Global Hydroquinone Market Overview
The key driver impacting the hydroquinone market is the rapidly growing cosmetic industry due to the rising demand for cosmetic products among consumers globally. The escalating demand for skincare products is anticipated to boost hydroquinone demand as it is used in the manufacturing of skin care products such as acne creams, anti-aging creams, skin lightening creams, etc. For instance, As per the Cosmetic Executive Women, the worldwide cosmetics market in 2019 was valued at $532 billion. The sales of skincare climbed to $1.4 billion, with continual growth anticipated for 2020. Online sales of cosmetics rise by 30.5% in 2019. As per the Med AlertHelp, the average woman spends more than $3,000 every year on enhancing personal appearance. The anti-aging segment is estimated to rise at a rate of 3.8% from 2020 to 2027. Moreover, several applications in the agrochemical and pharmaceutical industries contribute to hydroquinone market demand in the coming years. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global Hydroquinone market size was valued at around USD 3706.298 million in 2020 and is estimated to grow at a CAGR of about 5.1% during the forecast period 2021 to 2027.
The growing demand from the rapidly growing food and rubber industry is likely to augment the demand in the forecast period. It is widely utilized as an antioxidant in the food and rubber industry. However, the toxicity and carcinogenic effects of skin cream may hamper the market in the long run. Also, the emergence of digital photography negatively impacts the market. The current industry trends, such as the rise in investment for the development of better hydroquinone products for skin depigmentation, are expected to offer several beneficial market opportunities for the key players.
The Hydroquinone market is vast, with many local and global players. The Hydroquinone market is extensive, with many regional and international players. The prominent market leaders follow several strategies to improve their market status, such as extending product portfolio, acquisitions, contracts, acquisitions, amalgamation, acquisitions, product upgrades to mount their market share across the globe. The prominent players studied in the report include Solvay, Mitsui Chemicals Asia Pacific Ltd., Eastman Chemical Company, Ube Industries, Ltd., Tianjin Zhongxin Chemtech Co. Ltd., GJ Chemical Company, Camlin Fine Sciences Ltd., Kawaguchi Chemical Industry Co. Ltd.
Know more about this report: Download free sample
In this research report, the hydroquinone market is segmented by application, distribution channel, end-user, and region.
Analysis by Application:
By application, the report is categorized into antioxidants, polymerization inhibitors, intermediates, depigmenting creams, and others. The intermediates segment dominates the application segment with over 20% share in 2020. It is due to its growing usage as an intermediate in the synthesis of dyes, motor fuels, and oils, in photographic processing, and naturally in certain plant species. Moreover, the rapidly rising demand for making agricultural chemicals across the globe leads to the growth of the intermediates segment in the forecast period.
Analysis by Distribution Channel:
By distribution channel, the report is categorized into offline and online. The offline channel segment dominates the operation segment with over 55% share in 2020. It is because the offline channel is the mainly preferred channel for distribution as it includes the prospect for customers to create personal connections with business, which is beneficial in building loyalty.
Analysis by End User:
By end-user, the report is categorized into cosmetics, polymers, paints and adhesives, rubber, and other end-user industries. The cosmetics segment dominates the end-user segment with over 15% share in 2020. It is due to the high demand by the cosmetics industry as hydroquinone is majorly utilized as a skin depigmenting. Growing needs to get rid of unwanted spots and marks on the body and creates a high demand for skin creams. Moreover, the rapidly expanding cosmetic industry across the globe leads to the growth of the cosmetics segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Hydroquinone market, the Asia Pacific region dominates globally with a 35% market share in the forecast period. It is due to rising demand from the end-user industries, including construction, cosmetics, etc., in countries like India, China, and Japan. Moreover, China is emerging as the largest market in cosmetics and skincare products globally, contributing to tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Application
- Antioxidants
- Polymerization Inhibitors
- Intermediates
- Depigmenting Creams
- Others
By Distribution Channel
By End User
- Cosmetics
- Polymers
- Paints and Adhesives
- Rubber
- Other
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.