Portland, OR -- (SBWire) -- 10/26/2017 --Salicylic acid market was valued at $333 million in 2015 and is expected to reach $504 million by 2022, supported by a CAGR of 6.3% during the forecast period 2014 - 2022. Salicylic acid is a monohydroxybenzoic acid derived from plants such as willow tree and salix. It is extensively used as a wart remover, antiseptic, pain reliever, disinfectant and food preservative around the globe owing to its anti-inflammatory, comedolytic, fungicidal, anti-microbial and keratolytic properties.
Salicylic acid can be used in conjugation with other pharmaceutical ingredients, such as benzoic acid, resorcinol, coal tar, and sulfur, to produce efficient and effective products. It is used as a wart remover, disinfectant, antiseptic, anti-irritant, and scale lifter, owing to its anti-inflammatory, fungicidal, and keratolytic properties. Salicylic acid is one of the two active ingredients approved by the FDA to treat psoriasis. It is utilized in other medical treatments such as ichthyosis, seborrheic, dermatitis, calluses, and corns. Salicylic acid-based medicines are available as prescription as well as over-the-counter (OTC) drugs. Salicylic acid is used in low concentrations as its overexposure to skin can cause severe dryness, blistering, heavy breathing, digestive disorders, and skin irritation.
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The world salicylic market is highly fragmented owing to the increase in application of salicylic acid products across various industrial sectors. The demand for raw materials for salicylic acid production has increased considerably over the past few years; however, the sources from which these raw materials are derived are limited in nature. The raw material differentiation is less as these materials are obtained from natural resources.
Key findings of the Salicylic Acid Market
* North America is expected to maintain its lead, throughout 2022, followed by Europe.
* The pharmaceuticals segment, in terms of volume, is projected to grow at a CAGR of 6.3%.
* U.S. accounted for more than one-fourth share of the world salicylic acid market revenue in 2015.
* OTC is projected to grow at fastest rate, with a CAGR of 7.1%.
* Sunscreen is expected to grow at the highest CAGR of 9.2%.
* Conditioner is the fastest growing segment in the hair care sector, growing at a CAGR of 7.5%.
The prominent players profiled in this report include Zhenjiang Gaopeng Pharmaceutical Co., Ltd. (China), Hebei Jingye Group (China), Shandong Xinhua Longxin Chemical Co. Ltd. (China), Simco QC (Canada), Siddharth Carbochem Products Ltd. (India), Novacap (France), J.M. Loveridge Ltd. (UK), Alta Laboratories Ltd. (India), and Alfa Aesar (UK).
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Salicylic Acid Market to Experience Exponential Growth by 2022
The salicylic acid market is expected to witness considerable growth owing to increasing usage of salicylic acid in preserved food & beverage industry, growing demand for aspirin drug, and rising scope of applications in personal care products.