Synthetic Camphor Market

Synthetic Camphor Market Size Analysis

According to a research survey conducted by ChemView Consulting, in 2022, the Global Synthetic Camphor Market was worth US$ 422.1 Mn and is expected to grow at a CAGR of 5.4% over the forecast period. The market is expected to hit US$ 714.2 Mn by 2032 end. From 2017–2021, when the market’s CAGR was 4.8%, the market underwent significant growth.

The key reason for this growth in the synthetic camphor market is using Camphor in drugs to treat minor colds, coughs, nasal congestion, and joint pain. In addition to these benefits, commonly used synthetic Camphor in skincare products is beneficial as it reduces skin redness and rashes and improves the appearance of skin by imparting numbness.

Market Dynamic

THE GROWTH IN THE PHARMACEUTICAL INDUSTRY FUELS THE MARKET

Camphor is an active ingredient used in OTC drugs. Its antibiotic and antifungal properties are responsible for its use as an over-the-counter medicine. For example, several OTC drugs, such as Vaporex and Apanol Alcanfor, contain 10% of Camphor and are used to reduce muscle cramps, back pain, and joint pain. Besides, it is also used in hair care products to reduce hair fall and kill head lice owing to its anti-microbial property. These factors are predicted to fuel the growth of the global synthetic camphor market in the forecast period.

FLUCTUATION IN THE RAW MATERIAL PRICE HAMPER THE MARKET GROWTH

The global synthetic camphor market is anticipated to register steady growth in the coming years, mainly due to the fluctuating prices of raw materials. Recently, the cost of Turpentine has been rising, restraining several small-scale manufacturers from entering the market. Also, side effects such as skin irritation can be caused by chloroform in undiluted synthetic camphor production. These factors will likely hinder this market’s growth trajectory in the coming years.

THE RISE IN THE USE OF PLASTIC CREATES OPPORTUNITIES FOR THE MARKET

The expanding use of plastics has likewise demonstrated to support synthetic Camphor as it is operated as a plasticizer in creating PVC plastics and celluloid. Synthetic camphor details are again useful in a few health issues. Despite being marketed as a non-physician-endorsed drug, OTC (Over Counter) deals raise its development across various countries, raising its development nationwide.

Market Segments Covered in Report

Grade

• Technical Grade Synthetic Camphor
• Pharma Grade Synthetic Camphor

Application

• Pharmaceuticals
• Personal Care
• Plasticizer
• Flavour & Fragrance
• Others

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Technical Grade Synthetic Camphor projected to have the highest CAGR?

Technical Grade Synthetic Camphor Market is expected to grow at a CAGR of 6.5% over the forecast period. The technical grade sub-segment is segmented into various materials. The main attribute for this growth is different industrial applications of synthetic Camphor, which can increase the fluidity and workability of polymers. Furthermore, it is used as a plasticizer.

Many uses of synthetic Camphor have been found in industry, medicinal and cosmetic sectors. For example, synthetic Camphor is used as a plasticizer to fabricate celluloid and PVC plastics. It may likewise be utilized for its analgesic properties and is indicated for asthma, cough suppression, and other respiratory issues.

Why is the Pharmaceuticals segment expected to expand the fastest during the forecast period?

Synthetic Camphor is a herb used to produce pharmaceuticals, such as OTC drugs. It is also used in skin and hair care products to treat various skin problems, including rashes and minor colds. Camphor is a natural ingredient in several medicinal products, particularly herbal and pharmaceutical cleaners, air fresheners, and dispersants. The demand for Camphor is increasing due to its applications in the production of synthetic Camphor, which has many advantages over natural Camphor.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• The Asia Pacific had a market share of 56.8% in 2021. The Asia Pacific is expected to lead the demand for synthetic Camphor in the market during the forecast period. Growth factors driving the industry include rising production of synthetic Camphor in Asia-Pacific, high consumption in Asia-Pacific countries, and technological improvements in producing these products.
• Because the leading manufacturers export their synthetic Camphor to end customers worldwide, primarily in Europe and North America, they depend on international trade policies regarding consumption.

Competition Analysis

Key market players are investing in expanding their market footprint to remain competitive. Several vital players invest a fair share of their revenue in research and development in boosting their product portfolio. Market participants focus on technological development and utilizing a product in several applications.

Some of the key developments that have taken place in the Synthetic Camphor Market include:

• In February 2021, Merck announced a collaboration with BioSTL to strengthen the ecosystem for bioscience and innovation. The partnership aims to support regional bioscience firms as they expand their operations under the mentorship of Merck staff members.
• On Feb 9, 2018, Les Derives Resiniques Et Terpeniques SA (DRT) and Mangalam Organics Limited (Mangalam Organics) joined forces. A well-known producer of phenolic resin with its headquarters in France is DRT. The main goals of this partnership were to develop the product lineup and increase Mangalam Organics’ global impact.

A list of some of the key suppliers present in the market are:

• Fujian Qingsong Co. Ltd.
• Mangalam Organics Limited
•  Suzhou Youhe Science and Technology Co., Ltd.
•  Saptagir Camphor Limited
•  Oriental Aromatics Limited
• Wuzhou Huangpu Chemical Pharmaceutical Co, Ltd.
•  Kanchi Karpooram Limited
•  Taiwan Tekho Camphor Co., Ltd.
• Caesar & Loretz GmbH
•  Merck KGaA
•  Recochem Inc.
• Xiamen Hisunny Chemical Co
•  Ltd, SkyRun  Industrial Co., Ltd,
• Shanghai Huayi Group Huayuan Chemical Co., Ltd.,
• Fengchen Group Co., Ltd,
• Aldon Corporation
• Prinova LLC,
• Teloonchem International Co., Limited

Global Synthetic Camphor Market 2022-2032: Report Coverage and Highlights

• Assessment of the historical and current market size (2017-2021), market projections (2022-2032), and its contribution to the parent market
• Key drivers, restraints, opportunities, and key emerging trends impacting market growth
• Predictions on critical supply, demand, and technological trends and changes in consumer behavior
• Value chain analysis (list of manufacturers, distributors, end-users, average profitability margins, etc.)
• Segment-wise, country-wise, and region-wise market analysis
• Competition mapping, market share analysis, key strategies adopted by top players, and competitive tactical intelligence
• Key product innovations and regulatory framework
• Covid-19 impact on the market and how to navigate
• Strategic market analysis and recommendations on crucial winning strategies