Methyl Salicylates Market - Regional Analysis
APAC Market Insights
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.
North American Market Insights
North America industry is likely to hold largest revenue share by 2035, 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.
Europe Market Insights
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.
