According to the report published by Allied Market Research, the global trimethylhydroquinone market generated $944.2 million in 2020, and is estimated to garner $1.28 billion by 2028, witnessing a CAGR of 4.0% from 2021 to 2028. The report offers an extensive analysis of changing market trends, key segments, regional scenarios, top investment pockets, value chain, and competitive landscape.
Surge in
adoption of health supplements and rise in demand for vitamin E from the
cosmetic industry drive the growth of the global trimethylhydroquinone market.
However, preference toward natural vitamin E restrains the market growth. On
the other hand, rise of the active pharmaceutical ingredient (API) industry
creates new opportunities in the coming years.
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Leading players
of the global trimethylhydroquinone market analyzed in the research include Connect Chemicals Group (CCG), Haihang
Industry (Haihang), Glentham Life Sciences Limited (Glentham), Shanghai Sunwise
Chemical Co, Ltd. (Sunwise Chemical), Santa Cruz Biotechnology, Inc. (SCBI),
Thermo Fisher Scientific (TMO), SIELC Technologies (SIELC), Toronto Research
Chemicals, Tokyo Chemical Industry (TCI), and Merck KGaA.
Covid-19 Scenario:
·
Owing to complete or partial
shutdown of manufacturing facilities with lockdown imposed during the Covid-19
pandemic, manufacturing activities of trimethylhydroquinone have been hindered.
Moreover, disruptions in the supply chain posed challenges in manufacturing.
·
Rise in awareness about health
and fitness among people led to increased demand for dietary supplements, which
in turn, increased the demand for trimethylhydroquinone for the production of
vitamin E.
·
However, the demand for
cosmetics and beauty products reduced due to closure of shops, saloons, and
beauty parlors. As trimethylhydroquinone is used as a raw material in
cosmetics, its demand lowered down.
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The report
offers detailed segmentation of the global trimethylhydroquinone market based
on application and region.
Based on
application, the synthesis of vitamin E segment accounted for the highest share
in 2020, contributing to nearly two-thirds of the total share, and is expected
to maintain its lead position during the forecast period. However, the drug
production segment is projected to maintain the highest CAGR of 5.1% from 2021
to 2028.
Based on region,
Asia-Pacific held the largest market share in 2020, accounting for more than
one-third of the total share, and is projected to continue its dominance in
terms of revenue by 2028. Moreover, this region is expected to portray
the fastest CAGR of 4.7% during the forecast period.
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