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Methyl salicylate is an organic compound with chemical formula C6H4(OH)(CO2CH3). It is methyl ester of salicylic acid. The compound is colourless, viscous liquid which has a distinctive, sweet, fruity smell which is often associated with smell of mint. It is naturally found in some species of plants especially wintergreen. It can also be produced synthetically and is used as fragrance, in liniments and food products.
Increasing demand from food industry for flavoring agents to be used to in chewing gums, candies, and mints is expected to drive the market. It is also used as antiseptic in mouthwash and odor masking agents in organophosphate pesticides. Additionally, salicylic acid and salicylates are used as analgesic in liniments for treating muscular and joint pains. Increasing demand from pharmaceutical industries to manufacture pain reliving gels, creams and liniments shall foster the market growth.
However, methyl salicylate is potentially lethal particularly in young children. The overdose of methyl salicylate can cause death which is expected to limit the market growth.
Key Market Driver -
Increasing demand from food industry.
Key Market Restraint -
Toxic nature of methyl salicylate.
Based on type, the market is segmented into high purity methyl salicylate and low purity methyl salicylate. Based on application, the market is segmented into pharmaceuticals, food & beverages, cosmetics, liniments, and other.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global chemical synthesis methyl salicylate market consists of global & regional players operating. Some of the key players in the market include Novacyl, Rhodia, Norkem, Rishabh Metals and Chemicals, Arochem, SCPL, Shandong Longxin Chemical, Zhenjiang Gaopeng Pharmaceutical, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to show maximum growth attributed to the large number of chemical manufacturing companies. North America is expected to show significant growth attributed to the R&D in the pharmaceutical sector and increasing government investment in development of enhanced medicines. Europe is expected to show substantial growth due to the rapidly developing food industry. Latin America and Middle East and Africa are expected to show considerable growth by the end of the forecast period.
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