SAN FRANCISCO, June 14, 2016 /PRNewswire/ -- The global salicylic acid market is expected to reach USD 547.5 million by 2024, according to a new report by Grand View Research, Inc. The market is expected to exhibit significant growth owing to increasing use of the product in the pharmaceutical industry for treatment of various skin disorders such as psoriasis, acne, and blemishes. In addition, the product is used as an ingredient during the preparation of aspirin. Salicylic acid acts as an anti-inflammatory agent thus promoting its use as an ingredient in aspirin preparations.
The increasing use of derivatives of salicylic acid such as methyl salicylate and chlorine salicylate as a liniment for joint and muscle pain and for relieving pain caused by mouth ulcers is expected to drive the market growth over the forecast period.
However, growing awareness regarding the harmful effects of excessive consumption of the compound has led the regulatory bodies such as the Food and Drug Administration (FDA) to enforce stringent regulations regarding the maximum permissible limit for salicylic acid in various products, thus limiting its growth over the next eight years.
The global salicylic market is characterized by a small number of manufacturers. Some companies including Novacap, Simco, and Loveridge are forward integrated into their operations and are engaged in the production of phenol, which is an important raw material used for manufacturing of the product. Other companies procure phenol from manufacturers such as Shell and INEOS Phenol.
Access full research report at: http://www.grandviewresearch.com/industry-analysis/salicylic-acid-market-analysis
- The cosmetics application segment of salicylic acid is expected to grow at a CAGR of over 7.0% from 2016 to 2024. Increasing demand for cosmetic products across Europe, North America and Asia Pacific coupled with increasing self-prescription of these products for the treatment of mild skin disorders is expected to augment growth over the forecast period.
- Salicylic acid demand in food & preservative application was valued at over USD 90.0 million in 2015. The product is extensively used in manufacturing other salicylates including methyl and ethyl salicylates.
- Salicylic Acid Market Application Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
- Food & Preservatives
- Salicylic Acid Market Regional Outlook (Volume, Tons; Revenue, USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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SOURCE Grand View Research, Inc.