Salicylic acid, a common ingredient in many products we use daily, is experiencing a significant rise in market value. The Salicylic Acid Market was valued at US$ 430.7 million in 2021 and is projected to reach US$ 701.1 million by 2028, growing at a CAGR of 7.1% from 2022 to 2028.
Introduction
Salicylic acid, a sort of lipophilic monohydroxybenzoic acid or phenolic acid, is an odorless colorless acid used as an intermediate in the development of pharmaceuticals and personal care products.
Firstly, the increasing demand for personal care products, particularly those targeting acne and oily skin, is a major driver. Salicylic acid's exfoliating and pore-clearing properties make it a hero ingredient in cleansers, toners, and masks.
Secondly, the pharmaceutical industry continues to rely heavily on salicylic acid for its anti-inflammatory and pain-relieving properties. Aspirin, a well-known pain medication, is derived from salicylic acid.
Thirdly, the food and beverage industry utilizes salicylic acid as a preservative to prevent spoilage in packaged goods. This application is expected to grow further due to the rising demand for convenient, shelf-stable food options.
While the market booms, there are some potential restraints to consider. Growing consumer awareness of potential side effects from salicylic acid, particularly in high concentrations, might lead to a shift towards gentler alternatives. Nevertheless, with its diverse applications and established benefits, salicylic acid is poised to remain a key player in various industries for the foreseeable future.
Key Players
The following are the key players in the Salicylic Acid Market (arranged alphabetically)
• Hebei Jingye Group
• Merck & Co Inc.
• Other Prominent Players
• Shandong Xinhua Longxin Chemical Co. Ltd
• Thermo Fisher Scientific
• Zhenjiang Gaopeng Pharmaceutical Co. Ltd
The salicylic acid market is highly competitive with strong competitors like Zhenjiang Gaopeng Pharmaceutical Co. Ltd, Hebei Jingye Group, Shandong Xinhua Longxin Chemical Co. Ltd, Thermo Fisher Scientific, and Merck & Co Inc., thriving in the industry. The number of domestic competitors is substantial, and the major producers of salicylic acid are putting their global market development plan into practice to outperform and bring out a unique line of products.
To read in detail about market dynamics, Register here: https://www.stratviewresearch.com/Request-Sample/3417/salicylic-acid-market.html#form
Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
If you enjoyed what you read here, create your account today and start earning FREE STEEM!