Hydroquinone finds its
application in antioxidants, intermediates and stabilizers. These all products
are used in the cosmetics and personal care industry to protect the skin from sun,
dust and improve skin health. Hydroquinone is a bleaching agent for the skin.
It is utilized in skin lighting creams, powders and other products to treat the
hyperpigmentation skin conditions such as melasma, freckles and lentigines
among others. The surging disposable income of people, a gradual consumer shift
toward premium and luxury cosmetic brands and others are the key variables
boosting the demand for cosmetics and personal care products during the
forecast period. According to the Cosmetics Europe
Personal Care Association, in 2020, the cosmetics and personal care industry of
Europe was valued at €76.7 billion (US$87.61 billion) and in 2021, it was €80
billion (US$94.62 billion), an increase of 4.4%. According to Cosmetic Toiletry and Perfumery Association, the
cosmetics industry in the UK is valued at US$10,515.88 million in 2021 and is
expected to grow significantly during the forecast period. Global Hydroquinone Market size is forecast to reach US$589.8 million by 2027, after growing at a CAGR of 4.6% during 2022-2027.
Hydroquinone finds its application in different personal and cosmetics products such as creams, lotions and gels among others. Hydroquinone is a skin-lightening agent and it bleaches the skin and helps to treat different skin diseases. Hydroquinone bleaches skin by decreasing the number of melanocytes present. Melanocytes make melanin, which can increase skin tone. Hence the growth in the cosmetic industry is driving the market for hydroquinone during the forecast period.
The Asia-Pacific dominated the Global Hydroquinone Market in terms of revenue with a share of 51% in 2021 followed by Europe and North America with 20% and 17% respectively. The presence of leading polymers and rubber manufacturers along with the presence of emerging economies are some of the major factors driving the market growth for Hydroquinone in the Asia-Pacific region. Southeast Asia accounts for 97% of the world's natural rubber production with Thailand being the largest producer followed by Indonesia and Vietnam. The global natural rubber production stood at stood at 13.80 million tonnes in 2019 and 14.17 million tonnes in 2020. The rapid growth in automotive and manufacturing sectors in the Asia-Pacific region is driving the market for rubber which is further driving the market for Hydroquinone. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automobile production in India reached 43,99,112 units in 2021, an incline of 30% from 33,94,446 units in 2020. According to the facts published by the Indian Brand Equity Foundation, India has the potential to become a global manufacturing hub and by 2030, it can add more than US$ 500 billion annually to the global economy.
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Global Hydroquinone Market Growth Driver
Surging demand for hydroquinone from the paint industry is expected to drive the market growth
Hydroquinone inhibits the action of oil drying agents and thus prevents polymerization in paints and coatings. As a result, hydroquinone is an ideal inhibitor for a wide range of coating applications, including surface and architectural coatings. Hydroquinone manufacturers offer their product range for the paints and coatings industry. For example, Eastman Photographic Grade hydroquinone is a white crystalline solid. It is employed as a superior all-purpose inhibitor in paints and coatings industry. The growing construction and architectural activities in emerging economies is driving the market for paints and coatings industry. According to the data published by American coatings, The United States exported approximately $2.4 billion worth of paint and coatings products in 2019. According to the facts published by Indian Paint Association (IPA), The Indian paint industry is currently valued at US$ 6.6 billion is poised to grow at a healthy rate and is expected to reach US$9.3 billion by 2022. The industry is expected to grow at a CAGR of 12-15% during 2021-2022. According, to the China National Coatings Industry Association (CNCIA) estimates there are roughly 700 coating manufacturers representing over 80 percent of the total Chinese coatings industry. However, CNCIA estimates that there are still more than 15,000 coatings manufacturers active in the Chinese coatings marketplace. Hence the presence of many paints and coatings manufacturers in the Asia-Pacific region is driving the market growth for hydroquinone.
The Major Players in this Market Include
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Hydroquinone market. Hydroquinone top 10 players include: Solvay, Eastman, Mitsui Chemicals, UBE, Camlin, Goodyear, Yancheng Fengyang Chemical Co., Ltd, Kawaguchi Chemical Industry Co., LTD., Megpie Chemicals and RX Chemicals among others. In September 2020, Camlin Fine Sciences announced the commercial production of hydroquinone at the company’s newly set up Diphenol manufacturing plant at Dahej SEZ, Baruch district, Gujarat. which will increase the company’s production capacity of hydroquinone.
The COVID-19 outbreak led to major economic problems and challenges for polymer and rubber industries globally. According to the World Bank, the global GDP growth declined by 3% as a result of the economic impact of COVID-19. Governments all across the world announced strict measures to slow the spread of the coronavirus and only the production of essential commodities was allowed, which impacted the non-essential commodity industries, thereby impacting the production of Hydroquinone as well. However, economic stimulus packages allotted for multiple sectors in the Asia-Pacific region and the start of industrial production activities in 2021 are improving the Hydroquinone market.
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