The Synthetic Camphor Market Projected to Grow at a CAGR of 6.0 % and Generate a Revenue of $700.9 million by 2031Download Sample Reports Overview
The global synthetic camphor market size is predicted to be valued at $ 700.9 million by 2031, surging from $ 395.1 million in 2021, at a noteworthy CAGR of 6.0%.
Impact Analysis of COVID-19 on the Synthetic Camphor Market
The COVID-19 pandemic has led to severe disruptions that have affected the demand, supply, import & export, and availability of synthetic camphor across end-use industries. Synthetic camphor is widely used in various products like chemicals, paints, and medicines. Even though the global outbreak of the new coronavirus has triggered a global lockdown, the global synthetic camphor market share is expected to remain strong in the next few years.
China, which accounts for about 80% of global synthetic camphor production and was the first to be hit by the COVID-19 pandemic, has caused the synthetic camphor market to witness a fall in productivity rates. The pandemic has had a significant influence on the chemical industry. Furthermore, camphor manufacturing facilities have seen a decline in production and demand as a result of temple and industry closures.
Camphor oil and tablets are being used as a traditional and natural therapy to prevent coronavirus infection due to a growing understanding of the medical characteristics of camphor that treat cough-related diseases. However, production of pharma-grade camphor is negatively impacted by the fact that most industrial operations have slowed, which could further affect the growth dynamics of the global camphor market share in the coming years.
Global Synthetic Camphor Market Analysis
Increase in demand for topical pain relief solutions is anticipated to drive global synthetic camphor market growth. Many topical analgesic preparations, such as oils, ointments, chest rubs, and gels, contain pharmaceutical-grade synthetic camphor. These pharma-grade synthetic camphor pain management treatments are gaining popularity due to fewer adverse effects than oral analgesics and increased retail channel access. Also, over-the-counter Medicine (OTC[AS1] [AA2] ) analgesics encourage the expansion of the pharma-grade synthetic camphor industry.
However, regulatory constraints on the use of camphor in pharmaceutical goods would have a significant impact on the growth of the global synthetic camphor industry. Furthermore, rise in raw material costs are projected to stymie the expansion of the synthetic camphor market.
Rise in prevalence of infectious disorders such as colds and flu has increased the use of cold sore treatments, nasal decongestants, and topical expectorants, which is driving the growth of the pharma-grade global synthetic camphor market share. The surge in popularity of private-label topical camphor treatments has increased the demand for pharmaceutical-grade synthetic camphor. Private label analgesics are gaining appeal in the US market since they do not require FDA approval or extensive retail promotion. Private-label analgesics that contain camphor include Walgreens Ultra Strength Muscle Rub (4 percent camphor) and Salonpas pain reducing patch (1.2 percent camphor). Increased commodity exports, economic growth, and production capacity are likely to increase the global synthetic camphor market opportunity.
Global Synthetic Camphor Market Value, Segmentation
The global Synthetic Camphor market is segmented based on grade, application, and region.
Based on grade, the market is further segmented into pharma Grade and technical Grade. Among these, the pharma grade sub-segment is anticipated to be the fastest growing in the market in the forecast time. Synthetic camphor has been used for many years, either alone or in combination with other medical treatments, to relieve pain, inflammation, and irritation in the body and skin. It can also be used to treat and prevent some major, life-threatening disorders.
Based on application, the market is classified into pharmaceuticals, personal care, plasticizer, paints & coatings, flavor & fragrances, and others. Among these, the flavor & fragrances sub-segment is anticipated to have a growing market share projected time period. In the flavor and fragrance sector, synthetic camphor is used to improve the taste and perfume of food and other items. It is used to increase the taste of many sweets and desserts, as well as a flavor enhancer in beetle plant leaves. Synthetic camphor, for instance, is used to enhance flavor of pickles and curd rice dishes in portions of Gujarat, India, according to the Historical Dictionary of Indian Food. Furthermore, edible camphor, sometimes known as synthetic camphor, coupled with milk, bay leaves, and black pepper, is used to improve the flavor of sweet rice in many areas of India, particularly in southern India.
The synthetic camphor market in the LAMEA region is projected to show growth in future. LAMEA is a leader in the paint and coating sector. Turpentine oil is used to make synthetic camphor. It is mostly found in paints, varnishes, and paint thinners. The increased manufacture of paints and coatings has boosted the use of synthetic camphor in LAMEA region.
Key Players in the Global Synthetic Camphor Market
Some of the leading players in the synthetic camphor market are
- Kanchi Karpooram Limited
- Mangalam Organics Limited
- Oriental Aromatics Limited
- Aldon Corporation
- Saptagir Camphor Limited
- Nagase & Co. Ltd.
- Skyrun Industrial Co. Ltd.
- Spectrum Laboratory Products Inc.
- Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd.
- Taiwan Tekho Camphor Co. Ltd., and others.