Synthetic Camphor Market Expected to Reach $700.9 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Synthetic Camphor Market," The synthetic camphor market size was valued at $395.10 million in 2021, and is estimated to reach $700.9 million by 2031, growing at a CAGR of 6% from 2022 to 2031.

Camphor (Cinnamomum camphora) is an organic chemical (terpene) that is often used in creams, ointments, and lotions. Camphor oil is an oil obtained by steam distillation from the wood of camphor trees. It can be applied topically to treat pain, itch, and irritation. Furthermore, camphor is used to treat chest congestion and inflammation. It has a strong odor and flavor, and it absorbs quickly into the skin. Camphor is currently manufactured from turpentine, however, it is still safe to use if used carefully. Owing to the abovementioned factor, the global synthetic camphor market is likely to show significant growth in the upcoming years.

However, some of the limitations of synthetic camphor include its certain unfavorable properties. Synthetic camphor is highly flammable and toxic, so its exposure can cause eye damage that can cause blindness by impacting the optic nerve. In addition, high exposure to this toxic fuel is known to cause damage to the central nervous system that can be fatal in the long run.

The global synthetic camphor market forecast is expected to benefit from rising in pharmaceutical industry demand.

The pharmaceutical industry is expanding as medical issues develop. An increase in the use of synthetic camphor in the pharmaceutical sector to treat respiratory diseases, moderate joint symptoms caused by arthritis, and mild cold & cough has propelled the usage of synthetic camphor. As a result, the rise in the pharmaceutical end-use industry is expected to serve as an opportunity in the global market. These factors are anticipated to boost market growth in the upcoming years.

The global synthetic camphor market share is based on grade, application, and region. By grade, the market is sub-segmented into pharma grade and technical grade. By application, the market is classified into pharmaceutical, personal care, plasticizer, paints & coatings, flavor & fragrances, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the synthetic camphor market report include 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. These key players are constantly working on product devlopment, merger aquisitions and other in order to continue their dominance over the forecast period. 

The report offers a comprehensive analysis of the global synthetic camphor market trends by thoroughly studying different aspects of the market including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and the emergence of substitutes in the market.

Impact of Covid-19 on the Global Synthetic Camphor Industry

• Sales of synthetic camphor are directly proportional to the demand for chemicals, pharmaceuticals, plastic appliances, and the chemicals industry. However, various sectors, such as chemicals, construction, and automotives were negatively impacted by the COVID-19 pandemic that has affected the production and demand for synthetic camphor due to disrupted supply chain.
• Due to COVID-19, there were import-export restrictions, lockdowns imposed across several countries, a labor shortage, and the closure of nearly all companies that made synthetic camphor companies to a standstill position. Additionally, there was a slowdown in market demand due to consumer apprehension over contracting the novel coronavirus further hampering the synthetic camphor market analysis.
• Social distancing norms closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the global market.

Key Findings of the Study

• Based on grade, the pharma grade sub-segment emerged as the global leader in 2021 and is predicted to be dominating in the market. 
• Based on application, the pharmaceutical sub-segment emerged as the global leader in 2021 and is anticipated to be dominating in the market, while the pharmaceutical sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia Pacific market registered the highest market share in 2021 and the Asia-Pacific market is expected to be the fastest growing during the forecast period.
• The synthetic camphor report will provide in-depth study about the global scenario along with the market trends and forecast of the market