(MENAFN- America News Hour) The market for hydroquinone is expected to register a CAGR of over 4% during the forecast period. Major factors driving the market studied are the rising demand from superabsorbent polymers and increasing demand from the paint industry. However, toxic nature and carcinogenic effects of hydroquinone are expected to hinder the growth of the market studied.
– Antioxidant application dominated the market, and is expected to grow at the same pace, during the forecast period. Polymerization inhibitor is expected to grow at the fastest rate in the coming years.
– Surging demand for hydroquinone from the paint industry is expected to drive the market.
– Asia-Pacific dominated the hydroquinone market across the world, with the largest consumption from countries, such as China and India.
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Key Market Trends
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 continues growth in these industries is, in turn, boosting the demand for rubber.
For instance, according to ZEVI by 2020, the electrical and electronics market is likely to reach about EUR 4.7 trillion and expected to increase rapidly over the forecast period.
The demand for rubber is also likely to increase in automotive industry owing to increasing electrical vehicle in countries such as United States, Germany, etc.
Such positive growth in various industries is driving up the demand for rubber, which, in turn, is expected to drive the demand for hydroquinone in the rubber processing industry through the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific region was found to be the major consumer of hydroquinone, supported by the growing consumption from 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 the ongoing innovation in South Korea and Japan. China is expected to a major consumer of cosmetics in the region.
– The paints and adhesives industries in the region are likely to grow at a moderate rate, influenced by the growth in GDP, automotive builds, and industrial production and construction activities.
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– The personal care sector is 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.
– India's construction sector has been growing rapidly, with increased investment by the government. The Indian government's 'Housing for All by 2022' initiative is also a major game changer for the industry. The growth of commercial real estate has been driven largely by service sectors, especially IT-ITeS.
– The government's initiative to develop smart cities and build almost 30 million homes, by 2022, is likely propel the demand for paints and coatings, which, in turn, is likely to fuel the demand for hydroquinone during the forecast period.
– Thus, owing to the aforementioned trends, the hydroquinone market in the region is expected to be positively affected during the forecast period.
Competitive Landscape
The hydroquinone market is consolidated, with top players accounting for significant share of the market. The major companies include 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.
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Rising Demand from Superabsorbent Polymers
4.1.2 Surging Demand for Hydroquinone from the Paint Industry
4.2 Restraints
4.2.1 Toxicity and Carcinogenic Effects of Skin Cream
4.2.2 Emergence of Digital Photography
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
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