Hydroquinone Market is expected to grow at a CAGR of 4.26% during 2020-2025. The rising demand for superabsorbent polymers and the increasing demand from the paint industry were key factors driving the hydroquinone industry. Nevertheless, hydroquinone’s harmful nature and carcinogenic results are likely to hamper market growth.The report covers Hydroquinone Market size by type and applications, Hydroquinone Market share by top 5 companies and also the market share by start-ups during the forecast period.
Antioxidant usage dominated the market in 2018, and during the forecast period is projected to grow at the same rate. The blocker of polymerization is expected to increase at the fastest rate in the years to come.
Increasing demand from the paint industry for hydroquinone is expected to drive the sector.
Increasing use of hydroquinone for personal care is likely to drive demand for hydroquinone in the coming years owing to its marvelous features that can heal black spots on hair.
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By Application – Segment Analysis
In 2019, the polymerization inhibitors and antioxidants, including p-phenylenediamines and substituted hydroquinones are the major application of hydroquinone market. Both applications focus on several monomers (for plastics) and polymers being made, such as unsaturated polyester resins. Following the trend towards lightweight material and the need for advanced engineering content, demand for polyetheretherketone (PEEK) is expected to grow. In most countries, demand for photographic production has decreased as the transition to digital photography continues to expand, but the decline is preventing and stabilizing consumption.
By End Use Industry – Segment Analysis
In 2019, the global market of hydroquinone is driven due to high and rapid growth of a particular industry such as constructions, paints and cosmetics. The use of hydroquinone as a skin depigmenter is increasing the demand among female population. The need to get rid of from unwanted spots and marks on the body is becoming the major factor to accelerate the market growth among women population. In addition, due to the increasing regulations of the particular chemical, the major players are running their new research and development programs in order to come up with new alternative which is going to be used further for skin depigmentation.
Geography – Segment Analysis
The Asian market for hydroquinone was found to be largest among other regions. The demand for hydroquinone in India and China is expected to grow significantly in the region. The market for hydroquinone in Asia-Pacific is to be driven by the growing demand from the end-user industries including construction, cosmetic, etc. in countries such as China, India, and Japan. China is becoming the largest market in terms of cosmetics and skin care products globally. Beauty sector in the country has witnessed a growth of around 5% in the past ten years and is set to grow at around that rate throughout the upcoming years too. The beauty and personal care sectors are expected to grow at a robust pace during the forecast period, primarily driven by baby and child-specific products, depilatories, oral care, color cosmetics, and skin care, among others.
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Drivers – Hydroquinone Market
Increasing Demand from Superabsorbent Polymers
Hydroquinone ethers are used in the production of superabsorbent polymers that form part of large cross-linking networks to allow large quantities of fluids to be absorbed. The use of hydroquinone in the development of superabsorbent polymers is known to be of great importance. Superabsorbent polymers (SAPs) are structures capable of absorbing large volumes of fluid and aqueous liquids and preserving them. This makes them ideal for use in liquid absorption products such as infant nappies, adult incontinence pads, absorbent clinical garments and controlled release prescriptions. About 72% of global superabsorbent polymer output is absorbed by the infant diaper market. Growing baby population is due to high fertility rates and lack of education in emerging countries. Ultimately, increasing hygiene knowledge among all population groups is projected to encourage the use of superabsorbent polymers (diapers, sheets, and sanitary napkins), which in effect may raise hydroquinone production over the forecast period.
Challenges – Hydroquinone Market
Stringent rules and regulations is however constraining the market growth.
The stringent rules and regulations that have been posed by the EPA and /the EU against its use due to its various bad effects which include allergies, immunotoxicity, organ system toxicity, cancer, developmental and reproductive toxicity, ecotoxicity, persistence of the product in the environment and bioaccumulation is what may restrict this market.
Acquisitions and R&D activities are key strategies adopted by players in the Hydroquinone market. In 2019, the market of Hydroquinone has been consolidated by the top five players. Hydroquinone Market top 10 companies are Solvay, UBE Industries Ltd, Eastman Chemical Company, Mitsui Chemicals Inc., and Camlin Fine Sciences Ltd. Other small considerable manufacturers include Tianjin Zhongxin Chemtech Co. Ltd, YanCheng FengYang Chemical Co. Ltd, and Kawaguchi Chemical Industry Co. Ltd., among others.
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