The FMI report also tracks the synthetic camphor market for the forecast period 2018 to 2028. According to the report, volume sales of synthetic camphor is likely to register 5.9% CAGR through 2028.
Synthetic camphor is a chemical that is widely used in a wide range of industries. It possesses aromatic properties similar to natural camphor but is synthesized, making it a more environmentally friendly and cost-effective solution. Synthetic camphor is used in perfumes, medicines, and polymers to improve the smell and functional qualities of a variety of products.
Synthetic camphor volume sales are estimated to reach 36 thousand tons in 2019, according to the most recent Future Market Insights (FMI) report. As indicated by ongoing research efforts targeted at increasing the application spectrum of synthetic camphor in pharmaceutical formulations, the pharmaceutical sector has been a key end-user of synthetic camphor.
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Synthetic camphor is widely utilized in a variety of topical analgesic preparations such as ointments, oils, gels, and chest rubs. These pharma-grade synthetic camphor for topical pain management solutions are in high demand due to customer preference for self-medication, which is supported by improved and easy access to OTC products. According to the analysis, pharma-grade synthetic camphor is expected to account for more than 50% of the synthetic camphor market volume in 2019.
Growing demand for private-labeled camphorated medical items is also driving sales of pharma-grade synthetic camphor. Private-label analgesic drugs, for example, have grown in popularity in the United States since they lack FDA approval and are heavily promoted by retail enterprises.
Regulations on the use of synthetic camphor in medicinal products, such as the US FDA’s classification of certain camphorated oil products, would require patients to possess a doctor’s prescription for consumption, which is a major barrier to acceptance. Furthermore, growing raw material costs, such as turpentine oil, are emerging as a major worry for manufacturers of pharma-grade synthetic camphor.
Gains Remain Strong from Synthetic Camphor Sales in Plasticizer Production
Synthetic camphor continues to witness robust adoption in plasticizer production, which prevails as a critical component for paint and coating formulations. Additionally, demand for plasticizers in PVC and cellulose fiber production, has significantly underpinned sales of synthetic camphor. The study estimates sales of synthetic camphor in plasticizer production to surpass 13 thousand tons in 2019.
Rise in the construction sector, along with increasing demand for renovation and maintenance of existing structures, continues to drive demand for plasticizers in flooring and wall covering applications. Additionally, remarkable demand for plasticizers in flexible Polyvinyl Chloride (PVC) manufacturing, and to soften plastics used in wall covering and flooring, will remain a key sales determinant of synthetic camphor.
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East Asia to Hold Pole Position in Synthetic Camphor Market
According to the FMI report, East Asia is likely to remain lucrative in the synthetic camphor market. In East Asia, China is expected to account for the highest sales of synthetic camphor, surpassing 12 thousand tons in 2019. Owing to the presence of a large number of pharma-grade synthetic camphor manufacturers in China, the country is witnessing the growing demand for synthetic camphor.
Growing overseas demand for synthetic camphor and significant growth in Chinese gum turpentine industry are the key factors influencing the market growth in the country. Additionally, with the development of Chinese gum turpentine derivatives such as synthetic camphor and synthetic borneol, overseas companies are eyeing use of these derivatives over gum turpentine.
Majority of the pharma-grade synthetic camphor manufacturers are concentrated in China and India, exporting their products to Europe and the US. Due to the availability of raw materials and synthetic camphor on a large scale in China and India, global manufacturers of camphor and other related chemical are focusing on expanding their businesses in East Asia.
Key Players
Some of the players reported in this study include 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, among others.
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Key Segmentation
Grade
- Technical Grade Synthetic Camphor
- Pharma Grade Synthetic Camphor
Application
- Pharmaceuticals
- Personal Care
- Plasticizer
- Flavour & Fragrance
- Others
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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