Global Trimethylhydroquinone Market Expected to Reach$1,282.6 Million by 2028

According to a new report published by Allied Market Research titled, “Trimethylhydroquinone Market by Application: Global Opportunity Analysis and Industry Forecast, 2021–2028,”

The global trimethylhydroquinone market was valued at $944.2 millionin 2020, and is projected to reach $1,282.6 million by 2028, growing at a CAGR of4.0% from 2021 to 2028.

Trimethylhydroquinone comes under phenol category. It is also known as 3,6-dihydroxypseudoquinone,1,4-dihydroxy-2,3,5-trimethylbenzene, 2,3,5-trimethylhydroquinone, and 2,3,5-trimethylbenzene-1,4-diol. It is used in several applications such as synthesis of vitamin E, antioxidants, dyes, and others. 

The changing lifestyle has increased the demand for dietary supplements, which is one of the drivers for the market. Trimethylhydroquinone is used in manufacturing of vitamin E. In addition, the rising pharmaceutical industry is also expected to increase the demand for trimethylhydroquinone. However, consumer choice shifting toward natural-based vitamin E is decreasing the demand for trimethylhydroquinone.

The global trimethylhydroquinone market is segmented in to application, and region. On the basis application the trimethylhydroquinone market is bifurcated into synthesis of vitamin E, drug production, dyes, and others. By region, the trimethylhydroquinone market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Trimethylhydroquinone market share is analyzed for all regions and segments.

On the basis of application, the synthesis of vitamin E segment garnered 66.4% in terms of volume in 2020 and is expected to grow at a CAGR of 3.1% during the forecast period. 

Region-wise, Asia-Pacific is expected to grow at a CAGR of 4.1%, in terms of volume, during the forecast period. This is attributed to presence of key manufacturers and fastest growing end-use industries such as personal care, pharmaceutical, and others. 

The trimethylhydroquinone market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the trimethylhydroquinone market include Connect Chemicals Group, Glentham Life Sciences Limited, Haihang Industry, Santa Cruz Biotechnology, Inc., Shanghai Sunwise Chemical Co, Ltd., SIELC Technologies, Thermo Fisher Scientific, Tokyo Chemical Industry, Toronto Research Chemicals, and Merck KGaA.

Key findings of the study

• The report outlines the current trimethylhydroquinone market trends and future scenario of the trimethylhydroquinone market from 2021 to 2028 to understand the prevailing opportunities and potential investment pockets.

• The trimethylhydroquinone market size is provided in terms of volume and revenue.
• On the basis of application, the drug production segment is expected to grow at a CAGR of 17.5%, in terms of volume, during the forecast period.
• On the basis of region, the North America gained 20.2% share in 2020 in terms of revenue.
• On the basis of application, the dye segment is expected to grow at a CAGR of 3.9% in terms of volume during the forecast period.
• On the basis of region, Europe garnered a share of 27.7% in 2020 in terms of volume.

Impact of COVID-19 on the trimethylhydroquinone market

• The COVID-19 outbreak has affected the demand as well as manufacturing of trimethylhydroquinone.
• The global health crisis affected the chemical industry supply chain to a major extent, which led to a major impact on raw material procurement.
• The outbreak of COVID-19 has shifted consumer spending toward dietary supplements, food, and beverages. As a result, consumer spending toward cosmetics has decreased significantly. The trend of dietary supplements/nutritional products is expected to stay for long period, owing to increased awareness regarding health and fitness due to COVID-19 outbreak. This factoris expected to increase the demand for supplements such as vitamin E. Which will consequently increase the demand for trimethylhydroquinone.