Premium pharmaceuticals grade salicylic acid market is expected to grow at a lucrative CAGR, attributing to its increasing demand for production of aspirin and other pharmaceutical drugs.The demand from skin care and hair care sector is expected to witness substantial growth owing to growing usage of premium salicylic acid in premium skin care and hair care products such as acne solutions, sunscreen and conditioners
Portland, OR -- (SBWIRE) -- 06/13/2018 -- According to a new report published by Allied Market Research, titled, World Premium Salicylic Acid (>$30/KG) Market by Application - Global Opportunity Analysis and Industry Forecast, 2014 - 2022 the premium salicylic acid market was valued at $43 million in 2015 and is expected to reach $69 million by 2022, growing at a CAGR of 6.1% from 2016 to 2022. Pharmaceuticals is the dominant application segment for premium grade salicylic acid, which accounted for major share of the global market in terms of both volume and revenue. North America is expected to dominate the market throughout the forecast period.
The premium salicylic acid market is driven by factors such as increasing usage of salicylic acid in dermatological treatment, growing demand for aspirin drug, and rising scope of applications in personal care products. Premium grade salicylic acid is used in pharmaceutical sector for production of high quality ultra-expensive products. Premium salicylic acid can be conjugated with other pharmaceutical ingredients such as resorcinol, sulfur, benzoic acid and coal tar to produce effective and efficient products. They are majorly employed in production of aspirin which is an anti-inflammatory drug widely used as a painkiller and to treat ailments such as dementia, strokes especially among the aging population. Owing to the keratolytic, comedeolytic and anti-inflammatory properties, premium salicylic acid is used in production of some premium skincare and hair care products.
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Premium salicylic acid effectively treats chronic plaque psoriasis, especially when it is being used as an adjunctive therapy. It is also used for treatment of diseases like ichthyoses, verruca and keratoderma as it possesses ability to soften the wound and exfoliate the stratum corneum. Overexposure to salicylic acid can cause severe skin dryness, heavy breathing, blistering, hearing impairment and dizziness. The pharmaceuticals segment is expected to grow further attributing to its growing usage in manufacturing of active pharmaceutical ingredients and chemical intermediates.
Key Findings of the Premium Salicylic Acid (>$30/KG) Market:
In terms of revenues, Asia-Pacific is the fastest growing region in world premium salicylic acid market, growing at a high CAGR of 7.5% from 2016 to 2022.
Mexico is the fastest growing region in North America premium salicylic acid market, growing at a CAGR of 7.6% from 2016 to 2022.
Brazil accounts for 80.4 % share in LAMEA premium salicylic acid market in 2015.
Dentifrices accounts for 26.5% share in world PC pharmaceutical grade premium salicylic acid market in 2015.
Anti-irritant is the fastest growing segment in PC pharmaceutical grade premium salicylic acid market, growing at a CAGR of 6.9% from 2016 to 2022.
Spain is the fastest growing country in Europe premium salicylic acid market, registering a CAGR of 7.0% during the forecast period.
North America and Asia-Pacific jointly contributed more than one-third share of the world premium salicylic acid market revenue in 2015. In the same year, Europe accounted for the second largest share in the premium salicylic acid market due to the high demand for premium salicylic acid products from the pharmaceutical and skin care industries. Skincare is one of the fastest growing industries in Europe, increasing applications of salicylic acid in the skin care sector is the key driver of the premium salicylic acid market in this region.
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Asia-Pacific is the fastest growing market for premium salicylic acid in the world, due to increasing demand in the pharmaceutical & cosmetics industries, for shampoos, lotions, creams, moisturizers, and oral care lotions. China, Japan, and India are the major contributors to the growth of this region. Large-scale use of premium salicylic acid for different dermatological conditions and increase in production of salicylic acid derivatives such as aspirin, sodium salicylate, and salicylic acid amine for use in pharmaceutical sector are the major drivers of the market in this region. Rapid development of new technologies has led to increase in the number of patents registered for salicylic acid in this region.