To treat and prevent human illnesses, nature has given a vast array of medical plants and herbal treatments. Man's natural curiosity leads to the development of drug knowledge over thousands of years. As a result, medicinal herbs are used in China, India, Greece, and other countries. Camphora is a significant medicinal plant that has been utilised for religious and therapeutic purposes since ancient times throughout the world. It has a long history of traditional use, and it was extremely effective as a disinfectant during the Black Death era, as well as a vital element in perfume and embalming fluid.
Synthetic camphor is produced from turpentine, where alpha-pinene is transformed to camphene, then esterifies to bornyl acetate. It is a colourless, flammable compound that smells strongly like alcohol. Synthetic camphor has wide applications across paints & coatings, pharmaceuticals, the medical industry, plastic appliances, etc. It contains a variety of biological properties, including antibacterial, insecticidal, antiviral, anti-nociceptive, anticoccidial, antitussive, and anticancer actions, moreover to its application as a skin penetration enhancer. The global synthetic camphor market is expanding at a rapid pace due to the increasing use of private label topical camphor products.
Newest Insights in the Synthetic Camphor Market
With the rising awareness about synthetic camphor's air-purifying abilities, the demand for synthetic camphor powder has amplified from downstream manufacturers of synthetic camphor tablets. As per a report by Research Dive, the global synthetic camphor market is expected to surpass a revenue of $700.9 million in the 2022-2031 timeframe. The Asia-Pacific synthetic camphor market is expected to perceive foremost and dominant growth in the years to come. This is because the region has a gigantic demand for synthetic camphor owing to the increase in consumption of camphor as a solvent in the healthcare industries and personal care in the region.
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How are Market Players Responding to the Rising Demand for Synthetic Camphor?
Market players are greatly investing in pioneering research and inventions to cater to the growing need for synthetic camphor in the plastics industry. Some of the foremost players in the synthetic camphor market are Mangalam Organics Limited, Kanchi Karpooram Limited, Oriental Aromatics Limited, Saptagir Camphor Limited, Aldon Corporation, Nagase & Co. Ltd., Spectrum Laboratory Products Inc., Skyrun Industrial Co. Ltd., Taiwan Tekho Camphor Co. Ltd., Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd., and others. These market players are focused on planning and formulating strategies such as mergers and acquisitions, collaborations, new advances, and partnerships to attain a prominent position in the global market.
- In August 2019, NAGASE & CO., LTD., a chemical product trading firm and a frontrunner in the synthetic camphor market, announced the successful acquisition of Prinova Group LLC., a prominent distributor and manufacturer of premium nutrition components. This acquisition is seen as a turning point for the firm and a move toward its global expansion.
- In September 2019, Palm OrganixTM, a market leader in the marketing of quality, broad-spectrum CBD products, announced the launch of a Zero THC CBD Lotion with Camphor for Pain in New York.
- In March 2021, Merck, a major producer of synthetic camphor, stated that a single-use assembly facility would be added to its Life Science Center in Molsheim, France. The firm has made a €25 million investment and is concentrating on advancing its goals to grow throughout Europe. The additional production facilities will be in Wuxi in China and Massachusetts & Danvers in the USA.
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COVID-19 Impact on the Global Synthetic Camphor Market
The unpredicted rise of the coronavirus pandemic in 2020 has adversely impacted the global market. During the pandemic period, the global synthetic camphor market trends came to a halt as all factories were shut and only basic necessities could be delivered. The global economic recession, closing of manufacturing facilities, and supply chain disruptions have reduced the revenues of the global market. Market players are working hard to attract consumers and gain a foothold across the globe through technology improvements and innovative launches since the lockdown was lifted to boost economic conditions. Rising government initiatives, a wider customer base, better disposable incomes, lifestyle changes, and a greater focus on sanitation and healthcare are the factors contributing to the recovery of the market from the pandemic losses.
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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