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Hydroquinone Market Size – USD 3.52 billion in 2019, Market Growth - CAGR of 5.1%, Market Trends – Changing lifestyle trends
NEW YORK CITY, NEW YORK, UNITED STATES, July 29, 2022 /EINPresswire.com / -- The global hydroquinone market is expected to reach USD 5.26 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the growing demand for hydroquinone amongst end-user industries.
Hydroquinone finds usage in several applications, mostly owing to its capability as a water-soluble reducing agent and is used in several solutions meant for developing photographs. Also, it is used in the production of rubber antioxidants, and dyes, among others. Also, hydroquinone finds application as a stabilizer in varnishes, paints, oils, and motor fuels.
Growing demand for hydroquinone in the cosmetic industry is driving the growth of the market. It is utilized in cosmetics as an antioxidant. Moreover, hydroquinone may be implemented as a stabilizer that impedes the polymerization process of the adhesive present in artificial nails. The Food and Drug Administration (FDA) has accepted hydroquinone as an OTC (over-the-counter) skin bleaching agent intended to lighten patches of darkened skin.
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Further key findings from the report suggest
By application, the polymerization inhibitor held a substantial market share in the year 2019.
By distribution channel, the online distribution channel is projected to grow at a faster rate of 7.6% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
By industry vertical, rubber contributed to the largest market share in 2019 and is projected to grow at a rate of 5.3% in the forecast period. Hydroquinone is used in the production of antioxidants for the processing of rubber. Rubber plays a significant role in several industries comprising automotive, aerospace, electronics, and other industries. The continuous growth in these industries is, in turn, fuelling the demand for rubber and hence the demand for hydroquinone.
The market in the Asia Pacific region dominated the market in 2019 and is likely to grow at a rate of 6.2% in the forecast period. The market dominance of the APAC region is due to the growing demand for hydroquinone in countries such as China and India, due to the growth of the end-user industries including rubber, paints & coatings, and cosmetics industries, among others.
Key participants include Eastman Chemical Company, Mitsui Chemicals, Solvay, Hiahang Industry Company Ltd., Ube Industries Ltd., Honeywell International PLC, YanCheng FengYang Chemical Co. Ltd., Shanxi Jin-Jin Chemical Co. Ltd., Camlin Fine Sciences Ltd., and Kawaguchi Chemical Industry Co. Ltd., among others.
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The Hydroquinone market is further segmented on the basis of product types offered by the market and the application spectrum.
Application Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Intermediate
Antioxidant
Polymerization Inhibitor
Photosensitive Chemical
Others
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Online
Offline
Industry Vertical Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
Cosmetics
Polymers
Paints & Adhesives
Rubber
Others
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Key Regions Assessed in the Report Include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The Hydroquinone report is formulated through extensive primary and secondary research and further validated through industry experts and professionals. The data has been accrued through authentic sources, including interviews, documents, databases, and other sources to offer accurate insights into the industry to offer beneficial data to the readers and companies.
Key questions covered in the global Hydroquinone market report:
What is the expected market size of the global Hydroquinone market during the forecast period?
What factors are expected to hamper global Hydroquinone market growth over the forecast period?
What key factors are expected to drive global revenue growth between Forecast Period?
Which application segment is expected to dominate other application segments over the forecast period?
Which region is expected to dominate in terms of revenue during the forecast period?
What are the key outcomes of Porter's Five Forces analysis and SWOT analysis?
Which leading players are operating in the global Hydroquinone market?
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Reports and Data
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