An Incisive, In-depth Analysis on the Synthetic Camphor Market
This study offers a comprehensive, 360 degree analysis on the Synthetic Camphor market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Synthetic Camphor market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Synthetic camphor is conventionally prepared from the extracts of the camphor tree. While the one produced using chemical synthesis is known as synthetic camphor. One of the most important raw material employed in the manufacturing of synthetic camphor is turpentine oil. Synthetic camphor involves two grades of products solely differentiated 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 ingredient or in the production of personal care products. Pharma grade synthetic camphor is a high purity product involving more than 98% synthetic camphor and used in manufacturing inhalants (such as nasal decongestants) and topical products (such as muscle rub ointments). Owing to its toxicity, synthetic camphor is not recommended to be administered orally.
Pharmaceutical grade synthetic camphor is estimated to hold a significant share in the overall synthetic camphor market while 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 US$ 322.3 Mn by the end of 2018 and is expected to reach a market value of US$ 571.6 Mn by the end of 2028, expanding at a CAGR of 5.9% over the forecast period. The global market is anticipated to represent incremental opportunity worth US$ 249.3 Mn between 2018 and 2028.
Global Synthetic Camphor Market Is 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 rising awareness around the air purifying properties of synthetic camphor, the demand for synthetic camphor powder has seen an upsurge from the downstream producers of synthetic camphor tablets. Few manufacturers are also noted to offer synthetic camphor powder as well as tablets in addition to offering the two aforementioned grades of synthetic camphor. The increasing scope of applications of plastics has also proven to act in the favor of synthetic camphor as it is employed as a plasticizer in the production of celluloid and PVC plastics. Synthetic camphor formulations are also noted to be helpful in several health ailments. Though it is not approved for the oral route of administration due to its toxicity, synthetic 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 and have an indirect but significant impact on the synthetic camphor market, raising its demand around the world.
The Production of Synthetic Camphor Is Intensified In Countries Such As China and India While the Demand for Synthetic Camphor Is High Around the World
From a regional perspective, the production of synthetic camphor is dominated by the manufacturers based in India and China. With large production capacities and advanced technologies producing synthetic camphor of high quality turns out to be economical in such countries. With the low labor cost and availability of area, set up costs of a manufacturing unit is also noted to be economical. In terms of consumption, the end users of synthetic camphor are dependent on the international trade policies as the prominent 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 camphor, its non-toxicity as an inhalant and topical rub ointment helps drive its sales to the pharmaceutical industry. Acts such as EU Medicines Directive 2001/83/EU of the European Union, 21 CFR 341.85 of the US FDA, among others have approved the OTC sales of synthetic camphor containing products. This is likely to have a significant impact on the synthetic camphor market, thereby creating opportunities throughout the forecast period.
Consolidation in the synthetic camphor market universe positions the producers to hold a near monopoly relating to prices and has in turn negatively impacted the pricing of synthetic camphor in the recent past.
The global synthetic camphor market is witnessing shutdown of few manufacturing units due to the intense competition in the chemical industry in Asia Pacific. Another contributing factor to this is that the prices for raw material such as turpentine oil has increased in the recent past. With synthetic camphor market being a very cost sensitive market, the producers with insufficient funds or debt chose to make an exit from the market. With the existence of supply demand gap, the existing synthetic camphor manufacturers are noted to be striving to satisfy the demand. It is also noted that the market for synthetic camphor is at a stage where any further disruption from these manufacturers in the throughput of synthetic camphor disturbs the whole value chain.
The cost of synthetic camphor during the fiscal year 2017-18 has plunged suddenly and with a hike of over 60% as compared to the year before. The abrupt rise in the prices of synthetic camphor while the cost of its raw material has remained stable is due to the supply shortage of synthetic camphor in the market. As a counteraction to this, several market participants are focused towards ramping up their production capacities. These manufacturers are involved in exporting their products and are channelizing their efforts towards establishing channel partners in their respective target markets. One of the key synthetic camphor manufacturer, Kanchi Karpooram Limited, is noted to be in the final stages of expansion of its facility in India, awaiting environmental clearances. Once approved, the company will be able to double its synthetic camphor production and accelerate its revenue growth.
Some of the players reported in this study include Fujian Qingsong Co. Ltd., Mangalam Organics Limited, Suzhou Youhe Science and Technology Co., Ltd., Saptagir Camphor Limited, Oriental Aromatics Limited, Wuzhou Huangpu Chemical Pharmaceutical Co, Ltd., Kanchi Karpooram Limited, Taiwan Tekho Camphor Co., Ltd., Caesar & Loretz GmbH, Merck KGaA, Recochem Inc., Xiamen Hisunny Chemical Co., Ltd, SkyRun Industrial Co., Ltd, Shanghai Huayi Group Huayuan Chemical Co., Ltd., Fengchen Group Co., Ltd, Aldon Corporation, Prinova LLC, Teloonchem International Co., Limited, among others.
This FMI study offers a ten-year analysis and forecast for the global synthetic camphor market for the period between 2018 and 2028. The study considers 2017 as the base year with market values estimated for the year 2018 and forecast developed for the duration between 2019 and 2028. The Compound Annual Growth Rate (CAGR) has been calculated from 2018 to 2028. The study covers various perspectives of the market, including comprehensive value chain analysis, market dynamics, pricing analysis (region wise and by prominent players), competition analysis, regional and segmental growth comparison and macro-economic and industry growth analysis, along with segment level projections in a comprehensive manner. As per the findings of the study and perspectives of industry participants, the global synthetic camphor market is projected to grow at a CAGR of 5.9% between 2018 and 2028, in terms of value. The rising prominence of synthetic camphor among the pharmaceutical formulators in manufacturing OTC and non-prescription products such as topical ointments and inhalants. Moreover, rising awareness around the air purifying properties of synthetic camphor are also proving to provide revenue generating avenues for the market participants in this vertical.
The FMI report on synthetic camphor market carefully analyses the market at a global and regional level through market segmentation on the basis of key parameters, such as grade and application of synthetic camphor. The primary objective of the report is to offer key insights on market updates, competition positioning, current trends, market potential, growth rates and other relevant information and statistics in a suitable manner to the readers or various stakeholders of the market.
Camphor is traditionally prepared by distilling the bark and wood of the camphor tree (natural camphor). However, now a days, camphor is prepared synthetically from turpentine oil. Synthetic camphor generally contains a racemic mixture of d & l isoforms of camphor (DL-camphor). In the commercial market, there are two varieties of synthetic camphor: technical grade camphor (low purity) and pharmaceutical grade camphor (ultra-high purity). According to several recent publications, camphor has over 28 different applications. However, this report analyzes only the prominent applications that dominate the market, such as pharmaceuticals, plasticizers, food & fragrance, paint & coatings and personal care, among others
The report is structured in such a way that it will allow the reader to develop a thorough understanding of the market. It begins with market definitions, followed by the market background, market dynamics and market analysis by key segments, regional analysis and competition landscape. Each section covers a qualitative and quantitative assessment of the market on the basis of facts, historical developments and key opinions collected from industry participants through dedicated interviews and trends in the market.
Synthetic camphor Market: Segmentation
The report begins with market introduction, which covers the market taxonomy and product definitions for the global synthetic camphor market assessment, discussing the scope of the study and limitations of the same. In the next section, the report describes the market development background and covers macro-economic factors, industry factors, forecast factors, regional weighted average pricing analysis, value chain overview, an indicative list of stakeholders involved in each stage and an assessment of the synthetic camphor market for the base year considered for the study.
The next section of the report discusses market dynamics, such as drivers, restraints and trends, impacting the market growth at a global level. This section also includes the impact assessment of market dynamics on the global synthetic camphor market at a qualitative level, based on analysis facts and insights.
Subsequent sections of the report provide volume (Tons) and value (US$ Mn) projections for the synthetic camphor market on the basis of the above-mentioned segments at a global level. The global market values represented in these sections have been agglomerated by collecting data and information at a regional level. The market information, along with key facts and insights, covers unique analysis frameworks, such as absolute $ opportunity analysis, year-on-year growth trend comparison, market share and attractiveness analysis, for each of the sub-types covered in each segment.
The next section of the report presents a summarised view of the global synthetic camphor market, based on the seven prominent regions considered in the study. The section includes the regional market position, growth potential, trends and market attractiveness analysis for each of these regions.
The market analysis sections cover Y-o-Y growth trends, market share analysis, market attractiveness and incremental $ opportunity assessment for each of the aforesaid segment. These sections analyse the degree to which the global drivers are influencing this market in each region.
All the above sections evaluate the present market scenario and growth prospects in the global synthetic camphor market, while the forecast presented in the sections assess the market size in terms of volume and value.
In order to offer an accurate forecast, we started by sizing the current market, which forms the basis of how the global synthetic camphor market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome of three different analysis approaches, based on primary research, secondary research and our own analysis. However, forecasting the market in terms of various synthetic camphor segments and regions is more a matter of quantifying expectations and identifying opportunities rather than rationalising them after the completion of the forecast exercise.
In addition, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR, but also analyse the market on the basis of key parameters, such as Year-on-Year (Y-o-Y) growth, to understand the predictability of the synthetic camphor market and identify the right opportunities available.
As previously highlighted, the synthetic camphor market is split into numerous sub-segments. All the synthetic camphor sub-segments, in terms of type, grade, application and region, have been analysed on the basis of Basis Point Share (BPS) to understand each individual segment’s relative contribution to the market growth. This detailed level of information is important for the identification of various key trends being witnessed in the synthetic camphor market.
Another key feature of this report is the analysis of all the key segments in the synthetic camphor market, sub-segments and the regional adoption and revenue forecast in terms of absolute dollar opportunity. This is traditionally overlooked while forecasting the market; however, the absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as to identify potential resources from a sales and delivery perspective in the synthetic camphor marketplace.
In order to understand the key market segments in revenue terms and its respective consumption of synthetic camphor across concerned regions, FMI has developed the attractiveness index, which will help providers to identify real market opportunities.
In the final section of the report, a competitive landscape of the synthetic camphor market has been included to provide report audiences with a dashboard view, categorised on the basis of providers present in the value chain, their presence in the synthetic camphor market and key differentiating factors and strategies. The primary category of providers covered in the report is synthetic camphor manufacturers. This section is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the synthetic camphor market. Report audiences can gain segment-specific vendor insights to identify and evaluate key competitors on the basis of in-depth assessment of their capabilities and success in the synthetic camphor marketplace. The dashboard also mentions the volume and value share of these market participants and discusses their manufacturing capacities. Detailed profiles of providers have also been included under the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments pertaining to the synthetic camphor market. Examples of some of the key competitors covered in this report include Fujian Qingsong Co. Ltd., Mangalam Organics Limited, Suzhou Youhe Science and Technology Co., Ltd., Saptagir Camphor Limited, Oriental Aromatics Limited, Wuzhou Huangpu Chemical Pharmaceutical Co, Ltd., Kanchi Karpooram Limited, Taiwan Tekho Camphor Co., Ltd., Caesar & Loretz GmbH, Merck KGaA, Recochem Inc., Xiamen Hisunny Chemical Co., Ltd, SkyRun Industrial Co., Ltd, Shanghai Huayi Group Huayuan Chemical Co., Ltd., Fengchen Group Co., Ltd, Aldon Corporation, Prinova LLC, Teloonchem International Co., Limited, among others.