[6% CAGR] Synthetic Camphor Market Growth To Surpass USD 700.9 Million By 2031

EINPresswire/ -- According to the report by Allied Market Research, the global synthetic camphor market reached an estimated value of $395.1 million in 2021 and is forecasted to reach $700.9 million by 2031, with a compound annual growth rate (CAGR) of 6.0% from 2022 to 2031. The report offers a comprehensive analysis covering investment opportunities, winning strategies, drivers, opportunities, market size estimations, competitive landscape, and evolving market trends. It serves as a valuable source of information for frontrunners, new entrants, investors, and shareholders to formulate strategies and enhance their market position.

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Synthetic camphor is indeed a colorless, volatile chemical with a characteristic alcoholic odor. Its versatility lends itself to various applications across different industries, including plastic appliances, pharmaceuticals, paints & coatings, and the medical industry, among others.

Traditionally, camphor was obtained through the distillation of camphor tree wood. However, due to advancements in chemical synthesis, synthetic camphor can now be produced through chemical processes. Turpentine is commonly used as a starting material for the chemical synthesis of camphor.

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Overview of Synthetic Camphor:
Synthetic camphor possesses various biological properties, including insecticidal, antibacterial, antiviral, anticoccidial, anti-nociceptive, anticancer, and antitussive actions, making it useful in a wide range of applications. It is commonly used to treat joint discomfort, muscle pain, nerve pain, toothaches, fungal infections, cold sores, hemorrhoids, and more. However, it's important to note that camphor ingestion can be fatal, especially in children, and precautions should be taken accordingly.

The widespread use of synthetic camphor is attributed to its properties and benefits, such as its insecticidal, antibacterial, antiviral, and analgesic properties. It is utilized in pharmaceutical formulations for treating joint discomfort, muscle pain, nerve pain, and various skin conditions. Additionally, it finds application in the production of plastic appliances, where it acts as a plasticizer and contributes to the material's properties.

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Market Segmentation:

The global synthetic camphor market is segmented by grade, application, and region. In terms of grade, the technical grade segment dominated the market in 2021 and is expected to continue its dominance through 2031. However, the pharma grade segment is anticipated to grow at the fastest CAGR during the forecast period. Among applications, pharmaceuticals accounted for the largest market share in 2021, while the personal care segment is projected to witness the fastest growth rate. The market is analyzed across regions including Asia-Pacific, North America, Europe, and LAMEA, with Asia-Pacific leading the market share and exhibiting the fastest growth rate during the forecast period.

Key Players:
Key players in the global synthetic camphor market include Kanchi Karpooram Limited, Mangalam Organics Limited, Oriental Aromatics Limited, Taiwan Tekho Camphor Co. Ltd., Wuzhou Huangpu Chemical Pharmaceutical Co. Ltd., Aldon Corporation, Saptagir Camphor Limited, Nagase & Co. Ltd., Skyrun Industrial Co. Ltd., and Spectrum Laboratory Products Inc. These players have adopted various strategies such as partnerships, expansions, collaborations, and joint ventures to strengthen their market presence and expand their product portfolios.

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