Synthetic Camphor Market

What is camphor?

Camphor (Cinnamomum camphora) is a terpene (organic compound). There are two types of trees from which Camphor is extracted. Though the properties are mostly the same, a slight difference in smell and the concentration of some of the chemicals present in them. This beneficial compound is traditionally obtained from the bark and the wood of camphor trees.

These days it is also produced artificially from turpentine oil.

Camphor has a wide range of uses from health to perfume to even keeping ants away. Camphor trees are evergreen and belong to the laurel family. They can grow as tall as 40 meters and can live up to 1000 years.

Synthetic Camphor Market

The global sales for synthetic camphor witnessed a minor slowdown in the Covid-19 crisis as all the factories wereclosed and supply of only basic necessity goods was permitted. Since the lockdown has been lifted up to improveeconomic conditions, the manufacturing companies are trying hard to gain traction and attract customers qloballythrough innovative launches and technological upliftments in 2021.

in terms of growth of the market, the North American reqion is anticipated to stay ahead at a promising rate during the

forecast period owing to increasing production of camphor contained products. China is expected to witness growth

because of the increasing number of pharma grade synthetic camphor manufacturers. Manutacturers are focusing toexpand in the Asia Pacific region mainly because of the increased government spendings in the developing nations.

Synthetic camphor is conventionally prepared from the extracts of the camphor tree. While the one produced usingchemical synthesis is known as synthetic camphor. One of the most important raw material employed in themanufacturing of synthetic camphor is turpentine oil. Synthetic camphor involves two grades of products solelydifferentiated in the terms of its purity.

While the technical grade synthetic camphor is less than 98% pure and used as a plasticizer, as an insecticide ingredientor in the production of personal care products. Pharma grade synthetic camphor is a high purity product involving morethan 98% synthetic camphor and used in manufacturing inhalants (such as nasa decongestants) and topical products(such as muscle rub ointments). Owing to its toxicity, synthetic camphor is not recommended to be administered orally

Pharmaceutica grade synthetic camphor is estimated to hold a significant share in the overall synthetic camphor marketwhile the technical grade synthetic camphor is expected to expand at a relatively faster rate.

The global market for synthetic camphor is estimated to be valued at USS 322.3 Mn by the end of 2018 and is expectedto reach a market value of USS 5716 Mn by the end of 2028, expanding at a CAGR of 5.9% over the forecast period. Theglobal market is anticipated to represent incremental opportunity worth USS 249.3 Mn between 2018 and 2028.

Global Synthetic Camphor Market ls Anticipated to Register Significant Growth over the Forecast Period

Synthetic camphor is used in production of insecticides such as moth repellants and mosquito repellants. With the risingawareness around the air purifying properties of synthetic camphor, the demand for synthetic camphor powder hasseen an upsurge from the downstream producers of synthetic camphor tablets. Few manufacturers are also noted tooffer synthetic camphor powder as well as tablets in addition to offering the two aforementioned grades of syntheticcamphor.

The increasing scope of applications of plastics has also proven to act in the favor of synthetic camphor as it isemployed as a plasticizer in the production of celluloid and PVC plastics. Synthetic camphor formulations are also notedto be helpful in several health ailments. Though it is not approved for the oral route of administration due to its toxicitysynthetic camphor is widely used in the production of inhalant and topical drug formulations.

Being classified as non-prescription drugs and OTC (Over The Counter) sales augment the growth of such products andhave an indirect but significant impact on the synthetic camphor market, raising its demand around the world.

The Production of Synthetic Camphor ls lntensified ln Countries Such As China and India While the Demand for Synthetic Camphor ls High Around the World

From a regional perspective, the production of synthetic camphor is dominated by the manufacturers based in lndia andChina. With large production capacities and advanced technologies producing synthetic camphor of high quality turnsout to be economicalin such countries. With the low labor cost and availability of area, set up costs of a manufacturinounit is also noted to be economical.

n terms ot consumption.the end users of synthetic camphor are cependent on the internationa trade po icies as theprominent manufacturers export their synthetic camphor to the end users based in the countries around the world.mainly Europe and North America.

With the intense scrutiny by the environmental and health authorities over the oral administration of synthetic camphorits non-toxicity as an inhalant and topical rub ointment helps drive its sales to the pharmaceutical industry. Acts such asEU Medicines Directive 2001/83/EU of the European Union, 21 CFR 341.85 of the US FDA, among others have approvedthe OTC sales of synthetic camphor containing products This is likely to have a significant impact on the syntheticcamphor market, thereby creating opportunities throughout the forecast period.