.3% in terms of revenue, owing to increase in demand for premium salicylic acid for manufacturing of cosmetics.

The skin care segment is expected to witness considerable growth due to increase in usage of premium salicylic acid in skin care products, such as moisturizers, sunscreen, and acne solutions.

Region-wise, the premium salicylic acid market share is studied across North America, Latin America, Europe, Africa, Asia-Pacific and Middle East. Asia-Pacific is expected to hold major share in terms of revenue. In terms 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 key players operating in the premium salicylic acid market include, Alfa Aesar, Avonchem Limited, J.M. Loveridge Limited, Novacyl, Midas Pharma GmbH, Shandong Xinhua Pharmaceutical Co. Ltd., Solvay Merck KGaA, and Hebei Jingye Group.

Other players in the premium salicylic acid market are Alta Laboratories Ltd., Novacap, Sigma Aldrich and Siddharth Carbochem Products Ltd, Seqens SAS, Spectrum Chemical Manufacturing Corp, Thermo Fisher Scientific

Key Findings Of Study

• The report outlines the current premium salicylic acid market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets.
• The premium salicylic acid market size is provided in terms of volume and revenue.
• By application, the pharmaceutical segment garnered 87.7 % share in 2020 in terms of revenue.
• The skin care segment is projected to be fastest growing at a CAGR of 9.3% during the forecast period.
• Region-wise, Asia-Pacific garnered a share of 34.1% in 2020 in terms of revenue and is projected to be the fastest growing market for premium salicylic acid, at CAGR of 7.6% during the forecast period.

Impact Of Covid-19 On Premium Salicylic Acid Market

• The outbreak of COVID-19 in China and its spread across numerous countries globally, halted the manufacturing activities of industrial sectors, which correspondingly hampered manufacturing of premium salicylic acid.
• The COVID-19 pandemic is 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, and others.
• 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.
• Manufacturing and supply regions witnessed economic slowdown owing to lockdown.
• The preserved food industry witnessed increase in sales and profit. Consumers were increasing inventories as much as possible in March 2020 during the initial phase of the pandemic. This increased the demand for premium salicylic acid from the food industry.
• The COVID-19 pandemic further boosted the demand for pharmaceutical drugs for the treatment of various diseases. This resulted in increase in demand for premium salicylic acid from the pharmaceutical industry.