Pharmaceuticals was the largest application segment present within the salicylic acid market and accounted for over 50% of the total demand in 2012 as salicylic acid has been primarily used as a key ingredient in the manufacture of aspirin and as an additive in various other drugs and ointments.
Albany, NY -- (SBWIRE) -- 07/29/2016 -- The global salicylic acid market has received a tremendous boost from the escalating demand for skin and hair care products as consumers have become increasingly aware about the benefits of salicylic acid.
Salicylic acid, a colorless crystalline substance, has been known to possess anti-inflammatory and pain-relieving properties and is largely well-known as an ingredient in the manufacturing of aspirin. While its benefits in the pharmaceutical industry for the healing of various skin ailments is common knowledge, salicylic acid also finds application in numerous other sectors such as hair care, skincare, chemicals, food, and fragrances.
The market study - with the help of primary and secondary resources, interviews, and inputs from industry experts - provides a deeper understanding of the working of the salicylic acid market by exploring the different factors that drive as well as hamper the growth of the global market.
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Overview of the Salicylic Acid Market
The salicylic acid market, according to the research report, is estimated to reach a value of US$521.2 million by 2019, growing from US$292.5 million in 2012. If these values hold true, the global salicylic acid market is poised to register a healthy CAGR of 8.6% from 2013 to 2019.
The key forces that have contributed to this growth of the salicylic acid market include rising demand for aspirin, increasing awareness among consumers regarding general well-being, surging demand for skincare and hair care products, and ongoing research activities affirming the role of aspirin in reducing the risk of strokes, dementia, and Hughes Syndrome in patients. However, excessive consumption or external application of salicylic acid can result in side effects such as intoxication, blistering of the skin, and irritation of the skin lining. Concerns associated with these side effects are estimated to restrict the growth of the global salicylic acid market.
Pharmaceuticals formed the largest application segment in 2012 with a share of more than 50% of the total demand for salicylic acid. Geographically, North America dominated the global market with a 35% share in 2012, followed by Europe. Presence of a strong pharmaceutical industry and increased demand from the skincare and hair care segments has boosted these two regional markets. Asia Pacific has been identified as the fastest developing region by 2019 owing to increasing consumer awareness, change in lifestyle, government initiatives, and growing ageing population.
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Companies Mentioned in the Report
The prominent vendors operating in the salicylic acid market include Simco Chemicals Inc., J.M. Loveridge Limited, Zhenjiang Gaopeng Pharmaceutical Co. Ltd., Novacap, Alta Laboratories Limited, Alfa Aesar, and Siddharth Carbochem Products Ltd.
These companies are profiled in the salicylic acid market research report on the basis of attributes such as company and financial overview, product portfolio, business strategy, strengths, weaknesses, opportunities, and threats.
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