Trimethylhydroquinone Market Size, Share, Competitive Landscape and Trend Analysis Report by Application : Global Opportunity Analysis and Industry Forecast, 2021-2028

Trimethylhydroquinone Market Outlook - 2021-2028

The global trimethylhydroquinone market was valued at $944.2 million in 2020, and is projected to reach $1,282.6 million by 2028, growing at a CAGR of 4.0% from 2021 to 2028.

Trimethylhydroquinone (TMHQ) is also known as 2,3,5-trimethylhydroquinone. It can be utilized in the manufacturing of pigments, dyes, antioxidants, and others. However, the important application of TMHQ is as an intermediate in the industrial manufacturing of vitamin E. Vitamin E has significant importance in food manufacturing, cattle breeding, and medicine due to which there is rising interest in the methods for the preparation of 2,3,5-trimethylhydroquinone.

The factor contributing towardthe trimethylhydroquinone market growth is increased demand for health supplement, vitamin E from cosmetic industry, and others. In addition, rise in spending on cosmetics and personal care goods in developed countries drives the trimethylhydroquinone market. However, shifting consumer preference toward natural vitamin E hinders the market growth for trimethylhydroquinone,as it used in the manufacturing of synthetic vitamin E. For instance, some of the research centers in countries, such as Denmark, conducted research on dairy cow. They fed dairy cow with grass comprising natural vitamin E and synthetic vitamin E. The dairy cow fed with grass comprising synthetic vitamin E resulted in less vitamin E content than natural vitamin E. On the contrary, the growing active pharmaceutical industry is expected to offer lucrative opportunities for the key trimethylhydroquinone market industrial participants.

The trimethylhydroquinone market is segmented on the basis ofapplication and region.Depending on application, the market is segregated intosynthesis of vitamin E, drug production, dyes, and others. Region-wise, the trimethylhydroquinone market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The trimethylhydroquinone market share is also analyzed across applications.

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

By application, the synthesis of vitamin E segment garnered highest market share in 2020 in terms of volume. It has garnered 66.4% in 2020, in terms of volume. Vitamin E is an important product that is widely used in food, medicine, cosmetics, and cattle breeding applications. It has anti-oxidant and anti-aging properties that propel its use in cosmetics. Moreover, vitamin E also prevents cardiovascular disease and cancer, which also leads to its increased demand. Thus, industrial synthesis of vitamin E is in high demand, which acts as a demand driver for trimethylhydroquinone, thereby significantly contributing to the trimethylhydroquinone market growth.          

Region-wise, Asia-Pacific is expected to grow at a CAGR of 38.7%, in terms of volume, during the forecast period. This is attributed to the presence of emerging economies such as India, China, Japan, and South Korea. These emerging economies have rapidly growing consumer base such asconstruction, personal care, pharmaceutical, and others. China is one of the major contributors to the trimethylhydroquinone market, owing tohuge consumer base and presence of key players in the trimethylhydroquinone market. Asia-Pacific is the third largest pharmaceutical market in the world after North America and Europe. The increasing scarcity of medications in various nations drives the expansion of the pharmaceutical market in Asia-Pacific.

Key benefits for stakeholders

• The report outlines the current trends and future scenario of the 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.
• The report provides an in-depth analysis of the market along with the current and future trimethylhydroquinone market trends.
• This report highlights the key drivers, opportunities, and restraints of the market along with impact analysis during the forecast period.
• The report also covers the impact of governmental regulations on the trimethylhydroquinone market.
• Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industryfor strategy building.
• The study provides a comprehensive analysis of the factors that drive and restrain the trimethylhydroquinone market growth.

Impact of COVID-19 on the trimethylhydroquinone market

• The outbreak of the COVID-19 pandemic led to partial or complete shutdown of production facilities, which do not come under essential goods, owing to prolonged lockdown in major countries such as the U.S., China, Japan, India, and Germany. It has led to either closure or suspension of their production activities in most of the industrial units across the world.
• The COVID-19 outbreak has affected the demand as well as manufacturing of trimethylhydroquinone.
• The manufacturing activities of industries, such as construction, weredisrupted, owing to the spread of COVID-19 in many countries across the globe, which resulted in decrease in demand for 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 increased awareness regarding health and fitness resulted in increased demand for dietary supplements, which has consequently increased the demand for trimethylhydroquinone, as it is used in the manufacturing of vitamin E.
• The cosmetics industry has witnessed decrease in product demand in the first quarter of 2020, owing to COVID-19 outbreak. In addition, store closures have also affected the demand for cosmetics products. This has consequently decreased the demand for cosmetics raw materials such as trimethylhydroquinone. On the contrary, some of the positive effects of the pandemic on cosmetic products are increase in online sales, owing to closure of saloons and beauty parlors.

Key Market Segments

By Application

• Synthesis of Vitamin E
• Drug Production
• Dyes
• Others

By Region

• North America 
  • U.S. 
  • Canada 
  • Mexico
• Europe 
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific 
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

  Trimethylhydroquinone Market Report Highlights

Aspects	Details
By APPLICATION	Synthesis of vitamin E Drug production Dyes Others
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific) LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
Key Market Players	MERCK KGAA, SIELC TECHNOLOGIES, THERMO FISHER SCIENTIFIC, HAIHANG INDUSTRY, SANTA CRUZ BIOTECHNOLOGY, INC., CONNECT CHEMICALS GROUP, SHANGHAI SUNWISE CHEMICAL CO, LTD., TORONTO RESEARCH CHEMICALS, TOKYO CHEMICAL INDUSTRY, GLENTHAM LIFE SCIENCES LIMITED

Analyst Review

According to the CXOs of leading companies, the trimethylhydroquinone market is facing challenges such as stringent regulation for application of trimethylhydroquinone in skin care related application. Trimethylhydroquinone witnessed decrease in demand from synthetic vitamin E manufacturers, owing to increase in demand for natural vitamin E. On the contrary, supply and demand imbalance for natural vitamin E is expected to create opportunities for synthetic vitamin E. This is correspondingly expected to increase the demand for trimethylhydroquinone.

Author Name(s) : Pratik Mandon| Amit Narune | Eswara Prasad

Related Tags

• Chemical Technology
• Organic Chemicals
• Intermediates
• Derivatives
• Specialty Chemicals
• Pharmaceutical Chemicals