New York, USA, Dec. 27, 2022 (GLOBE NEWSWIRE) -- As per Research Dive’s latest report, the global synthetic camphor market is expected to garner a revenue of $700.9 million by 2031 and grow with a stunning CAGR of 6.0% in the 2022-2031 timeframe. This latest report, published by Research Dive, provides a brief outlook of the contemporary architecture of the synthetic camphor market including its major characteristics like growth drivers, growth opportunities, restraints, and hindrances during the analysis period of 2022-2031. All the important market figures are also provided in this report to help new entrants gain insights about the market easily.
Dynamics of the Market
Drivers: Increase in demand for synthetic camphor from the industrial sector is predicted to boost the synthetic camphor market in the forecast period. Along with this, the use of synthetic camphor in the manufacturing of inhalants is predicted to help the market grow in the forecast period.
Opportunities: The use of synthetic camphor in the manufacturing of plastics is anticipated to offer numerous growth opportunities for the market in the forecast period. Additionally, the growing use of synthetic camphor in the production of topical medical compositions is expected to be the major factor behind the growth of the market in the forecast period.
Restraints: However, despite the various growth opportunities, the rising intense competitive rivalry among manufacturing companies is predicted to be a major restraint in the full-fledged growth of the synthetic camphor market.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The synthetic camphor market has been no exception to this phenomenon. The shutdown of industries, shortage of labour due to travel restrictions, disruptions in global supply chains, and decline in demand from the industrial sector, etc. are some of the important factors that negatively affected the growth rate of the market during the pandemic years.
Segments of the Market
The report has divided the synthetic camphor market into certain segments based on grade, application, and region.
Grade: Technical Sub-segment to be Highly Dominant
By grade, the technical sub-segment is predicted to have a dominant market share by 2031. Initially, crude oil was an important raw material for plastics manufacturing. However, the growing scarcity of crude oil has forced manufacturers to shift to camphor-based polymers which is expected to help the market grow in the forecast period.
Application: Pharmaceutical Sub-segment to be Immensely Lucrative
By application, the pharmaceutical sub-segment of the synthetic camphor market is anticipated to have a significant market share by 2031. The wide applicability of camphor in the manufacturing of traditional and modern medicine is predicted to help in propelling the sub-segment forward.
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Market in the Asia-Pacific Region to be Most Profitable
By regional analysis, the synthetic camphor market in Asia-Pacific region is expected to be significantly profitable in the forecast period. The growing usage of camphor as a solvent in personal healthcare industries in India, China, etc., is predicted to be the primary growth driver of the market in the forecast period.
Prominent Market Players
Some leading market players in the synthetic camphor market are
- Kanchi Karpooram Limited
- Saptagir Camphor Limited
- Spectrum Laboratory Products Inc.
- Mangalam Organics Limited
- Nagase & Co. Ltd.
- Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd.
- Oriental Aromatics Limited
- Skyrun Industrial Co. Ltd.
- Taiwan Tekho Camphor Co. Ltd.
- Spectrum Laboratory Products Inc.
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a leading position in the global market.
For instance, in October 2021, Mangalam Organics Ltd., a leading manufacturer of camphor, resins, etc. announced that it was commissioning new steam boilers and thermopac for doubling its camphor production from 5000 MT to 10,000 MT. This move is expected to help the company to increase its market share substantially in the coming period.
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Finally, the Research Dive report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
More about Synthetic Camphor Market:
- Synthetic Camphor: A Chemical Compound Imparting Numerous Industrial and Personal Benefits
- 7 Most Amazing Benefits of Synthetic Camphor
- Global Synthetic Camphor Market to Observe Widespread Growth with Increasing Demand for Synthetic Camphor
