“Global Salicylic Acid Market to reach a market value of USD 854.8 Million by 2030 growing at a CAGR of 7.4%”
The Global Salicylic Acid Market size is expected to reach $854.8 billion by 2030, rising at a market growth of 7.4% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,46,668.82 tonnes, experiencing a growth of 6.6% (2019-2022).
The Canadian cosmetics industry was the fastest-growing industry in the country. In 2022, Canada's personal care and beauty sector earned around $11 billion in revenue. Therefore, the North America market register a revenue of USD 177.92 million by 2022. The skincare industry in North America has witnessed a growing consumer awareness regarding skincare routines and acne treatments. North American consumers increasingly seek natural and plant-based ingredients in their personal care products.
The global increase in the prevalence of acne and other skin conditions drives the demand for effective treatments, including salicylic acid products. Psoriasis is a long-term skin disorder characterized by scaly, red, and itchy patches. Salicylic acid's keratolytic properties help manage psoriasis by softening and loosening scales, making removing it easier. Therefore, rising incidence of dermatological conditions has been a pivotal factor in driving the growth of the market. Moreover, E-commerce platforms provide a global marketplace, allowing manufacturers and suppliers of salicylic acid products to reach consumers in various regions. This expanded reach contributes to the market's growth by tapping into a broader customer base. Thus, the market is expanding significantly due to the rapid shift towards e-commerce platform.
However, Supply chain disruptions can lead to shortages or delays in the availability of raw materials used to produce salicylic acid. This, in turn, can result in production delays, affecting the overall output of salicylic acid. Supply chain disruptions can cause inventory-level fluctuations, leading to shortages in salicylic acid products. Rebuilding trust and collaboration may take time, impacting the stability of the supply chain network. Therefore, supply chain disruptions are a significant challenge that hampers the growth of market.
By application, the market is categorized into pharmaceutical, skin care, hair care, food preservatives and others. In 2022, the pharmaceutical segment held the highest revenue share in the market. Salicylic acid, through its derivative aspirin, is a potent analgesic that relieves various types of pain. This property is fundamental in addressing various medical conditions and contributes to the demand for salicylic acid in the pharmaceutical segment. Salicylic acid is often combined with other compounds to create synergistic drug formulations. This method improves the therapeutic benefits of medications and enables a greater variety of applications in treating various health disorders.
Free Valuable Insights: Global Salicylic Acid Market size to reach USD 854.8 Million by 2030
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region acquired a significant revenue share in the market. The Asia Pacific region is a significant hub for the beauty and personal care industries. In the Asia-Pacific region, skin conditions such as acne, psoriasis, and warts are prevalent. The agricultural industry in the Asia-Pacific region is developing, and salicylic acid's applications in plant growth regulation and stress reduction contribute to its use in agricultural operations. The expansion of salicylic acid is facilitated by the easy availability and accessibility of products containing salicylic acid, which is made possible by developing e-commerce platforms in the Asia Pacific region.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 484.55 Million |
| Market size forecast in 2030 | USD 854.8 Million |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 7.4% from 2023 to 2030 |
| Number of Pages | 178 |
| Number of Table | 350 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Application, Region |
| Country scope |
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| Companies Included | Thermo Fisher Scientific, Inc., Avonchem Ltd., Hebei Jingye group, Siddharth Carbochem Products Ltd., Larachem inc., Merck KGaA, Midas Pharma Gmbh, Novocap S.A, Shandong Xinhua Pharmaceuticals Co., Ltd., Solvay SA. |
By Application (Volume, Tonnes, USD Million, 2019-2030)
By Geography (Volume, Tonnes, USD Million, 2019-2030)
The Market size is projected to reach USD $854.8 billion by 2030.
Rapid shift towards e-commerce platform are driving the Market in coming years, however, Price volatility of raw materials restraints the growth of the Market.
Thermo Fisher Scientific, Inc., Avonchem Ltd., Hebei Jingye group, Siddharth Carbochem Products Ltd., Larachem inc., Merck KGaA, Midas Pharma Gmbh, Novocap S.A, Shandong Xinhua Pharmaceuticals Co., Ltd., Solvay SA.
The expected CAGR of this Market is 7.4% from 2023 to 2030.
In the year 2022, the market attained a volume of 1,46,668.82 tonnes, experiencing a growth of 6.6% (2019-2022).
The North America region dominated the Market, By Region in 2022, thereby achieving a market value of $297.3 million by 2030, growing at a CAGR of 6.7 % during the forecast period.
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