The methyl salicylates market is estimated to garner a large revenue by recording a CAGR of ~4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing usage of methyl salicylates in end user industries, growing demand for candies, chewing gums and mints, and rising consciousness associated with personal care products. In 2017, the total non-chocolate chewy candy worth USD 4.8 billion were sold in the United States. Every year the candy industry generates a total revenue of more than USD 34 billion in the country. Along with this, escalating usage of methyl salicylates for production of fragrances and as preservatives in food is also expected to drive market growth in the forthcoming years. Furthermore, rise in demand for salicylic acid and related compounds as masking agents for organophosphate pesticides is projected to offer lucrative opportunities to the market in the near future.
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The market is segmented by application into pharmaceuticals, food & beverage, cosmetics & personal care, and others, out of which, the cosmetics & personal care segment is anticipated to hold the largest share in the methyl salicylates market on account of the extensive deployment of the product as a topical analgesic for formulation of essential oils and pain-relieving rubs. Apart from this, increasing sales of medical applications to cure skin diseases, dandruff, blemishes and acne is also assessed to drive growth to the market segment in the future. Additionally, the pharmaceutical segment is also predicted to occupy significant market share ascribing to the growing number of government initiatives to spread awareness about the well-being of consumers and high demand for the product to manufacture ointments and gels.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the methyl salicylates market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of expansion of hair and skin care industries, and high manufacturing of salicylic acid and related products in countries, namely China and India. For instance, Asia Pacific generated sales of more than 31% in the hair care industry in 2018. Moreover, the market in North America is anticipated to occupy the largest market share during the forecast period, which can be credited to the increasing healthcare expenditure, and growing number of research & development activities in the pharmaceutical sector. In addition, rising investment of government agencies for the development of enhanced medicines is also expected to fuel the progress of the market in the region.
The methyl salicylates market is further classified on the basis of region as follows:
Our in-depth analysis of the methyl salicylates market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major growth drivers for the market are rising use of methyl salicylates in end user industries and increasing awareness regarding personal care in the world.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2030.
Toxicity of methyl salicylate is estimated to hamper the market growth.
Asia Pacific will provide more opportunities for market growth owing to the expansion of hair and skin care industries, and high manufacturing of salicylic acid and related products in China and India.
The major players in the market are Zhenjiang Gaopeng Pharmaceutical Co., Ltd., Alta Laboratories Ltd., Seqens Group, Tokyo Chemical Industry Co., Ltd., Siddharth Carbochem Products Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, purity, and by region.
The pharmaceutical segment is anticipated to hold largest market and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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