Global Synthetic Camphor Market Predicted to Witness Significant Growth by 2031, owing to the Increasing Applications of Synthetic Camphor in the Industrial Sector | [260-Pages] Report by Research Dive
The global synthetic camphor market is predicted to see striking growth by 2031, due to the growing applications of synthetic camphor in the industrial sector. Regionally, the Asia-Pacific region is expected to hold the largest share of the market
NEW YORK, Feb. 16, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Synthetic Camphor Market by Grades (Pharma Grade and Technical Grade), Application (Pharmaceutical, Personal Care, Plasticizer, Paints & Coatings, Flavor & Fragrances, and Others), Regional Analysis (North America, Europe, Asia Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022–2031".
According to the report, the global synthetic camphor market is anticipated to garner $700.9 million in revenue and is predicted to grow at a CAGR of 6.0 % throughout the estimated timeframe from 2022 to 2031.
Dynamics of the Synthetic Camphor Market
With the increasing demand for synthetic camphor for various industrial applications, the global synthetic camphor market is predicted to observe prominent growth throughout the analysis period. Besides, synthetic camphor formulations are beneficial in a wide variety of medical conditions such as breathing disorders which are expected to fortify the growth of the market over the forecast period. Moreover, the use of synthetic camphor in the manufacturing of plastics is expected to create wide growth opportunities during the estimated timeframe. However, the rising intense competitive rivalry among manufacturing companies may hinder the growth of the market throughout the forecast timeframe.
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Covid-19 Impact on the Synthetic Camphor Market
The outbreak of the Covid-19 pandemic has caused a mild halt in the growth trend of the synthetic camphor market. This is mainly because all manufacturers have closed their units during the pandemic period. Moreover, the disruptions in the supply chain and economic slowdown across many countries have further decreased the demand for synthetic camphor during that period. However, the increased government initiatives, lifestyle changes, greater emphasis on healthcare and cleanliness, and higher disposable incomes have created huge growth opportunities for the market during the period of crisis.
Segments of the Synthetic Camphor Market
The report has divided the market into segments based on grade, application, and region.
- By grade, the technical grade sub-segment is predicted to be the most productive and is expected to hold the maximum share of the market during the forecast timeframe. The increasing use of synthetic camphor in the production of camphor-based plastics is predicted to uplift the growth of the market sub-segment during the analysis period.
- By application, the pharmaceutical sub-segment is expected to be the most profitable and is predicted to hold the largest share of the market during the estimated timeframe. The rising use of camphor in treating chest congestion and inflammation-related disorders such as sprains, bronchitis, asthma, and many others is expected to amplify the growth of the market sub-segment throughout the forecast period.
- By region, the Asia-Pacific region of the synthetic camphor market is predicted to have the highest share of the market over the analysis timeframe. The rising consumption of camphor as a solvent in the personal and healthcare industries of this region is expected to drive the regional growth of the market.
Key Players of the Market
The major players of the synthetic camphor market include
- Skyrun Industrial Co. Ltd.
- Nagase & Co. Ltd.
- Spectrum Laboratory Products Inc.
- Saptagir Camphor Limited
- Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd.
- Aldon Corporation
- Taiwan Tekho Camphor Co. Ltd.
- Oriental Aromatics Limited
- Kanchi Karpooram Limited
- Mangalam Organics Limited
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in September 2019, Palm OrganixTM, a leading player in the marketing of quality, broad-spectrum CBD products, launched a Zero THC CBD Lotion with Camphor for Pain in New York.
Further, the report also summarizes other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Synthetic Camphor Market:
- Synthetic Camphor: A Chemical Compound Imparting Numerous Industrial and Personal Benefits
- Global Synthetic Camphor Market to Observe Widespread Growth with Increasing Demand for Synthetic Camphor
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