Westford, USA, Dec. 21, 2022 (GLOBE NEWSWIRE) -- SkyQuest analysis of the salicylic acid market provides essential information on market trends, competitive landscape, and Porter's five forces analysis. The report also covers the company's product offerings and their respective market shares. The market is expected to grow at a CAGR of 7.7% over the forecast period 2021-2028 owing to increasing demand from pharmaceutical and personal care industries. Our research finds that the major drivers for the growth of the market are rising popularity of acne treatments, technological advances and increasing adoption of acne self-care products. Rising prevalence of acne is likely to drive the market for salicylic acid as more people seek relief from this skin condition. For instance, more than 800 million people across the globe are suffering from acne.
Additionally, increasing innovation in formulation technologies and rising awareness about the benefits of using natural ingredients are also expected to drive growth in the salicylic acid market. Global acne sufferers may find relief through various forms such as topical gel, cream and spray formulations offered over the counter or through professional treatments such as peels and dermatological surgery.
The market for professional treatments is expected to grow at a higher CAGR owing to increasing awareness and improved reimbursement structures. In terms of form, the largest share (~60%) of the global market is expected to be accounted for by topical gel formulations. This trend in the global salicylic acid market is likely owing to favorable properties such as easy application, prolonged effectiveness and negligible side effects that make this formulation type particularly attractive among consumers. Topical cream formulations are also projected to be lucrative due to their extensive product distribution channels (health care, mass merchandisers) and preference for
The report offers a comprehensive insight into the key drivers and restraints affecting the growth. These include growing awareness about its benefits among consumers, rising demand from emerging markets, and increasing focus on safety concerns.
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Salicylic Acid Market Snapshot
The report offers a snapshot of the market and highlights various growth opportunities and challenges that producers and distributors face. SkyQuest’s analysis of the salicylic acid market notes that while sales are forecast to grow modestly over the next few years, significant opportunities exist for providers of this product.
According to the report, demand is projected to increase as manufacturers seek new applications for salicylic acid in consumer goods and as medical professionals explore its potential use in treating various skin conditions. Several factors can affect sales growth for this product. For example, regulatory approvals can be time-consuming or costly, which can limit companies' ability to bring new products to market quickly. Additionally, competition from other salicylic acid producers can result in pricing pressures on suppliers.
Regional analysis reveals that the salicylic acid market is highly fragmented with North America dominating the market followed by Europe. Asia-Pacific region is anticipated to witness promising growth owing to growing application areas such as natural product industries. Latin American regions are expected to grow at a higher rate owing to high demand for SA products in the cosmetics industry.
The provides key insights into current and future trends in the salicylic acid market. By understanding these challenges and opportunities, suppliers and purchasers of this product can make sound business decisions that reflect customer needs and interests.
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Global Salicylic Acid Market is Highly Fragmented
Salicylic acid is a widely used ingredient in a variety of skin-care products and cosmetics. This is because there are now many different types of salicylic acid products on the market, each with its own benefits and drawbacks. This means that companies are having to come up with new marketing ideas to compete. Some companies are trying to merge with other companies in order to get a stronger foothold in the market. Others are looking for new ways to lower their costs, such as by using substitutes for salicylic acid.
SkyQuest’s analysis shows that the salicylic acid market is highly fragmented with a large number of small to medium players. These players are mainly concentrated in developed countries, while the larger players are found mainly in Asia-Pacific and Europe. The North American market is expected to grow at the highest rate over the next five years, followed by Europe.
This makes it difficult for producers to challenge larger companies and gain market share. The key players in the global salicylic acid market are BASF SE (Germany), Dow Chemical Company (US), Merck & Co., Inc. (US). The largest global producer of salicylic acid is Dow Chemical, with a market share of around 16% in 2021. Producers in North America dominate the market there, while production in Europe and Asia Pacific is growing rapidly. However, the regional differentiation in the global market is starting to narrow down as demand from various geographies increasingly converges.
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China is the Largest Producer of Salicylic Acid
With salicylic acid now being one of the most popular acne treatments on the market, it's important to know where it comes from. SkyQuest’s latest survey of salicylic acid producers provides a snapshot of where this key ingredient is sourced. The survey found that 43% of all salicylic acid is produced in China. In 2021, the country produced over 20,000 tons of salicylic acid. This is followed by Germany, France, and the United States in the global salicylic acid market. Interestingly, production volumes have been steadily increasing over the past year, with China alone doubling its output. This indicates that there is still significant potential for growth in this sector.
Of more concern are the findings about Nigeria and India. These countries account for just 2% and 1% of global salicylic acid production respectively, but they both produce large quantities of secondary materials such as ethanol and acetic acid which are used to make other compounds. If these countries cannot find ways to generate value from their raw materials, they could find themselves struggling to maintain a place in the market.
Top Players in the Global Salicylic Acid Market
- Alfa Aesar (US)
- J.M. Loveridge Ltd. (UK)
- Boots UK Ltd. (UK)
- Alta Laboratories Ltd. (India)
- Siddharth Carbochem Products Ltd. (India)
- Zhenjiang Gaopeng Pharmaceutical Co. Ltd (China)
- Novocap SA (Argentina)
- Simco Chemicals (India)
- Neutrogena Corporation (US)
- Clean & Clear (US)
- St. Ives (Switzerland)
- Tyson Foods Inc. (US)
- Heinz (US)
- Mondelez International (US)
- The Ordinary (Canada)
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