Salicylic acid is a crystalline organic acid, which is obtained from plants such as wintergreen and willow back leaves. It is widely used as an antiseptic, food preservative, pain reliever, etc. Moreover, salicylic acid reacts with acetic acid to produce aspirin. Aspirin is an anti-inflammatory drug, which is used for exfoliation. Salicylic acid is an important compound in pharmaceuticals, health care and cosmetics due to its widespread applications in the treatment of diseases such as dandruff, acne, psoriasis, etc.
The factors that are driving the growth of the market are soaring demand for aspirin, and increasing practice of using salicylic acid in skin care and hair care. However, the major limiting factor for salicylic acid market is raising concerns about salicylate toxicity such as digestive disorder, nausea, lethargy, hearing impairment, dizziness, heavy breathing, etc. increasing awareness about the effectiveness of aspirin is expected to create lot of opportunities for the growth of the market.
Salicylic Acid Analysis by Application
Salicylic acid application market is segmented into pharmaceuticals, skincare, hair care, food & preservative and others (derivatives, industrial). Skincare is the largest revenue generating segment due to the anti- inflammatory properties of salicylic acid. Moreover, salicylic acid has the property of penetrating oily skin due to which it is preferred as the best choice for oily skin and treating breakouts, blackheads, whiteheads, etc.
Salicylic Acid Analysis by Geography
Geographically, market is segmented into North America, Europe, Asia Pacific and LAMEA. Europe is the largest revenue-generating segment due to its increasing adoption of salicylic acid in pharmaceuticals, skin care and hair care.
The key strategies adopted by the companies to expand in the salicylic acid market are product launch, mergers & acquisitions and agreements & collaborations. These strategies would help in gaining competitive edge and lead to expansion of the market. The companies profiled in this report are Zhenjiang Gaopeng Pharmaceutical Co Ltd, Hebei Jingye Group, Shandong Xinhua Longxin Chemical Co. Ltd, Simco Chemicals Inc, Siddharth Carbochem Products Ltd, Novacap, JM Loveridge Limited, Alta Laboratories Limited, and Alfa Aesar.
High Level Analysis
The report analyzes various macro environments of the salicylic acid market using porter’s analysis. According to porter’s analysis, the bargaining power of the supplier is high due to high cost of switching. The bargaining power of buyer is low due to the specialized products of salicylic acid. Moreover, brand loyalty is insignificant due to which intensity of rivalry is high. The threat of substitute is low due to unavailability of alternate products. In addition, threat of new entrants is high due to low investment.
Salicylic Acid is segmented based on applications and geographies.
KEY MARKET SEGMENTS
MARKET BY APPLICATION
MARKET BY GEOGRAPHY