Global salicylic acid market was 70,725 tons in 2013 is anticipated to reach 123,890 tons in 2020. Rising population and growing health concerns among consumers have resulted in an increasing use of salicylic acid for manufacturing pharmaceuticals and for treating various skin ailments. Growing disposable income and changing consumer lifestyle has resulted in an increasing consumption of packed or frozen foods, in turn, leading to a rising usage of salicylic acid as preservatives in foods.
Rising awareness regarding healthy skin & hair among consumers is expected to boost the demand over the next six years. The global market for salicylic acid is likely to reach a value USD 426.8 million by 2020.
Pharmaceutical accounted for over 40% of the overall salicylic market demand in 2013. It is one of the main constituents of the widely used drug, Aspirin. Increasing used of Aspirin to treat ailments including strokes, cardiovascular diseases and dementia are expected to drive the salicylic acid market demand.
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Food and preservatives accounted for over 25,000 tons of total demand in 2013, thus becoming the second largest application segment. It helps in reducing fermentation in stored food thus, extending the shelf life of the product. Increasing demand for packaged food is expected to drive demand. The market is likely to witness growth at 6.8% CAGR from 2014 to 2020.
Growing demand for cosmetics on account of rising concerns regarding skin and hair care, increasing disposable income and improved living standards of consumers is expected to subsequently augment the salicylic acid market demand. The segment is expected to witness fastest growth at a CAGR of 6.6% from 2014 to 2020.
Europe accounted for 35% of the overall demand in 2013. The presence of well-established cosmetic and pharmaceutical companies in the region coupled with increasing domestic demand for these products is expected to drive market demand. Increasing requirement of aspirin by the geriatric population coupled with rising awareness regarding skin and hair care among consumers in this region is expected to fuel salicylic acid demand over next few years.
Asia Pacific is likely to witness significant gains at a CAGR of 7.6% from 2014 to 2020 owing to the rising demand for the acid from pharmaceutical and cosmetic industries. The growth of these end-use industries is anticipated to propel growth over the forecast period.
Key players include Alfa Aesar, Alta Laboratories, JM Loveridge Limited, Simco Chemicals and SiddharthCarbochem Products Ltd. There are numerous small and medium scale manufacturers in China manufacturing industrial grade product.
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