According to the report published by Allied Market Research, the global salicylic acid market generated $431.7 million in 2020, and is estimated to generate $886.9 million by 2030, witnessing a CAGR of 7.5% from 2020 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand from the preserved food & beverage industry and rise in demand for personal care products drive the growth of the global salicylic acid market. However, surge in consumer awareness about harmful effects restrains the market growth. On the other hand, adoption of salicylic acid in pharmaceuticals and cosmetics along with increase in demand for aspirin drugs present opportunities in the coming years.
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Covid-19 Scenario:
- During the Covid-19 pandemic, the demand and manufacturing activities of salicylic acid have been affected. The lockdown measures led to closure of manufacturing facilities. Moreover, disruptions in the supply chain led to stoppage of supply and distribution for application industries.
- There has been a considerable impact on the application industries, directly and indirectly. There were challenges such as labor shortages, lack of raw materials, disruptions in manufacturing operations, and others. This reduced the demand for salicylic acid. However, the demand is expected to restore post-lockdown.
The report offers detailed segmentation of the global salicylic acid market based on application and region.
Based on application, the pharmaceutical segment accounted for the highest share in 2020, contributing to more than three-fourths of the total share, and is projected to continue its lead position during the forecast period. However, the skin care segment is expected to witness the largest CAGR of 9.2% from 2021 to 2030.
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Based on region, Asia-Pacific held the highest share in 2020, accounting for more than one-third of the total market share, and is projected to continue its dominant share by 2030. Moreover, this region is projected to portray the fastest CAGR of 7.8% during the forecast period. The research also analyzes the regions including North America, Latin America, Europe, Africa, and Middle East.
Leading players of the global salicylic acid market analyzed in the research include Alfa Aesar, J.M. Loveridge Limited, Avonchem limited, Midas Pharma GmbH, Novacyl, Solvay Merck KGaA, Wego Chemical Group, and Reagents.
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