Advanced Materials and Chemicals

Salicylic Acid Market

Global Industry Analysis and Forecast 2024-2031

Pages : 120

Base Year : 2023

Released Year : April 2024

Format :Pdf Ppt Xls

Report ID:KR674

Author : Omkar R.

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Base Year

2023

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Forecast Year

2024-2031

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Historical Years

2019-2022

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Market Value (2023)

USD 435.7 Million

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Forecasted Value (2031)

USD 757.1 Million

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CAGR (2024 - 2031)

7.25%

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Fastest Growing Region (2024 - 2031)

Asia Pacific

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Largest Region

Asia Pacific

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By Form

Powder, Liquid

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By Application

Pharmaceuticals, Cosmetics and Personal Care, Food and Beverages, Others


Salicylic Acid Market Size

The global Salicylic Acid Market size was valued at USD 435.7 million in 2023 and is projected to reach USD 757.1 million by 2031, growing at a CAGR of 7.25% from 2024 to 2031. The increasing demand for salicylic acid in the pharmaceutical industry is propelling the growth of the market. Its integral role in formulations for treating acne, removing warts, and alleviating pain fuels demand within the pharmaceutical sector. As these conditions remain prevalent globally, the necessity for effective treatments persists, thus sustaining the demand for salicylic acid. Its efficacy in addressing common ailments positions it as a vital component in pharmaceutical formulations, thereby driving market growth.

The burgeoning cosmetic industry, fueled by increasing consumer consciousness and surging demand for skincare solutions, is a major factor contributing to the growth of the salicylic acid market. Renowned for its exfoliating properties and anti-inflammatory attributes, salicylic acid is a key ingredient in numerous skincare formulations. Recent developments, such as Felisha Cosmetics' launch of an anti-acne face wash featuring salicylic acid in December 2023, underscore its pivotal role in contemporary beauty products. As consumers increasingly prioritize effective skincare solutions to address various concerns, the demand for salicylic acid is soaring, which is contributing significantly to the cosmetic industry, thereby stimulating market expansion.

Salicylic acid is a colorless crystalline substance derived from the bark of willow trees or synthesized chemically. Its chemical composition comprises a carboxylic acid group and a phenolic hydroxyl group, rendering it both acidic and hydrophilic. Salicylic acid finds widespread applications across diverse industries, notably in pharmaceuticals for treating acne, warts, and pain relief due to its anti-inflammatory and keratolytic properties. In the cosmetic industry, it is highly valued for its role in exfoliating skin, treating acne, and promoting skin renewal. Additionally, salicylic acid serves as a preservative in food and beverages, while also playing a crucial role as a plant growth regulator in agriculture practices. Due to its extensive use, salicylic acid is subject to stringent regulatory frameworks, particularly in pharmaceuticals and cosmetics, to ensure its safety and efficacy in various formulations. Regulatory bodies such as the FDA (Food and Drug Administration) in the United States and the European Medicines Agency (EMA) in Europe govern the use and concentration levels of the substance in various products.

Analyst’s Review

Key players in the salicylic acid market are strategically aligning their efforts to capitalize on its diverse applications across pharmaceuticals, cosmetics, and other industries. Manufacturers are dedicated to enhancing product efficacy and expanding their market presence through the development of innovative formulations and strategic partnerships. To navigate the regulatory framework, manufacturers are ensuring compliance with stringent standards set by regulatory bodies such as the FDA and EMA, while investing in research and development to meet evolving regulatory requirements.

Additionally, key firms are implementing new manufacturing processes and technologies to improve production efficiency and product quality. For instance, in November 2023, The Journal of Drugs in Dermatology published a research report that indicated the effectiveness of a salicylic acid-based dermocosmetic as an adjunct to benzoyl peroxide for mild to moderate acne and as monotherapy in maintenance. This publication highlighted the continuous efforts of key players in the field to innovate and meet market demands.

Salicylic Acid Market Growth Factors

The rising awareness of personal hygiene is a significant factor fueling the growth of the global salicylic acid market. As people become more conscious of their skincare routines and hygiene practices, there is a rising demand for products containing salicylic acid, such as cleansers, toners, and acne treatments. According to a study conducted by UNICEF in 2022, approximately 75% of people around the globe had access to personal hygiene products and services. This increased accessibility and awareness contribute to the expanding consumer base for salicylic acid-based skincare products, which is driving market growth. As individuals prioritize skincare and hygiene, the demand for salicylic acid is expected to continue to rise.

The untapped markets in developing regions present a substantial growth opportunity for manufacturers operating in the market. Countries experiencing rapid economic development, such as India, China, Brazil, and Indonesia, are witnessing a rise in disposable income, urbanization, and the expansion of a consumer base for pharmaceutical and cosmetic products. These factors create an opportunity for the proliferation of salicylic acid-based products, including skincare treatments and pharmaceuticals. For instance, countries such as Brazil and Indonesia are experiencing significant growth in their pharmaceutical and cosmetic industries, creating a lucrative market for salicylic acid-based products. Additionally, as these regions prioritize healthcare and personal grooming, the demand for skincare solutions such as acne treatments and anti-aging creams is surging. Tapping into these emerging markets presents a promising opportunity for salicylic acid manufacturers to capitalize on the expanding consumer base and stimulate market growth.

Salicylic Acid Market Trends

The personal care and cosmetic industry is witnessing a notable shift toward natural and organic products, leading to an increasing demand for botanical-derived salicylic acid and eco-friendly manufacturing processes. Consumers are increasingly opting for products containing natural ingredients due to their perceived benefits and growing environmental consciousness. For instance, brands such as The Ordinary and Paula's Choice offer skincare products featuring plant-derived salicylic acid to cater to this surging demand.

Simultaneously, there is a notable focus on the implementation of sustainable sourcing practices throughout the supply chain involved in salicylic acid production. Companies are prioritizing raw materials obtained from renewable and responsibly managed sources to align with corporate social responsibility goals. For instance, sourcing willow bark extract, a natural source of salicylic acid, from sustainably managed forests ensures environmental conservation and community welfare. These trends reflect a growing industry commitment to meeting consumer demands for both product efficacy and environmental stewardship.

Segmentation Analysis

The global salicylic acid market is segmented based on form, application, and geography.

By Form

Based on form, the market is bifurcated into powder and liquid. The powder segment secured a significant revenue share of 56.35% in 2023. Powdered salicylic acid offers convenience and versatility in various applications across diverse industries. It can be easily incorporated into formulations for pharmaceuticals, cosmetics, and personal care products, thereby providing manufacturers with flexibility in product development. Moreover, powdered salicylic acid typically exhibits better stability and shelf life compared to its liquid counterpart. This enhanced stability ensures product efficacy and extends the shelf life of finished products, thereby reducing the risk of spoilage and waste. Furthermore, the powder form of salicylic acid often facilitates easier handling during manufacturing processes, thus enhancing operational efficiency. Additionally, powdered salicylic acid can be accurately measured and dosed, ensuring consistency in product formulations and quality control. Due to its superior convenience, stability, and versatility, powdered salicylic acid is a preferred choice for manufacturers across various industries, which results in a significant growth of the segment in the market.

By Application

Based on application, the market is segmented into pharmaceuticals, cosmetics and personal care, food and beverages, and others. The pharmaceuticals segment garnered the highest revenue of USD 199.0 million in 2023. The widespread use of salicylic acid in pharmaceuticals for its anti-inflammatory, anti-acne, and analgesic properties is driving substantial demand. Salicylic acid is a crucial ingredient in various medications, including acne treatments, pain relievers, and wart removers, contributing significantly to the considerable expansion of the segment. For instance, salicylic acid is a principal metabolite in the development of aspirin, which is considered the gold standard for non-steroidal anti-inflammatory drugs (NSAIDs). Moreover, the growing prevalence of skin disorders such as acne, psoriasis, and dermatitis is fueling the demand for pharmaceutical products containing salicylic acid. With an increasing focus on skincare and dermatological health, consumers are seeking effective treatments, thus augmenting the segment's revenue.

Salicylic Acid Market Regional Analysis

Based on region, the global salicylic acid market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Salicylic Acid Market Size & Share, By Region, 2024-2031

Asia-Pacific emerged as the leading region in the salicylic acid market in 2023, attaining a valuation of USD 158.3 million. The region benefits from a large population base and a growing economy, thereby fostering increased demand for pharmaceuticals, cosmetics, and personal care products. Countries such as China, Japan, and South Korea are major contributors to this remarkable regional market growth, with rapidly growing pharmaceutical and skincare industries. For instance, China's robust manufacturing capabilities and expanding pharmaceutical sector drive significant consumption of salicylic acid. Additionally, the region's lower production costs and abundant raw material resources bolster its competitiveness in the global market. Moreover, rising consumer awareness regarding skincare and healthcare is fueling demand for salicylic acid-based products in Asia-Pacific, thereby solidifying its position as the leading region in the global market.

Furthermore, Europe generated a significant valuation of USD 112.6 million in 2023 in the salicylic market. Europe boasts a well-established pharmaceutical and cosmetic industry, with leading players continuously innovating and introducing new products. For instance, companies such as L'Oréal and Beiersdorf hold significant prominence in the European skincare market, thereby boosting demand for salicylic acid-based formulations. Additionally, Europe places a strong emphasis on product quality, safety, and regulatory compliance, which encourages the use of salicylic acid in pharmaceuticals and cosmetics. Furthermore, the region's affluent consumer base and high disposable income levels contribute to robust demand for premium skincare products containing salicylic acid. The combination of industry expertise and consumer preferences positions Europe as a lucrative market for salicylic acid.

Competitive Landscape

The global salicylic acid market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, are foreseen to create new opportunities for market growth.

List of Key Companies in Salicylic Acid Market

  • BioCrick
  • The Andhra Sugars Limited
  • SEQENS
  • Kishida Chemical Co., Ltd.
  • KANTO CHEMICAL CO., INC.
  • Junsei Chemical Co., Ltd.
  • Merck KGaA
  • Pfizer Inc.
  • BASF SE
  • RP Chemicals

Key Industry Developments in Salicylic Acid Market

  • February 2024 (Product Launch): L’Oréal Paris unveiled its Hyaluron + Plump collection that featured products infused with hyaluronic acid and salicylic acid. Aimed at revitalizing hair, the collection has properties to eliminate dullness, hydrate ends, and purify the scalp through exfoliation.
  • December 2022 (Product Launch): Naturium introduced a 2% salicylic acid body spray, in response to rising market demand for acne-fighting solutions beyond facial care. The product was designed to treat body acne, offering a convenient spray format for easy application. With salicylic acid known for its benefits in skin exfoliation and acne prevention, Naturium's launch addressed consumers seeking effective and accessible skincare solutions beyond traditional facial treatments.

The global Salicylic Acid Market is segmented as:

By Form

  • Powder
  • Liquid

By Application

  • Pharmaceuticals
  • Cosmetics and Personal Care
  • Food and Beverages
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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Frequently Asked Questions (FAQ's)
The global salicylic acid market is projected to reach USD 757.1 million by 2031, growing at a CAGR of 7.25% from 2024 to 2031.
The global salicylic acid market was valued at USD 435.7 million in 2023.
Rising consumer awareness of skincare and hygiene coupled with increasing disposable incomes are driving the growth of salicylic acid market.
Top manufacturers of salicylic acid market are BioCrick, The Andhra Sugars Limited, SEQENS, Kishida Chemical Co., Ltd., KANTO CHEMICAL CO., INC., Junsei Chemical Co., Ltd., Merck KGaA, Pfizer Inc., BASF SE, RP Chemicals, and others.
Asia-Pacific is the fastest growing region with the CAGR of 8.15% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 295.9 million.
By form, powder will hold the maximum share in the salicylic acid market with the revenue value of USD 407.3 million in 2031.
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