The global sandarac market has been witnessing strong growth over the past few years on account of its increasing demand from the fragrance industry owing to its warm, fruity, light, balsamic fragrances. Demand for sandarac is also increasing on account of increasing application scope in the medical industry over the past few years. Rising demand for liquor across the globe is one of the key factors to drive the market over the projected period. In addition, increasing demand for sandarac as a protective coating for labels, negatives, cardboards, leather, and metals is further expected to complement market growth over the forecast period.
Perfumery is the major application of the sandarac market over the past few years owing to its unique aroma. Aroma therapy and medicinal application are the other major industries for sandarac owing to its stress relief properties. It has the ability to provide relief from insomnia caused due to excess stress and tension, for which it has found a wide range of applications in the medical industry. Sandarac is also used for preserving paintings and furniture, protective coating over watercolors and paintings.
Based on end-use industries, the sandarac market can be segmented into fragrance, medical, pharmaceutical, and coatings among many others. The fragrance industry was the leading end-use segment for sandarac gum over the past few years and the trend is expected to continue over the forecast period. Medical and pharmaceutical industries are expected to witness strong growth for the sandarac gum market over the next seven years on account of increasing application in medicinal attributes such as reducing cramps, stomach ache, cold, and catarrh. Strong growth in the medical industry coupled with increasing R&D activities to develop better medicines from natural products is expected to open several growth prospects to the sandarac market over the forecast period. The personal care and cosmetics industry is expected to witness significant growth over the next seven years on account of its increasing application in perfumery and aroma therapy owing to its immense fixative properties. Increased demand as the culinary agent in liqueurs is further expected to surge the market growth in the near future. Other industries including coatings are anticipated to witness considerable growth owing to its increased use in coating cardboards, metals, leather, and other labels.
Europe was the largest market for the sandarac market in 2013 followed by Asia Pacific and North America. Strong demand from end-use industries is the key factor expected to drive the market in these regions. Asia Pacific is anticipated to witness significant growth over the next seven years on account of increasing demand from fragrance manufacturing industries, especially from China and Saudi Arabia.
Major players in the sandarac market include Parchem Fine & Specialty Chemicals, Pangaea Sciences Inc., Sinopharm Chemical Reagent Co., Ltd., Thew Arnott & Co., Ltd., Scents of Earth and The Good Scents Company.
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Weaker consumer demand for lifestyle and wellbeing products due to social restrictions and lockdown policies shall have a negative impact on the demand patterns of cosmetic ingredients and certain categories of food additives. However, easing restrictions and public discourse about restarting economic activities in the consumer goods marketspace indicates that, the recovery of demand is imminent. The report will account for Covid19 as a key market contributor.
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