San Francisco, California (PRWEB) April 23, 2014
The global market for salicylic acid is expected to reach USD 426.8 million by 2020, according to a new study by Grand View Research, Inc. Increasing use of salicylic acid in cosmetics coupled with the growing haircare and skincare market is expected to be a major driver over the next six years. In addition, growing acceptance of salicylic acid as a flavor and preservative is further expected to boost the growth of this market over the forecast period. Salicylic acid is a key ingredient in the manufacturing of acetyl salicylic acid or aspirin and the aspirin demand could witness substantial growth over the next five years especially in countries of Asia Pacific.
Pharmaceutical and food and preservative were the largest application segments for salicylic acid in 2013, together accounting for over 70% of global consumption. Food and preservative was a key segment for the market and is expected to grow at a CAGR of 6.8% from 2014 to 2020. The other key applications of salicylic acid include cosmetics products and other derivatives such as methyl salicylate, choline salicylate and magnesium salicylate which are all used in industrial applications.
The report “Salicylic Acid Market Analysis By Application (Pharmaceuticals, Food & Preservative, Cosmetics) And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/salicylic-acid-market-analysis
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Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global Salicylic Acid market on the basis of application, product and region:
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