Portland, OR, Feb. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global salicylic acid market generated $431.7 million in 2020, and is estimated to generate $886.9 million by 2030, witnessing a CAGR of 7.5% from 2020 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Increase in demand from the preserved food & beverage industry and rise in demand for personal care products drive the growth of the global salicylic acid market. However, surge in consumer awareness about harmful effects restrains the market growth. On the other hand, adoption of salicylic acid in pharmaceuticals and cosmetics along with increase in demand for aspirin drugs present opportunities in the coming years.
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Covid-19 Scenario:
- During the Covid-19 pandemic, the demand and manufacturing activities of salicylic acid have been affected. The lockdown measures led to closure of manufacturing facilities. Moreover, disruptions in the supply chain led to stoppage of supply and distribution for application industries.
- There has been a considerable impact on the application industries, directly and indirectly. There were challenges such as labor shortages, lack of raw materials, disruptions in manufacturing operations, and others. This reduced the demand for salicylic acid. However, the demand is expected to restore post-lockdown.
The report offers detailed segmentation of the global salicylic acid market based on application and region.
Based on application, the pharmaceutical segment accounted for the highest share in 2020, contributing to more than three-fourths of the total share, and is projected to continue its lead position during the forecast period. However, the skin care segment is expected to witness the largest CAGR of 9.2% from 2021 to 2030.
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Based on region, Asia-Pacific held the highest share in 2020, accounting for more than one-third of the total market share, and is projected to continue its dominant share by 2030. Moreover, this region is projected to portray the fastest CAGR of 7.8% during the forecast period. The research also analyzes the regions including North America, Latin America, Europe, Africa, and Middle East.
Leading players of the global salicylic acid market analyzed in the research include Alfa Aesar, J.M. Loveridge Limited, Avonchem limited, Midas Pharma GmbH, Novacyl, Solvay Merck KGaA, Wego Chemical Group, and Reagents.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
