New York, USA, May 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global synthetic camphor market is estimated to register a revenue of $448.1 million by 2027 and grow at a CAGR of 5.9% over the forecast period from 2019-2027. The comprehensive report provides a concise outline of the market’s present scenario including chief facets of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2019-2027. The report also provides all the market figures to help new participants analyze the market easily.
Application Segment of the Market:
Based on application, the synthetic camphor market is fragmented into personal care, pharmaceutical, paints and coatings, plasticizer, flavor and fragrances, and others. Out of these, the flavor and fragrance sub-segment is anticipated to dominate the market and hold a major share in the 2019-2027 forecast period. Synthetic camphor is widely used in the flavor and fragrance industry to enhance the taste and aroma of food items and other products. It is used in desserts, beetle plant leaves, and other products as flavor enhancer. In addition, synthetic camphor is also used in pickles and curd rice dishes in Gujarat to enhance the taste. These factors are expected to accelerate the demand for synthetic camphor during the forecast period.
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Regional Analysis of the Market:
Based on regional analysis, the synthetic camphor market is divided into Europe, North America, Asia-Pacific, and LAMEA regions. Out of these, market in the Asia-Pacific region is estimated to have a dominating market share and garner a revenue of $128.9 million by 2027 and grow at a CAGR of 4.9% during the analysis timeframe. The growth is attributed to the high production of synthetic camphor in Japan and other APAC countries. In addition, existence of indigenous tress, from which synthetic camphor is manufactured, in the region has bolstered its production. These factors are projected to accelerate the growth of the synthetic camphor market during the analysis period.
Key Manufacturers of the Market:
The major players of the synthetic camphor market include
- Oriental Aromatics Limited
- Taiwan Tekho Camphor Co. Ltd.
- Spectrum Laboratory Products Inc.
- Nagase & Co. Ltd.
- Kanchi Karpooram Limited
- Aldon Corporation
- Mangalam Organics Limited
- Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd
- Skyrun Industrial Co. Ltd.
- Saptagir Camphor Limited.
These players are undertaking various strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market enhancement.
For example, in August 2021, Givaudan, a Swiss multinational manufacturer of flavors, fragrances, and cosmetic ingredients, announced is partnership with Privi Specialty Chemicals Ltd, India’s leading manufacturer, exporter, and supplier of aroma and fragrance chemicals. The aim of this partnership was to strengthen the production of aromatic and fragrance ingredients and boost Givaudan’s global manufacturing mark.
The report also summarizes many important aspects including financial performance of the key players of the global market, SWOT analysis, product portfolio, and the latest strategic developments.
Grades Segment of the Market:
Based on grades, the synthetic camphor market’s technical grade sub-segment is expected to have the highest market share and gather a revenue of $76.9 million during the forecast period due to various uses of synthetic camphor in multiple industrial applications like plasticizer, paint and coating industry, and flavor and fragrance sector. In addition, synthetic camphor also possesses features like fluidity and workability of polymers. These aspects are predicted to drive the growth of the market by 2027.
Dynamics of the Market:
Drivers: The antibacterial and antifungal properties and several health benefits of synthetic camphor like treating nasal congestion, joint pain, cough, and minor cold are the main factors to drive the growth of the synthetic camphor market by 2027. In addition, the rising usage of synthetic camphor in skincare and haircare products is estimated to further boost the market growth during the analysis years.
Opportunities: The rising demand for synthetic camphor by pharmaceutical industries to treat respiratory disorders, mild joint pains, and cough is the main factor expected to offer abundant growth opportunities for the global market by 2027.
Restraints: Price fluctuations of raw materials essential to produce synthetic camphor is the main factor projected to hinder the market growth.
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