According to a new market report published by Credence Research, "Salicylic Acid Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2022," the salicylic acid market was valued at US$ 0.25 Bn in 2015, and is expected to reach US$ 0.44 Bn by 2022, expanding at a CAGR of 8.4% from 2016 to 2022.
Salicylic acid is an organic acid which is naturally found in the bark if willow tree. The bark of willow tree is used for medicinal purpose since centuries. The medicinal use of salicylic acid was documented by ancient Greek physician in 5th century BC. It was used for reducing fever, pains and aches. In the modern world, salicylic acid is used primarily in painkillers and aspirins for curing aches and pains. It is also used for the treatment of psoriasis, callus and corns. It is also used in curing acnes and blemishes. Salicylic acid peels off dead skin and helps clean pores to treat and prevent acne. These properties of salicylic acid have led to high demand from the pharmaceutical and personal care products industry.
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Growing awareness for well being and health among the people in emerging economies has led to high demand and consumption of skin care and hair care products, thereby leading to growth of salicylic acid in the market. Rising demand from the pharmaceutical industry is another factor driving the growth of global salicylic acid market. In addition, increasing use of processed food and flavored drinks has also led to booming demand for salicylic acid from the food industry. Salicylic acid is used as a food preservative as it has antiseptic properties. Changing and busy lifestyle of people has led to high demand for processed food which has increased the use of salicylic acid in the food industry. The personal care and cosmetics industry is also expected to contribute to the growth of global salicylic acid market.
Pharmaceuticals accounted for the major share of more than 30% of global salicylic acid market in 2015. Rising demand is experienced for aspirin and pain killers for various diseases and pains. Therefore, pharmaceutical industries are expected to generate high demand for salicylic acid in the market. The growing awareness among the people for well-being and health has increased the demand for skin and hair care products. Salicylic acid is used on a large scale in production of various skin care and hair care products. It helps preventing acne and aids the treatment of various diseases like psoriasis, callus, corns, etc. Hence, personal care products industry is also expected to fuel demand for global salicylic acid market in the near future. Moreover, apart from medicinal properties, salicylic acid is also used in the food industry as a food preservative. The antiseptic property of salicylic acid keeps the food safe for a longer duration of time. Food industry is also anticipated to fuel demand for salicylic acid in the market during the forecast period.
Key players dominate the global salicylic acid market making the entry of new players difficult. These companies have already established its position in the market because of high demand for salicylic acid from pharmaceutical and personal care product industry worldwide. Therefore, high competition is observed between the salicylic acid producers in the market to gain a strong foothold globally.