Trimethylhydroquinone Market Share
Trimethylhydroquinone market is projected to reach $1,282.6 million by 2028, growing at a CAGR of 4.0% from 2021 to 2028
OREGON, PORTLAND, UNITED STATES, September 1, 2023/EINPresswire.com/ — 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 industry 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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