Methyl Salicylates Market Analysis by Application (Pharmaceuticals, Food & Beverage, Cosmetics & Personal Care); Purity (High, Low) – Global Supply & Demand Analysis & Opportunity Outlook 2023 – 2035
Buy Now Report ID: 3209 | Published Date: Apr 24, 2023
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Methyl Salicylates Market size is estimated to reach ~USD 500 million by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of methyl salicylates was ~USD 200 million. The growth of this market can be ascribed to the growing application of methyl salicylates in the pharmaceutical industry. Methyl salicylate use could be highly seen in pain relieving creams and tubes that offer relief to the deadly pain of arthritis or other serious aches. It is also used in medicines to treat joint and muscle pains. As per research, local analgesics for human and veterinary medicine consist of 12% – 20% of methyl salicylate in it.
Besides, its wide application in the pharmaceutical industry. Methyl salicylate utilization can also be seen in the food and beverage industry to add fragrance and flavor to food items. It is widely used as a flavoring agent in chewing gums, candies, and mints. This factor is driving the growth of methyl salicylate in the forecast period. As per the data, this flavoring agent is used in the food and beverage industry as an important additive.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~USD 200 million |
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Forecast Year Market Size (2035) |
~USD 500 million |
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Regional Scope |
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Growth Drivers
Challenges
The global methyl salicylates market is segmented and analyzed for demand and supply by application into pharmaceuticals, food & beverage, cosmetic & personal care, and others. Out of these, the pharmaceutical segment is anticipated to hold the largest market share in the forecast period. This can be attributed owing to the growing application of methyl salicylate in the pharmaceutical industry. Owing to the product's classification as a topical analgesic, it is frequently used in essential oil compositions and pain-relieving rubs to treat aches and pains like arthritis. In the upcoming years, it is anticipated that the demand for methyl salicylate will increase owing to the expansion of the pharmaceutical business as a result of numerous measures made by specific governmental authorities and the rise in consumer awareness of health. Moreover, methyl salicylate is employed in medicine to treat a variety of skin conditions, including psoriasis, acne, dandruff, and blemishes. In 2020, around 90 million people in the Asia Pacific region were affected by acne and other skin diseases.
The global market is segmented and analyzed for demand and supply by purity into high and low. Out of which, the high-level purity segment is expected to account for the largest market share in the forecast period. Natural painkiller methyl salicylate is used to treat joint and muscular pain. High purity levels guarantee that the product is free of impurities and works well to relieve pain. Besides this, methyl salicylate is the most common and significant ingredient in the production of homeopathy medicines. For pharmaceutical and medical items, where purity levels need to be closely controlled, this kind of specification is crucial.
Our in-depth analysis of the methyl salicylates market includes the following segments:
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By Application |
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By Purity |
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The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period. This can be attributed to the back of expansion of hair and skin care industries, and the 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 2019. Also, methyl salicylate is widely used as an important ingredient in pain-relieving tubes and other pain-controlling medicines. Therefore, the pharmaceutical industry is driving the growth of this market in the Asia Pacific region. And China from the Asia Pacific region has one of the biggest pharmaceutical industries in the world.
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 a growing number of research & development activities in the pharmaceutical sector. In addition, the rising investment of government agencies for the development of enhanced medicines is also expected to fuel the progress of the market in the region. Also, a wide variety of hair care and skin care brands' presence can be seen in the North American region which is expected to be the reason behind the growth of this market.
Similarly, the market in the Europe region is anticipated to grow significantly in the upcoming forecast period. This can be attributed owing to the growing presence of the skincare and hair care market in this region. Methyl salicylate is currently used as one of the most important ingredients for skin care, hair care, and personal hygiene products. It is used in essential oils and perfumes to add fragrance and flavor to it. Also, rising awareness and concern regarding taking care of skin and hair through social media and other platforms is also propelling the growth of this market. Besides, methyl salicylate is widely used in the manufacturing of drugs, ointments, pain relieving tubes, and medicines. These medicines are prescribed to people with joint pain, arthritis, or muscle pain problems. The pharmaceutical industry of the Europe region highly drives the growth of the methyl salicylate market. Also growing investment by the government and key market players in the region in the development of the pharmaceutical industry is expected to drive the growth of this market in the forecast period.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The rising use of methyl salicylates in end-user industries and increasing awareness regarding personal care in the world are a few of the important factors responsible for the growth of this market.
Ans: The market size of methyl salicylate is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: The toxicity of methyl salicylates is estimated to act as a barrier to market growth.
Ans: Asia Pacific is estimated to create notable growth opportunities for market growth over the forecast period.
Ans: The major players in the market are Alta Laboratories Ltd., Novacyl, Tokyo Chemical Industry Co., Ltd., Siddharth Carbochem Products Ltd., and Thermo Fisher Scientific India Pvt. Ltd, and Others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by application, purity, and by region.
Ans: The pharmaceutical segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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