Global Hydroquinone Market - Segmented by Application, End-User Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global hydroquinone market is estimated to register a CAGR of 4.12% during the forecast period, 2018-2023. Asia-Pacific is to account for the largest share of the market, with India and China being prominent markets. Antioxidant is expected to be the major application for hydroquinone market.
Increasing Usage of Hydroquinone in Superabsorbent Polymers
Hydroquinone ethers are used in the production of superabsorbent polymers, which form a part of large cross-linking networks, to enable absorption of large amounts of fluids. The usage of hydroquinone is considered to be of high importance in the production of superabsorbent polymers. With the increasing application of superabsorbent polymers in agriculture sector, the market for hydroquinone is to grow at a significant rate.
Antioxidants to Continue to be the Major Consumer
Antioxidant was found to be the largest application for hydroquinone followed by polymerization inhibitors. In these applications, hydroquinone is used to produce various monomers and polymers including unsaturated polyester resins. The antioxidant activity of hydroquinone is mainly due to the presence of OH and the functional group in its structure. A new method is introduced to increase the antioxidant efficiency of hydroquinone class by aminomethylation. The increasing demand for antioxidants from cosmetic and food industry is to support the growth of hydroquinone through the forecast period.
Asia-Pacific to Lead the Market with High Share
The Asian market for hydroquinone was found to be largest among other regions. The demand for hydroquinone in India and China is expected to grow significantly in the region. The market for hydroquinone in Asia-Pacific is to be driven by the growing demand from the end-user industries including construction, cosmetic, etc. in the region.
Notable Developments in the Market
January 2018: Eastman increased the prices for anhydrides, diketene derivates, and hydroquinone
Major Players: Rohdia (Solvay), Eastman Chemicals, Mitsui Chemicals, UBE Industries, Camlin Fine Chemicals, amongst others.
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