Magnesium Salicylate Market Assessment, By Purity [Less than 98%, 98% to 99%, More than 99%], By Application [Chemical Reagent, Pharmaceutical, Cosmetic Additives, Others], By Region, Opportunities and Forecast, 2017-2031F

Magnesium Salicylate Market Assessment, By Purity [Less than 98%, 98% to 99%, More than 99%], By Application [Chemical Reagent, Pharmaceutical, Cosmetic Additives, Others], By Region, Opportunities and Forecast, 2017-2031F

Global magnesium salicylate market is projected to witness a CAGR of 4.7% during the forecast period 2024-2031, growing from USD 30.5 million in 2023 to USD 44.04 million in 2031F. The market growth can be attributed to the increasing research and development activities, expansion of the cosmetics industry, and rising consumption of magnesium salicylate as an analgesic.

Other major drivers supporting the global magnesium salicylate market growth include increased requirement for nonsteroidal anti-inflammatory drugs (NSAIDs) for treating inflammation and management of pain, rising prevalence of arthritis in various regions across the globe, and growing geriatric population. For instance, according to BioMed Central Ltd, in 2021, 77% of the participants frequently purchased NSAIDs, thus, propelling the requirement for magnesium salicylate. The rising efforts by various manufacturers towards enhancing their drug delivery systems and formulations, coupled with augmenting awareness about the various benefits of magnesium salicylate among the general population, are bolstering the global magnesium salicylate market demand. Different advantages associated with magnesium salicylate include a lowered risk of gastrointestinal side effects as opposed to other NSAIDs and the provision of pain-relieving and anti-inflammatory effects.

The rapid expansion of the cosmetics industry is another major factor supporting the market expansion. The expansion can be attributed to the increasing investments by the leading cosmetic companies in product promotion and marketing activities. The augmenting product awareness among consumers and increasing accessibility to cosmetics in various regions across the globe is another major factor bolstering their requirements.

For instance, according to the estimates of the Indian Brand Equity Foundation (IBEF), the Indian cosmetics industry is expected to grow at a CAGR of 25%, reaching a value of USD 20 billion by 2025. Meanwhile, the global cosmetics industry is anticipated to reach USD 450 billion by 2025, growing at a CAGR of 4.3%. Thus, the trend of cosmetics industry expansion will offer lucrative growth opportunities to the market as magnesium salicylate is used as a preservation in various cosmetic formulations.

Growing Prevalence of Arthritis Boosts Global Magnesium Salicylate Market Size

In ongoing health conditions, such as arthritis, the medication containing magnesium salicylate is taken as per the physician's directions. It may take up to two weeks of regularly taking the medication until its benefits are observed. Various non-steroidal anti-inflammatory drugs work as non-selective inhibitors of the cyclooxygenase enzyme, inhibiting cyclooxygenase-2 and cyclooxygenase-1 isoenzymes. Cyclooxygenase catalyzes the formation of thromboxane and prostaglandins from arachidonic acid, which acts as a messenger molecule in inflammation. Hence, the increasing prevalence of arthritis in various regions across the globe is providing lucrative growth opportunities to the market.

The prevalence of arthritis is rising due to physical inactivity, worsening mental or physical health, and increasing body mass index and age. According to the estimates of the Office of Disease Prevention and Health Promotion (OASH), the number of cases of arthritis is projected to rise to 78.4 million in adults in the United States by 2040. The increase is propelling the requirement for magnesium salicylate, as it reduces joint stiffness, swelling, and pain, thus bolstering the growth of the market over the forecast period.

Increasing Utilization of Cosmetics Supports the Market Growth

Magnesium salicylate is often used as a preservative in cosmetic products, providing protection against microbial spoilage, among other things, and hence significantly contributing to consumer health. Magnesium salicylate, among other preservatives, is particularly essential in cosmetic formulations that contain water, as various microorganisms can reproduce and colonize in aqueous environments with ease.

The rapid increase in utilization of cosmetics is another major driver supporting the global magnesium salicylate market growth. The rising requirement for cosmetics can be attributed to increasing disposable incomes and growing awareness beauty trends and benefits of using cosmetic products. For instance, approximately USD 49.2 billion worth of cosmetic products are sold in the United States every year and on an average, Americans spend somewhere between USD 244 and USD 313 on cosmetics each month. Due to such increasing investments in cosmetic products by the general population, the market for magnesium salicylate is expected to witness significant growth over the forecast period as the product finds various applications in cosmetics. Thus, bolstering their requirement and augmenting the growth of the market.

North America Accounts for Significant Global Magnesium Salicylate Market Share

The increasing emphasis of various regional market players towards developing advanced magnesium salicylate formulations with fewer side effects and enhanced efficacy is one of the major factors supporting the growth of the North America magnesium salicylate market. The increasing accessibility to various non-steroidal anti-inflammatory drugs including magnesium salicylate due to their growing availability across online distribution channels is favorably influencing the market expansion in North America.

For instance, according to a survey commissioned by the ASOP Global Foundation in May 2021, approximately 42% of the American population shop online for medications due to the various benefits offered by the services with regards to cost and convenience. Due to it, the establishment of online pharmacies is rising in the region, resulting in an increased accessibility of various medications including non-steroidal anti-inflammatory drugs such as magnesium salicylate, aiding the expansion of the market. The growth of the market in North America is supported by the continuous efforts of the market players based in the region to expand their product portfolio.

More than 99% Pure Magnesium Salicylate Boosts Global Magnesium Salicylate Market Demand

The growing requirement for magnesium salicylate with more than 99% purity can be attributed to the rapid expansion of the cosmetics industry in various regions across the globe. For instance, according to the estimates of Cosmetics Europe, the Europe cosmetics and personal care products market was valued at USD 95 billion (EUR 88 billion) in 2022. The various markets for cosmetics and personal care products in Europe are France with USD 13.96 billion (EUR 12.9 billion), the United Kingdom with 11.37 billion (EUR 10.5 billion), Germany with USD 15.48 billion (EUR 14.3 billion), and Italy with USD 12.45 billion (EUR 11.5 billion), and others. Due to this rapid growth of the cosmetics industry, the demand for magnesium salicylate is increasing as the product finds various applications in different cosmetic formulations as a preservative. Thus, propelling the requirement for more than 99% pure magnesium salicylate and augmenting the growth of the market.

Increased Pharmaceutical Applications Bolster Global Magnesium Salicylate Market Expansion

Magnesium salicylate finds applications in the pharmaceutical sector as a pain relief for treating moderate to mild pain. The oral dosage for adults is 1090 mg, three times a day or 650 mg every four hours. The dose can be increased to approximately 3600-4800 mg/day in three to four doses as per the requirements of the patient. Individuals that have pseudo allergic reactions to acetylsalicylic acid/ nonsteroidal anti-inflammatory drugs are usually able to tolerate drugs that are weak cyclooxygenase-1 inhibitors, such as magnesium salicylate. The product is used in the formation of medication that reduces various substances in the body responsible for causing inflammation, pain, and fever. Magnesium salicylate in combination with diphenhydramine is used for treating back pain without causing drowsiness.

Various life science companies are actively investing in opening new manufacturing facilities to broaden their customer base and increase their profits. For instance, Aragen, one of the leading providers of research and development solutions is making an investment of USD 30 million in their new biologics manufacturing facility that will be based in India. The facility is expected to become operational by the third quarter of 2024, with the first manufacturing suite to become operational by the third quarter of 2025. Approximately 160,000 square ft. facility will have various GMP manufacturing suites and a process development laboratory with single-use bioreactors. Hence, due to increasing development of such facilities, the pharmaceutical sector is expected to witness significant growth in the coming years, propelling the requirement for magnesium salicylate as a pharmaceutical and chemical reagent and boosting the market's growth.

Future Market Scenario (2024 – 2031F)

According to the global magnesium salicylate market analysis, increasing efforts of various manufacturers to develop enhanced formulations of magnesium salicylate that offer limited side effects and improved efficacy will positively influence the market expansion over the forecast period. The growth of geriatric population is expected to bolster the requirement for pain relief medication containing magnesium salicylate, augmenting the market demand. The increase in requirement for pain relief medication can be attributed to the enhanced susceptibility of older population to chronic pain causing disorders.

Key Players Landscape and Outlook

The market expansion is supported by the increasing efforts of various manufacturers to enhance their manufacturing capabilities. For instance, in 2022, Biosynth Carbosynth, one of the leading custom synthesis and life science reagents manufacturing companies, along with Jinan Shengquan Group Share-Holding Co, Ltd. acquired Kexing Biopharmaceutical Co, Ltd’s raw material factory. The acquisition is expected to allow larger production volumes, more flexibility, and enhanced production reliability. With this strategic acquisition, Biosynth Carbosynth aims to expand its manufacturing operations, delivering a wide range of products and increasing its sales. The acquisition, along with the company’s unrivaled expertise in complex organic chemistry, is expected to boost the production of various chemicals, including magnesium salicylate, propelling the expansion of the market.