New York, USA, Oct. 07, 2020 (GLOBE NEWSWIRE) — According to a study of Research Dive, the Global Synthetic Camphor Market shall cross $448.1 million by 2027, growing at a CAGR of 5.9%.
Synthetic camphor market Analysis:
Synthetic camphor is manufactured by distillation of turpentine oil that yields pinene. Then, pinene is treated with HCL gas to produce artificial camphor, also known as synthetic camphor. Synthetic camphor is widely used in pharmaceuticals to cure mild respiratory diseases and treat cold and cough. It is also used widely in over the counter (OTC) drugs that help to relieve mild joint pain and back pain caused due to arthritis. In addition, increasing utilization of pharma garde synthetic camphor is used to treat toe nail fungal infection and relieve cramps and spasms due to its anti-spasmodic properties. These factors are anticipated to drive the of global synthetic camphor market in the forecast period. However, side effects due to ingestion of synthetic camphor can lead to irriation in throat and mouth, and in severe case it may lead to death. This factor is foreseen to hamper the market growth in the predicted time. Nevertheless, camphor is used to keep cockroaches away from wadrobes and it is used to reduce pain in kides that is caused due to eczema. These factors are predicted to act as an opportunity in the upcoming period.
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The technical grade synthetic camphor is predicted to generate a revenue of $60.9 million in the year 2019 and is predicted to generate a revenue of $76.9 million by the end of 2027, growing at a CAGR of 6.5% over the projected period. Technical grade synthetic camphor is used as a plasticizer. It is also used in production of paints & coatings and other industrial applications such as smokeless powder, which is predicted to impact positively on the technical grade synthetic camphor market.
The paints & coatings application segment is anticipated to have a significant market share, and it shall generate a revenue of $62.7 million by 2027, rising at a CAGR of 6.8% over the forecast period. Turpetine is the raw material used for the production of synthetic camphor. Major paint and coating products such as varnish solvents, paint thinner and oil that is utilized to clean paint brushes are manufactured using turpentine oil. This factor has influenced the growth of synthetic camphor in the paint & coating industry. The pharmaceutical application segment dominated the market share in the year 2019 and is predicted to generate a revenue of $145.9 million by 2027 at a CAGR of 6.1%.
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The LAMEA synthetic camphor market shall surpass $88.3 million by 2027, growing at a healthy CAGR of 7.5%. Latin America is the largest producer of paint & coating products. Synthetic camphor being used in paint & coating industry in the manufacturing of lacquers and varnishes has dominated the market in LAMEA region. For instance, according to Antonio Carlos, an industry specialist in paint & coating industry, Brazil accounted for the production of more than 1.5 billion litres of paint in 2018. Asia-Pacifc region dominated the market share in the year 2019 and is projected to generate a revenue of $128.9 million by 2027 at a CAGR of 4.9%.
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Prominent Players of the Industry –
The major synthetic camphor market players are
- Kanchi Karpooram Limited
- Mangalam Organics Limited
- Saptagir Camphor Limited
- Oriental Aromatics Limited
- Aldon Corporation
- Nagase & Co. Ltd.
- Skyrun Industrial Co. Ltd.
- Spectrum Laboratory Products Inc.
- Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd.
- Taiwan Tekho Camphor Co. Ltd.
Porter’s Five Forces Analysis for Synthetic Camphor market:
• Bargaining Power of Suppliers: Synthetic camphor is used in healthcare industry in OTC drugs. Thus, demand of synthetic camphor is high due to demand in healthcare industry. Moreover, the switching barrier from one supplier to the other supplier is predicted to be high.
The bargaining power of suppliers is HIGH.
• Bargaining Power of Buyer: Due to low switching cost and high product quality, healthcare industry officials prefer to utilize synthetic camphor in treatment of respiratory disorders. Moreover, it is used as a plasticizer and in paint & coating industry.
The bargaining power of the buyer is MODERATE.
• Threat of New Entrants: Government regulatory policies coupled with higher cost associated with R&D offer moderate threat of entry from new competitors.
The threat of new entrants is MODERATE.
• Threat of Substitutes: The threat of alternative products is moderate due to moderate brand loyalty and high price of the product.
The threat of substitutes is MODERATE.
• Competitive Rivalry in the Market: The synthetic camphor market has high number of large, small, and medium manufacturing companies. Market players are mainly following technological advancements, partnerships, and business expansion strategies to sustain tough competition; this is also a key factor for high competitive rivalry in the global synthetic camphor market.
The competitive rivalry in the industry is HIGH.
The report summarizes various aspects of all the prominent players functioning in the market such as financial performance, recent strategic moves & developments, product portfolio, and SWOT analysis. Click Here To Get Absolute Top Companies Development Strategies Summary Report
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