The global chemical synthesis methyl salicylate market size is projected to experience dynamic growth in the forthcoming years owing to the increasing demand for methyl salicylate across the industrial spectrum, observes Fortune Business Insights™ in its report, titled “Chemical Synthesis Methyl Salicylate Market, 2022-2029”.
Methyl salicylate is an organic ester produced naturally using various species of plants. This chemical compound is used in many industries such as food and beverage, cosmetics, pharmaceutical, and others. There is a growing demand for methyl salicylate in the medical sector as this product is beneficial for the treatment of muscular as well as joint pains such as backache, arthritis, and others, which is expected to drive the growth of this market. Further, chemical synthesis methyl salicylate is widely used as a flavoring agent in chewing gums, mints, and other such delicacies in diluted concentrations, which is also an important factor responsible for the growth of this market.
However, the overdose of methyl salicylate is considered fatal for human health, which is projected to restrict the growth of this market.
On the basis of type, this market is divided into high-purity methyl salicylate and low-purity methyl salicylate. Based on application, the market is classified into pharmaceuticals, food and beverages, cosmetics, liniments, and others. By geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
This research report offers an in-depth study of the driving factors, restraints, and trends influencing the growth of the market. In addition, this report offers an exhaustive diagnosis of the market segments and regional developments in the market. Further, this report also incorporates a thorough assessment of the strategies adopted by market players to deepen their market footprint.
Rising Demand for Methyl Salicylate in the Cosmetics Industry to Boost the Market
There has been an increasing demand for methyl salicylate in cosmetic products, such as massage oils, creams, and others, as it acts as a warming agent and analgesic, which helps to reduce pain and provides relief to the muscles and joints, an important factor responsible for this market’s growth. Further, chemical synthesis methyl salicylate is also used in perfumes and in oral hygiene products, such as mouthwash and others, where it acts as an antiseptic, which has resulted in the growth of this market. Furthermore, with the proliferation of supermarkets, departmental stores, and online shopping platforms in urban areas, the availability of personal care items has become widespread, generating another growth vista for this market.
Promising Growth of the Chemical Sector to Aid the Asia Pacific Market Expansion
Asia Pacific is foreseen to dominate in the chemical synthesis methyl salicylate market share on account of the sterling growth of the chemicals sector in China, India, and other Southeast Asian countries, which are producing this compound on a large scale in this region.
North America is projected to grow rapidly in this market due to the research and development activities in the pharmaceutical industry and the rising investments by the US and Canadian governments in the development of novel medicines. Europe is anticipated to expand speedily in the market on account of the fast-growing food industry, where there is a huge demand for chemical synthesis methyl salicylate in several food products and beverages, such as candies, peppermints, and almonds.
Strategic Alliances to Feed Market Competition
Key market players are actively collaborating with their competitors to strengthen their manufacturing and production capabilities for chemical synthesis methyl salicylate. Moreover, such partnerships are allowing the key companies to widen their presence in the market and expand their business horizons, especially in emerging economies.
List of Key Players Covered in Chemical Synthesis Methyl Salicylate Market Report:
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