Hydroquinone Market - Segmented by Application, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global hydroquinone market is estimated to grow at a CAGR of 4.10 % during 2018-2023 (henceforth referred to as the forecast period). The major factors driving the studied market is the increasing demand of hydroquinone in the paints & coatings industry.
Growing Demand from 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. Superabsorbent polymers (SAPs) are materials that possess the ability to absorb and retain large volumes of liquid or aqueous solutions. This makes them ideal for use in water absorbing applications such as baby nappies, adult incontinence pads, absorbent medical dressings, and controlled release drugs. The baby diaper segment consumes nearly 72% of the total superabsorbent polymer production. Growing population of infants in emerging countries is due to high fertility rates and lack of education. In addition, adult incontinence products, which is used in nursing homes and hospitals to provide considerable advantages to both patients and nursing staff. The market for incontinence products has grown significantly, due to increasing popularity in the home care environment in developed regions. Moreover, governments in the developing countries have adopted various initiatives to promote the use of sanitary napkins among women. With an increase in the global female population, the use of sanitary napkins is also growing significantly. Overall, the growing awareness for hygiene among all population groups is expected to promote the usage of superabsorbent polymers (diapers, pads and sanitary napkins), which in turn will augment the growth of hydroquinone during the forecast period.
Rubber Industry - A Huge Market Potential
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 continued growth in these industries is, in turn, boosting the demand for rubber. The automotive production increased by 2.4% in 2017, primarily driven by countries in the Asia-Pacific and Europe. The aerospace industry to is rising rapidly with deliverables of aircraft expected to reach 41,030 units by 2040 from 2017. 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 to Lead the Market
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 countries such as China, India, and Japan. China is becoming the largest market in terms of cosmetics and skin care products globally. Beauty sector in the country has witnessed a growth of around 5% in the past ten years and is set to grow at around that rate throughout the upcoming years too. The beauty and personal care sectors are 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’ 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 to build almost 30 million homes by 2022, is likely propel the demand for paints and coatings which in turn in fueling the demand for hydroquinone during the forecast period. Thus, owing to these aforementioned trends, the hydroquinone market in the country is expected to be positively affected during the forecast period.
Key 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, among others.
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