According to the latest Future Market Insights (FMI) report, the volume sales of synthetic camphor are likely to exceed 36 thousand tons in 2019.
Pharmaceutical industry has been a leading end-user of synthetic
camphor, upheld by ongoing research activities on extending application
scope of synthetic camphor in medicinal formulations.
Pharma-grade
synthetic camphor is extensively used in various topical analgesic
products such as ointments, oils, gels, and chest-rubs. These
pharma-grade synthetic camphor for topical pain management products are
witnessing significant demand owing to consumer preference for
self-medication, undergird by enhanced and easy accessibility of OTC
products. According to the report, pharma-grade synthetic camphor is
projected to account for more than 50% volume share in 2019 in the synthetic camphor market.
Pharma-grade
synthetic camphor sales are also significantly driven by growing demand
for private-labelled camphorated medical products. For example, private
labelled analgesic products have gained increased popularity in the US,
as they are devoid of FDA approval, and witness strong promotion from
retailer businesses.
A key factor restricting adoption is
regulations on the use of synthetic camphor in pharmaceutical products,
such as the US FDA’s classification of certain camphorated oil products
would require patients to hold doctor’s prescription for consumption.
Moreover, rising costs of raw materials such as turpentine oil is
emerging as a key concern for manufacturers producing pharma-grade
synthetic camphor.
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Gains Remain Strong from Synthetic Camphor Sales in Plasticizer Production
Synthetic
camphor continues to witness robust adoption in plasticizer production,
which prevails as a critical component for paint and coating
formulations. Additionally, demand for plasticizers in PVC and cellulose
fiber production, has significantly underpinned sales of synthetic
camphor. The study estimates sales of synthetic camphor in plasticizer
production to surpass 13 thousand tons in 2019.
Rise in the
construction sector, along with increasing demand for renovation and
maintenance of existing structures, continues to drive demand for
plasticizers in flooring and wall covering applications. Additionally,
remarkable demand for plasticizers in flexible Polyvinyl Chloride (PVC)
manufacturing, and to soften plastics used in wall covering and
flooring, will remain a key sales determinant of synthetic camphor.
East Asia to Hold Pole Position in Synthetic Camphor Market
According
to the FMI report, East Asia is likely to remain lucrative in the
synthetic camphor market. In East Asia, China is expected to account for
the highest sales of synthetic camphor, surpassing 12 thousand tons in
2019. Owing to the presence of a large number of pharma-grade synthetic
camphor manufacturers in China, the country is witnessing the growing
demand for synthetic camphor.
Growing overseas demand for
synthetic camphor and significant growth in Chinese gum turpentine
industry are the key factors influencing the market growth in the
country. Additionally, with the development of Chinese gum turpentine
derivatives such as synthetic camphor and synthetic borneol, overseas
companies are eyeing use of these derivatives over gum turpentine.
Majority
of the pharma-grade synthetic camphor manufacturers are concentrated in
China and India, exporting their products to Europe and the US. Due to
the availability of raw materials and synthetic camphor on a large scale
in China and India, global manufacturers of camphor and other related
chemical are focusing on expanding their businesses in East Asia.
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The
FMI report also tracks the synthetic camphor market for the forecast
period 2018 to 2028. According to the report, volume sales of synthetic
camphor is likely to register 3.0% CAGR through 2028.
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