COVID-19 Impact on Salicylamide Market
- The COVID-19 outbreak is hampering the demand for salicylamide in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the coronavirus. This has resulted in slowdown and even halt in manufacturing operations, thus hampering the demand for salicylamide.
- Key players operating in the salicylamide market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively influenced the demand and supply chain of salicylamide.
- The COVID-19 outbreak has directly affected the production and demand for salicylamide. Industrial shutdown caused by the COVID-19 pandemic has created disruption in the supply chain. Disruption in supply of raw materials is projected to hamper full-scale operations of companies operating in the market.
Key Drivers of Salicylamide Market
- Rise in demand for salicylamide in the pharmaceutical industry due to its chemical functionality is a significant factor projected to fuel the global salicylamide market during the forecast period. Demand for salicylamide is high in various applications such as medicines, pests, dyestuff, and rubber ingredients. Furthermore, changing lifestyles and fashion trends as well as people's proclivity for self-grooming are likely to drive the salicylamide market throughout the forecast period.
- Rise in demand for medical supply during the COVID-19 crisis has led to an increase in demand for salicylamide. This trend is estimated to continue in the next few years. This is expected to boost the salicylamide market during the forecast period.
Restraints of Salicylamide Market
- Dearth of universal directives pertaining to application of salicylamide is expected to restrain the market during the forecast period. The key restraining factor of the salicylamide market is its toxicity. Fluctuations in raw material prices and availability of substitutes are also likely to hamper the market.
Asia Pacific to Constitute Significant Share of Global Salicylamide Market
- In terms of region, the global salicylamide market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific dominated the global market in 2020. Asia Pacific is the largest market for salicylamide due to the significant rise in demand for male and female grooming products in the cosmetic industry in the region. Rise in consumption of salicylamide in the production of rubber is also boosting the salicylamide market in the region.
- North America and Europe are also key consumers of salicylamide. The market in North America and Europe is anticipated to expand at a moderate pace in the near future.
Competitive Landscape of Global Salicylamide Market
Major players operating the salicylamide market are adopting various organic and inorganic growth strategies such as joint ventures, mergers, acquisitions, expansion, collaboration, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Discovery Fine Chemical Ltd.
- Nanjing Qiao Feng Chemical Co. Ltd
- Ivy Fine Chemicals
- Wuhan Sino biochemical Manufacturing Co. Ltd
- Sisco Research Laboratories Pvt. Ltd.
- Zhenjiang Source Chemical Co. Ltd.
Global Salicylamide Market: Research Scope
Global Salicylamide Market, by Product Grade
Global Salicylamide Market, by Application
- Rubber Ingredients
Global Salicylamide Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
Salicylamide Market Introduction
- Salicylamide is one of the simplest forms of salicylic acid. It is a common name for o-hydroxybenzamide or amide of salicyl. It is an over-the-counter pain remedy. It plays a major role as a pain reliever and antirheumatic drug. It is similar in usage as Aspirin.
- Earlier, salicylamide was used as an ingredient in over-the counter pain remedy for BC powder. Later, it was removed from the formulation in 2009. Excedrin, a key brand in the pharmaceutical industry, used salicylamide in conjunction with paracetamol, aspirin, and caffeine.
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