Methyl Salicylates Market Trends
Growth Drivers
- Rising Use of Methyl Salicylates in End-User Industries – Methyl salicylate application can be seen in various end-user industries such as food & beverage, personal care, pharmaceuticals, and others. This is propelling the growth of the market in the forecast period. Based on end-use industries, methyl salicylate utilization can be seen as flavor additives in the fragrance and personal care industry.
- Increasing Awareness Regarding Personal Care in the World – Methyl salicylate application can be highly seen in the personal care industry which is expected to drive market growth in the forecast period. The global wellness economy was valued at USD 4.9 trillion in 2019 and then fell to USD 4.4 trillion in 2020, owing to the widespread impacts of the COVID-19 pandemic.
- Growing Pharmaceutical Industry – Methyl salicylate application can be seen widely in pain relieving medicines in order to offer relief to arthritis, joint, or muscle pain. For instance, in 2019, 11% of U.S. adults used one or more pain-relieving medicines in the past 30 days.
- Increasing Concern Regarding Hair and Skin – The market growth of methyl salicylate is driven by the hair and skincare industry. Methyl salicylate plays a major crucial role in the hair and skincare industry. Growing concern related to haircare and skincare is further driving the growth of this market. In 2020, the haircare and skincare segment held a 48% share of the market.
Challenges
- Toxicity of Methyl Salicylate – Certain side effects or toxicity of methyl salicylate might lead to health concerns such as irritation of the stomach lining, intoxication, and blistering of skin which may hamper the growth of the market.
- Side Effects of Methyl Salicylates
- Not Safe for Young Children
Methyl Salicylates Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
6.20% |
|
Base Year Market Size (2024) |
USD 225.36 million |
|
Forecast Year Market Size (2037) |
USD 492.6 million |
|
Regional Scope |
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