Hydroquinone Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Report Covers Hydroquinone Market Suppliers and is segmented by application (intermediate, antioxidant, polymerization inhibitor, photosensitive chemical, and other applications), end-user industry (cosmetics, polymers, paints and adhesives, rubber, and other end-user industries), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market size and forecasts in terms of revenue (USD million) for all the above segments.

Hydroquinone Market Size

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Hydroquinone Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 4.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Hydroquinone Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Hydroquinone Market Analysis

The market for hydroquinone is projected to register a CAGR of more than 4% during the forecast period. The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.

  • During the forecast period, the market is likely to grow because the paint industry will need more and more hydroquinone.
  • On the other hand, the toxic and cancer-causing effects of skin creams are likely to slow the market's growth over the next few years.
  • Antioxidant applications dominated the market and are expected to grow considerably during the forecast period.
  • The Asia-Pacific region dominated the market across the globe, with the largest consumption coming from countries such as China, India, and Japan.

Hydroquinone Market Trends

This section covers the major market trends shaping the Hydroquinone Market according to our research experts:

Increasing Demand from Rubber

  • Hydroquinone is used to manufacture antioxidants for the rubber processing industry.
  • Rubber plays a key role in various end-user industries, such as aerospace, automotive, electronics, and other manufacturing industries. The continued growth in these industries is, in turn, boosting the demand for rubber.
  • For instance, China has the world's largest electronics production base. Electronic products, such as wires, cables, computing devices, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves the domestic demand for electronics and exports electronic output to other countries, thus providing a huge market for polyimide films.
  • Also, the Ministry of Electronics and IT's "A call to action for broadening and deepening electronics manufacturing" study says that India plans to make USD 300 billion from electronics manufacturing by 2026.
  • Electric cars are becoming more popular in many places around the world, which is likely to increase the need for rubber in the auto industry.
  • China is a global leader in the electric car market, with a significant increase in the sales of new electric vehicles. A total of 3.3 million units of electric vehicles (EVs) were sold in China in 2021, representing an increase of 154% compared to the 1.3 million units sold in 2020.
  • Overall, the consumption of rubber has been increasing significantly. For instance, in India, from April 2021 to March 2022, the country consumed 1.24 million metric tons of natural rubber, representing an increase of 12% compared to FY 2020-21. Nearly three-quarters of this amount was used for general rubber goods, with the remaining going to the vehicle tire and tube industry.
  • Because of this, the demand for rubber is going up, which is expected to increase the demand for hydroquinone in the rubber processing industry over the next few years.
Hydroquinone Market - Consumption of Natural Rubber, India, (in metric tons), 2017-18 to 2021-22

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region was found to be the major consumer of hydroquinone, supported by the growing consumption of major countries, including China, India, Japan, etc. The demand for hydroquinone in India and China is expected to grow significantly.
  • The cosmetics industry is expected to grow in the region, with ongoing innovation in South Korea and Japan. China is expected to be a major consumer of cosmetics in the region.
  • Paints and coatings can be used in both commercial and residential settings, like office buildings, warehouses, convenience stores, and shopping malls.
  • According to Statistics Korea, construction orders collected by local builders at home and overseas totaled USD 245.9 billion in 2021, up from KRW 31.9 trillion the previous year. So, the construction industry is likely to increase the demand for paints and coatings, which is likely to increase the demand for hydroquinone over the next few years.
  • India's construction sector has been growing rapidly with increased government investment. Under PMAY-G, the goal of "Housing for All" by 2024 has been set at 2.95 crore houses, out of which 2,62,34,163 households have already been allocated to the states and UTs from 2016-17 until 2021-22.
  • As of February 2, 2022, 1,71,34,737 of the 2,17,54,812 homes approved for beneficiaries had been built.thus supporting market growth during the forecast period.
  • Also, the Rubber Board says that China used the most natural rubber in the world in 2021, with 5.7 million metric tons, followed by India.

Because of these and other trends, the Asia-Pacific region is likely to lead the hydroquinone market over the next few years.

Hydroquinone Market - Growth Rate by Region, 2023-2028

Hydroquinone Industry Overview

The hydroquinone market is consolidated by nature. Some major companies in the market include Solvay, UBE Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., and Camlin Fine Sciences Ltd., among others (in no particular order).

Hydroquinone Market Leaders

  1. Solvay

  2. Eastman Chemical Company

  3. Mitsui Chemicals Inc.

  4. Camlin Fine Sciences Ltd

  5. UBE Corporation

*Disclaimer: Major Players sorted in no particular order

Hydroquinone Market Concentration
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Hydroquinone Market News

  • February 2023: Eastman Chemical Company acquired Ai-Red Technology (Dalian) Co., Ltd., a manufacturer and distributor of paint protection and window film for the Asia Pacific automotive and architectural sectors. The goal of this purchase is to speed up growth in the markets for performance films, paint protection films, and window films.
  • January 2023: Solvay launched bio-circular silica in Europe. Silica plays an important role in tire manufacturing. The company introduced highly dispersible silica (HDS), supported by global tire manufacturers. This is expected to increase the use of sustainable raw materials and reduce the CO2 footprint of the tire industry.

Hydroquinone Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Rising Demand for Rubber

      2. 4.1.2 Surging Demand for Hydroquinone from the Paint Industry

    2. 4.2 Restraints

      1. 4.2.1 Toxicity and Carcinogenic Effects of Skin Cream

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value)

    1. 5.1 Application

      1. 5.1.1 Intermediate

      2. 5.1.2 Antioxidant

      3. 5.1.3 Polymerization Inhibitor

      4. 5.1.4 Photosensitive Chemical

      5. 5.1.5 Other Applications

    2. 5.2 End-user Industry

      1. 5.2.1 Cosmetics

      2. 5.2.2 Polymers

      3. 5.2.3 Paints and Adhesives

      4. 5.2.4 Rubber

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Solvay

      2. 6.4.2 Eastman Chemical Company

      3. 6.4.3 Mitsui Chemicals, Inc.

      4. 6.4.4 UBE Corporation

      5. 6.4.5 Camlin Fine Sciences Ltd.

      6. 6.4.6 YanCheng FengYang Chemical Co. Ltd.

      7. 6.4.7 Haihang Industry

      8. 6.4.8 TIANJIN ZHONGXIN CHEMTECH CO.,LTD.(ZX CHEMTECH)

      9. 6.4.9 Honeywell International Inc.

      10. 6.4.10 Shanxi Jin-jin Chemical Co. Ltd.

      11. 6.4.11 Kawaguchi Chemical Industry Co., LTD.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Hydroquinone Industry Segmentation

Hydroquinone is an aromatic compound manufactured during the synthesis of dyes, oils, motor fuels, etc. Hydroquinone is produced as an inhibitor, intermediate, and antioxidant during these processes. Quinol is another name for hydroquinone. The hydroquinone market is segmented by application, end-user industry, and geography. By application, the market is segmented into intermediate, antioxidant, polymerization inhibitor, photosensitive chemical, and other applications. By end-user industry, the market is segmented into cosmetics, polymers, paints and adhesives, rubber, and other end-user industries. The report also covers the market size and forecasts for extruded polystyrene in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).

Application
Intermediate
Antioxidant
Polymerization Inhibitor
Photosensitive Chemical
Other Applications
End-user Industry
Cosmetics
Polymers
Paints and Adhesives
Rubber
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
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Hydroquinone Market Research FAQs

The Hydroquinone Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

Solvay, Eastman Chemical Company, Mitsui Chemicals Inc., Camlin Fine Sciences Ltd and UBE Corporation are the major companies operating in the Hydroquinone Market.

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia-Pacific accounts for the largest market share in Hydroquinone Market.

The report covers the Hydroquinone Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hydroquinone Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Hydroquinone Industry Report

Statistics for the 2024 Hydroquinone market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hydroquinone analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Hydroquinone Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)