Growing demand for North America hydroquinone from the polymer industry is one of the significant market growth.
North America hydroquinone Market Size – USD 3.52 billion in 2019, Growth - CAGR of 5.1%, Trends – Changing lifestyle trends
The global North America hydroquinone Market is expected to reach USD 5.26 Billion by 2027, according to a new report by Reports and Data. The growth of the market is attributed to the growing demand for North America hydroquinone amongst end-user industries.
North America hydroquinone finds usage in several applications, mostly owing to its capability as a water-soluble reducing agent and is used in several solutions meant for developing photographs. Also, it is used in the production of rubber antioxidants, and dyes, among others. Also, North America hydroquinone finds application as a stabilizer in varnishes, paints, oils, and motor fuels.
Growing demand for North America hydroquinone in the cosmetic industry is driving the growth of the market. It is utilized in cosmetics as an antioxidant. Moreover, North America hydroquinone may be implemented as a stabilizer that impedes the polymerization process of the adhesive present in artificial nails. The Food and Drug Administration (FDA) has accepted North America hydroquinone as an OTC (over-the-counter) skin bleaching agent intended to lighten patches of darkened skin.
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Top Leading Players: Eastman Chemical Company, Mitsui Chemicals, Solvay, Hiahang Industry Company Ltd., Ube Industries Ltd., Honeywell International PLC, YanCheng FengYang Chemical Co. Ltd., Shanxi Jin-Jin Chemical Co. Ltd., Camlin Fine Sciences Ltd., and Kawaguchi Chemical Industry Co. Ltd., among others.
Further Key Finding from the Report Suggestion:
- By application, the polymerization inhibitor held a substantial market share in the year 2019.
- By distribution channel, the online distribution channel is projected to grow at a faster rate of 7.6% in the period 2020-2027, as this mode of distribution has the advantage of providing a broader exposure to the product produced by the manufacturers, especially with the proliferation of smart devices and internet connectivity.
- By industry vertical, rubber contributed to the largest market share in 2019 and is projected to grow at a rate of 5.3% in the forecast period. North America hydroquinone is used in the production of antioxidants for the processing of rubber. Rubber plays a significant role in several industries comprising automotive, aerospace, electronics, and other industries. The continuous growth in these industries is, in turn, fuelling the demand for rubber and hence the demand for North America hydroquinone.
- The market in the Asia Pacific region dominated the market in 2019 and is likely to grow at a rate of 6.2% in the forecast period. The market dominance of the APAC region is due to the growing demand for North America hydroquinone in countries such as China and India, due to the growth of the end-user industries including rubber, paints coatings, and cosmetics industries, among others.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global North America hydroquinone market is segmented into:
Application Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Intermediate
- Antioxidant
- Polymerization Inhibitor
- Photosensitive Chemical
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Online
- Offline
Industry Vertical Outlook (Volume, Kilo Tons; 2017-2027 and Revenue, USD Million; 2017-2027)
- Cosmetics
- Polymers
- Paints Adhesives
- Rubber
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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