Methyl Salicylate Market to Exhibit Impressive Growth During 2015 - 2021
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The global market for methyl salicylate has been witnessing significant growth on account of growth from its application industries such as pharmaceuticals. It is used in a variety of applications such as industrial, pharmaceutical and cosmetics. In addition, due to its classification as a topical analgesic, methyl salicylate is widely consumed in essential oil formulations and pain-relieving rubs for the purpose of providing relief from arthritis and other aches. Other properties such as being an excellent intermediate for the synthesis of certain industrial, agrochemical and pharmaceutical molecules have also contributed towards the growing consumption of methyl salicylate. Moreover, methyl salicylate is also consumed in medical applications such as curing certain skin ailments, such as dandruff, psoriasis, acne, and blemishes. They are used as preservatives in food, intermediate for the production of fragrances and chemicals.
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Key manufacturers have entered into several collaborations and agreements with other companies for the marketing of new products as well as garnering a larger share in the market. Large scale companies such as Novacyl announced the start up of its new production plant of Methyl salicylate in 2013. According to the company, the manufacturing plant would strengthen the Novacyl’s position and further improve its growth sustainability on Salicylic acids and their derivatives. The project is expected to offer an increase production capacity of 6000 tons with enhanced level of performance and quality.
Demand for methyl salicylate was the highest from matured region such as North America and Europe due to the presence of vast hair care and skin care industries in these regions resulting in significant demand for the chemical. Emerging regions such as Asia Pacific is anticipated to witness the fastest growth rate over the forecast period on account of growing hair care, skin care and pharmaceutical industries in the region. Certain factors such as rising awareness regarding healthy hair and skin among consumers as well as changing lifestyles is expected to fuel the demand for personal care products thereby contributing towards the demand for methyl salicylate.
Growing demand for personal care products such as skin care and hair care on account of rising awareness for hair and skin is expected to be one of the major factors driving the demand for methyl salicylate. Moreover, growing demand for pharmaceuticals is also expected to contribute towards the growing demand for methyl salicylate in the production of various drugs and ointments within the forecast period. Growth of the pharmaceutical industry owing to various initiatives by certain governmental bodies coupled with growing awareness regarding the well-being among consumers is expected to boost the demand for methyl salicylate over the next few years. However, rising concerns regarding the side-effects and toxic nature of methyl salicylate through excessive external application such as intoxication and irritation of stomach lining and blistering of skin is expected to slow down the growth of the market. Focus on research and development activities for reducing the risks of Hughes syndrome, strokes and dementia among patients is anticipated to provide new opportunities for the growth of the market.
Alfa Aesar, Alta Laboratories Limited, Novacyl, and Zhenjiang Gaopeng Pharmaceutical Co. Ltd. are some of the leading manufacturers of methyl salicylate present in the market.
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