The global market for salicylic acid is expected to reach USD 426.8 million by 2020, according to a new study by Grand View Research, Inc. Increasing use of salicylic acid in cosmetics coupled with the growing haircare and skincare market is expected to be a major driver over the next six years. In addition, growing acceptance of salicylic acid as a flavor and preservative is further expected to boost the growth of this market over the forecast period. Salicylic acid is a key ingredient in the manufacturing of acetyl salicylic acid or aspirin and the aspirin demand could witness substantial growth over the next five years especially in countries of Asia Pacific.
Pharmaceutical and food and preservative were the largest application segments for salicylic acid in 2013, together accounting for over 70% of global consumption. Food and preservative was a key segment for the market and is expected to grow at a CAGR of 6.8% from 2014 to 2020. The other key applications of salicylic acid include cosmetics products and other derivatives such as methyl salicylate, choline salicylate and magnesium salicylate which are all used in industrial applications.
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Further key findings from the study suggest:
- Europe was the largest consumer of salicylic acid owing to the predominant pharmaceutical and cosmetics industry in this region, with an estimated salicylic acid demand of over 42 kilo tons by 2020.
- The other large regional markets for the salicylic acid include North America and Asia Pacific with the latter expected to be the fastest growing regional consumer, at an estimated CAGR of over 7.6% from 2014 to 2020. China was the largest producer of salicylic acid in 2013 owing to the large downstream application manufacturers in the region.
- The salicylic acid market was fairly concentrated with the top five companies accounting for over 75% of the production in 2013. Novocyl was the largest manufacture of salicylic acid and had a reported capacity of 32 kilo tons in 2013. The other key players in the market include Hebei Jingye Group, Zhenjiang Gaopeng Pharmaceutical Co. Ltd and Shandong Xinhua Longxin Chemical Co., Ltd.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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