Hydroquinone Market By Application (Intermediate, Antioxidants, Polymerization Inhibitors, Photosensitive Chemical & Others), By End-Use Industry (Cosmetics, Polymers, Paints & Adhesives, Rubber & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027

Report Code: CMR 78933 Report Format: PDF + Excel

Hydroquinone Market Overview

Global Hydroquinone Market size is forecast to reach US$589.8 million by 2027, after growing at a CAGR of 4.6% during 2022-2027. Hydroquinone is an aromatic organic molecule with the chemical formula C6H4(OH)2, which is a kind of phenol and a derivative of benzene. Hydroquinone finds its application as an antioxidants, intermediate, polymerization inhibitors and photosensitive chemical in different industries including polymers, cosmetics, paints and adhesives and rubber among others. Hence the growth in these industries will expand Global Hydroquinone Market size during the forecast period. Hydroquinone is also used in the production of polyetheretherketone (PEEK) which is an engineering material widely preferred in aerospace and automotive industries. Hydroquinone and its derivatives can also be prepared by oxidation of various phenol. Hydroquinone is also used as an intermediate in the paints and coatings industry. According to the facts published by Indian Paint Association (IPA), The Indian paint industry is currently valued at US$ 6.6 billion are 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. The COVID-19 outbreak led to major economic problems and challenges for the Hydroquinone industry globally. Governments all across the globe 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 Global Hydroquinone Market size.

Hydroquinone Market Report Coverage

The “Hydroquinone Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Global Hydroquinone industry.

By Application: Intermediate, Antioxidants, Polymerization Inhibitors, Photosensitive Chemical and Others
By End-Use Industry: Cosmetics, Polymers, Paints & Adhesives, Rubber and Others
By Geography: North America (USA, Canada and Mexico), Europe (UK, France, Germany, Italy, Spain, Netherlands, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America) and Rest of the world (Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa).

Key Takeaways

  • The Asia-Pacific region is expected to grow at a high CAGR of 5.1% during the forecast period. One of the key drivers driving the market is rapid growth in polymer and synthetic rubber production.
  • However, the availability of alternative products is likely to hamper the market growth during the forecast period.
  • A detailed analysis of strengths, weaknesses, opportunities and threats will be provided in the Global Hydroquinone Market Report.

Figure: Asia-Pacific Hydroquinone Market Share, by End-Use Industry, 2021 (%)

Hydroquinone Market

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Hydroquinone Market Segment Analysis – by Application

The polymerization inhibitors segment held the largest share with 43% in the Global Hydroquinone industry in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Polymerization inhibitor is used to stabilize reactive monomers such as acrylic acid, methyl methacrylate and cyanoacrylate which are used during the manufacturing of the polymers. Growing plastic production will increase the demand for polymerization inhibitor, thereby driving the Global Hydroquinone industry during the forecast period. According to Plastic Europe, in 2019, the global plastic production stood at 368 million tonnes showing 2.5% increase in comparison with 359 million tonnes produced in 2018. The intermediate segment is expected to grow at a significant CAGR of 4.7% during the forecast period. Hydroquinone as an intermediate help in preparing rubber, cosmetics and paints among others.

Hydroquinone Market Segment Analysis - by End-Use Industry

The polymers segment held the largest share of 37% in the Global Hydroquinone industry in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Hydrquinone is used in the production of polymerization inhibitor which is further used in the production of polymers. The growing demand for polymers such as polyester from various end-use industries such as automotive, textiles, furniture and sportswear has resulted in an increase in the production polymers, which is further driving the market for hydroquinone. According to the Chemicals and Petrochemicals Manufacturers' Association (CPMA), in 2020, the production of polymers in India was 12.35 million tons and in 2021, it was 13.54, an increase of 9.63%. The rubber segment is expected to grow at a significant CAGR of 4.4% during the forecast period. According to International Rubber Study Group, in 2021, the global rubber production stood at 29.4 million tones showing 7.29% increase from 2020. Hence the growth in rubber production is driving the market for hydroquinone during the forecast period.

Hydroquinone Market Segment Analysis – by Geography

The Asia-Pacific region dominated the Hydroquinone industry in terms of revenue with a share of 51% in 2021 and is projected to dominate the market during the forecast period (2022-2027). The presence of key manufacturers including, Solvay, Camlin, Eastman, Mitsui Chemicals and UBE, are driving the market growth for Hydroquinone in the Asia-Pacific region. The presence of abundant raw materials and increasing production of polymers and rubber in the region is also driving the demand for Hydroquinone. Hydroquinone is widely used in the production of paints & adhesives. For instance, the total production of adhesives is around 7,090,000 tons and is valued at US$15.01 billion in 2020 with an increase of 4.4% and 3.6% as compared to 2019 in China. The growing cosmetics industry in Asia-Pacific is also supporting the market for hydroquinone during the forecast period. According to Invest India, the beauty and personal care product market in India is currently valued at US$26.8 billion and is forecast to reach US$37.2 billion by 2025. These are some of the major factors expanding the Global Hydroquinone Market size during the forecast period.

Hydroquinone Market Drivers

Surging Application of Hydroquinone in Polymers

Hydroquinone is produced by direct oxidation of phenol. Hydroquinone has various essential properties such as a high melting point of 171.0 °C, a high boiling point of 286°C, moisture content of 0.6 % and other such properties. These properties make it ideal for the polymer industry. Thus, in the manufacturing of various polymers such as high-density polyethylene (HDPE), polyethylene terephthalate (PET) and others, hydroquinone is used as a polymerization inhibitor to extend the shelf life of polymers. The factors such as surging demand from the packaging industry, enhanced demand from the transport industry to ensure superior durability & flexibility and others are the vital factors accelerating the polymers industry growth. According to Plastics Europe, a plastics association in Europe, the high-density polyethylene (HDPE) polymer production in the European Union region was 6.29 million tons in 2019 and 6.32 million tons in 2020 an increase of about 0.5%. Also, in 2019, the production of polyethylene terephthalate (PET) was 3.99 million tons and in 2020, it was 4.14 million tons, an increase of 3.8%. Hence, the growth of polymer production at the global level is fueling the adoption of hydroquinone to ensure higher polymer durability. This factor is driving the global market growth during the forecast period.

Increasing Demand from Cosmetics and Personal Care Products

Hydroquinone is a bleaching agent for the skin. It is utilized as intermediates, antioxidants and stabilizers in skin lighting creams, powders and other products to treat the hyperpigmentation skin conditions such as melasma, freckles, or lentigines. The surging disposable income of people, a gradual consumer shift toward premium and luxury cosmetic brands is boosting the demand for cosmetics and personal care products which is further driving the demand for hydroquinone. For instance, according to the Accord Australasia, in 2019, the personal care industry of Australia was US$26.06 billion and in 2020 it was US$26.3 billion, an increase of about 1%. According to International Trade Administration and Invest Korea, in 2019, the South Korean cosmetics industry was valued at US$9.43 billion and in 2020, it was US$12.6 billion, an increase of 33.6%. Also, 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%. Hence the growing production of cosmetics and personal care products is supporting the market growth for hydroquinone.

Hydroquinone Market Challenges

Availability of Hydroquinone Substitutes

The alternative products for hydroquinone include ascorbates, mequinol, retinoids, azelaic and other. These materials have similar and, in some cases, superior properties over hydroquinone. Thus, making such substitutes ideal for application in cosmetics & personal care, rubber, polymer and other similar industries. Ascorbates have several superior properties, such as a high boiling point at 553 °C, a high melting point at 190 °C and other similar properties that make them highly durable and safe materials compared to hydroquinone. Some studies suggest that hydroquinone can be irritating to the skin and may also act as a carcinogen. While alpha arbutin is less irritating and far less dangerous than hydroquinone. Hence the availability of alternative products is likely to hamper the market growth of hydroquinone during the forecast period

Hydroquinone Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Global Hydroquinone Market. The top 10 companies in the Global Hydroquinone Market include:

1. Solvay
2. Eastman
3. Mitsui Chemicals
4. UBE
5. Camlin
6. Goodyear
7. Yancheng Fengyang Chemical Co., Ltd
8. Kawaguchi Chemical Industry Co., LTD
9. Megpie Chemicals
10. RX Chemicals

Recent Developments

  • 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.
  • In September 2020, Solvay which is a leading manufacturer of hydroquinone formed a collaboration with Oqema and such collaboration will distribute Solvay’s hydroquinone product in Benelux, the United Kingdom, Ireland, France, Italy, Germany, Switzerland, Poland, Czech Republic, Slovakia, Slovenia and Baltic countries.
  • In April 2019, Solvay expanded the Hydroquinone capacity in its Zhenjiang, China plant with the main focus of expanding its presence in the Asia-Pacific market.

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1. Hydroquinone Market - Market Overview
    1.1 Definitions and Scope 
2. Hydroquinone Market - Executive Summary
    2.1 Key Trends by Application
    2.2 Key Trends by End-Use Industry
    2.3 Key Trends by Geography
3. Hydroquinone Market – Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Hydroquinone Market - Startup Companies Scenario Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Hydroquinone Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Hydroquinone Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Hydroquinone Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Hydroquinone Market – by Application (Market Size - US$ Million)
    8.1 Intermediate
    8.2 Antioxidant
    8.3 Polymerization Inhibitor
    8.4 Photosensitive Chemical
    8.5 Others 
9. Hydroquinone Market – by End-Use Industry (Market Size - US$ Million)
    9.1 Cosmetics
    9.2 Polymers
    9.3 Paints & Adhesives
    9.4 Rubber
    9.5 Others
10. Hydroquinone Market - by Geography (Market Size - US$ Million)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Belgium
        10.2.8 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
            10.5.1.4 Rest of Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of South Africa
11. Hydroquinone Market– Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Hydroquinone Market – Industry/Segment Competition Landscape Premium 
    12.1 Company Benchmarking – Major Companies
    12.2 Market Share at Global Level - Major companies
    12.3 Market Share by Key Region - Major companies
    12.4 Market Share by Key Country - Major companies
    12.5 Market Share by Key Application - Major companies
    12.6 Market Share by Key Product Type/Product category - Major companies
13. Hydroquinone Market – Key Company List by Country Premium Premium 
14. Hydroquinone Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Solvay
    14.2 Eastman
    14.3 Mitsui Chemicals
    14.4 UBE
    14.5 Camlin
    14.6 Goodyear
    14.7 Yancheng Fengyang Chemical Co., Ltd
    14.8 Kawaguchi Chemical Industry Co., LTD.
    14.9 Megpie Chemicals
    14.10 RX Chemicals
    14.11 Others
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