Salicylic Acid Market

The article discusses the increasing global demand for salicylic acid and its salts, forecasting a rise in market consumption and value from 2022 to 2030. It provides insights into key consumption and production trends, as well as detailed data on major importing and exporting countries. The analysis covers market growth rates, per capita consumption levels, and average prices, highlighting China as a key player in production and export, and India as a significant importer. The article concludes with projections for continued market growth in the coming years.

Market Forecast

Driven by increasing demand for salicylic acid and its salts worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 88K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.2% for the period from 2022 to 2030, which is projected to bring the market value to $501M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Salicylic Acid And Its Salts

In 2022, global salicylic acid consumption stood at 67K tons, stabilizing at the year before. The total consumption volume increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, consumption reached the peak volume of 67K tons. From 2019 to 2022, the growth of the global consumption failed to regain momentum.

The global salicylic acid market value reduced to $309M in 2022, with a decrease of -4% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +65.3% against 2014 indices. Over the period under review, the global market hit record highs at $322M in 2021, and then declined slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (16K tons), Brazil (14K tons) and China (6.4K tons), together accounting for 55% of global consumption. Spain, the United States, Hungary, Mexico, Malaysia, Thailand, Germany and Sweden lagged somewhat behind, together comprising a further 30%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Hungary (with a CAGR of +57.2%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Brazil ($131M) led the market, alone. The second position in the ranking was held by India ($42M). It was followed by the United States.

In Brazil, the salicylic acid market increased at an average annual rate of +17.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: India (+11.5% per year) and the United States (+5.9% per year).

In 2022, the highest levels of salicylic acid per capita consumption was registered in Hungary (259 kg per 1000 persons), followed by Spain (112 kg per 1000 persons), Sweden (96 kg per 1000 persons) and Brazil (65 kg per 1000 persons), while the world average per capita consumption of salicylic acid was estimated at 8.5 kg per 1000 persons.

From 2012 to 2022, the average annual growth rate of the salicylic acid per capita consumption in Hungary amounted to +57.6%. In the other countries, the average annual rates were as follows: Spain (+13.0% per year) and Sweden (+0.3% per year).

Production

World Production of Salicylic Acid And Its Salts

In 2022, production of salicylic acid and its salts decreased by -2.8% to 64K tons for the first time since 2014, thus ending a seven-year rising trend. The total output volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when the production volume increased by 23% against the previous year. As a result, production reached the peak volume of 66K tons, and then declined modestly in the following year.

In value terms, salicylic acid production declined rapidly to $299M in 2022 estimated in export price. Overall, production, however, showed a buoyant increase. The pace of growth was the most pronounced in 2021 when the production volume increased by 67%. As a result, production attained the peak level of $373M, and then reduced markedly in the following year.

Production By Country

The country with the largest volume of salicylic acid production was China (31K tons), comprising approx. 49% of total volume. Moreover, salicylic acid production in China exceeded the figures recorded by the second-largest producer, Brazil (13K tons), twofold. The third position in this ranking was taken by France (9.6K tons), with a 15% share.

In China, salicylic acid production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+0.7% per year) and France (+398.9% per year).

Imports

World Imports of Salicylic Acid And Its Salts

After two years of growth, purchases abroad of salicylic acid and its salts decreased by -7.2% to 43K tons in 2022. The total import volume increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 32% against the previous year. As a result, imports reached the peak of 50K tons. From 2019 to 2022, the growth of global imports failed to regain momentum.

In value terms, salicylic acid imports amounted to $160M in 2022. Overall, total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -3.0% against 2020 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 39%. Global imports peaked at $165M in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports By Country

India represented the key importing country with an import of about 18K tons, which resulted at 42% of total imports. The United States (4K tons) ranks second in terms of the total imports with a 9.3% share, followed by Germany (6.1%) and Mexico (5.4%). The following importers - Malaysia (1.9K tons), Thailand (1.9K tons), Sweden (1K tons), Japan (0.9K tons), Italy (0.8K tons), the Netherlands (0.7K tons), the UK (0.7K tons) and Brazil (0.6K tons) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to salicylic acid imports into India stood at +8.7%. At the same time, Malaysia (+30.1%), Brazil (+23.0%), the UK (+7.4%), the Netherlands (+5.8%), the United States (+2.0%), Sweden (+1.2%) and Japan (+1.0%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in the world, with a CAGR of +30.1% from 2012-2022. By contrast, Italy (-1.0%), Germany (-1.3%), Thailand (-3.8%) and Mexico (-7.9%) illustrated a downward trend over the same period. While the share of India (+19 p.p.) and Malaysia (+4 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2.5 p.p.), Thailand (-3.6 p.p.) and Mexico (-9.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest salicylic acid importing markets worldwide were India ($48M), the United States ($25M) and Germany ($12M), with a combined 53% share of global imports. Mexico, Thailand, Japan, Italy, Sweden, Brazil, the Netherlands, the UK and Malaysia lagged somewhat behind, together accounting for a further 23%.

In terms of the main importing countries, Brazil, with a CAGR of +27.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average salicylic acid import price stood at $3,711 per ton in 2022, jumping by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2019 when the average import price increased by 17%. As a result, import price reached the peak level of $3,732 per ton; afterwards, it flattened through to 2022.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the United States ($6,178 per ton), while Malaysia ($1,188 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Salicylic Acid And Its Salts

After two years of growth, shipments abroad of salicylic acid and its salts decreased by -13.1% to 40K tons in 2022. In general, total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +58.2% against 2015 indices. The most prominent rate of growth was recorded in 2021 with an increase of 39%. As a result, the exports attained the peak of 46K tons, and then fell in the following year.

In value terms, salicylic acid exports rose slightly to $163M in 2022. Overall, total exports indicated a temperate increase from 2012 to 2022: its value increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +100.1% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 42%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

China was the key exporter of salicylic acid and its salts in the world, with the volume of exports recording 25K tons, which was approx. 62% of total exports in 2022. It was distantly followed by France (9.2K tons), comprising a 23% share of total exports. India (1.6K tons), Germany (1.2K tons), Saudi Arabia (0.8K tons) and Spain (0.7K tons) took a minor share of total exports.

Exports from China increased at an average annual rate of +5.4% from 2012 to 2022. At the same time, Saudi Arabia (+18.3%), Spain (+15.0%), India (+3.7%) and Germany (+2.9%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing exporter exported in the world, with a CAGR of +18.3% from 2012-2022. By contrast, France (-11.0%) illustrated a downward trend over the same period. While the share of France (+23 p.p.) and China (+8.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($63M), France ($38M) and India ($24M) constituted the countries with the highest levels of exports in 2022, with a combined 77% share of global exports. Germany, Spain and Saudi Arabia lagged somewhat behind, together comprising a further 15%.

Spain, with a CAGR of +17.0%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average salicylic acid export price amounted to $4,043 per ton, rising by 20% against the previous year. Over the period under review, the export price continues to indicate slight growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($17,137 per ton), while Saudi Arabia ($1,200 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+16.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform