Hydroquinone or HQ is the common name for the ingredient 1,4-dihydroxybenzene, an aromatic and a white granular solid compound that features two hydroxyl groups bonded to a benzene ring. According to BlueQuark Research & Consulting, the global Hydroquinone market is expected to witness a significant growth rate during the forecasted period. Factors like the increased use of Hydroquinone in the cosmetic industry as a skin-lightening agent in creams, lotions, and gels are expected to drive the global hydroquinone market. Further, the use of Hydroquinone in the pharmaceutical industry to control hyperpigmentation, in which a high amount of melanin is present, is projected to drive the global Hydroquinone market. Furthermore, the use of Hydroquinone as antioxidants (for non-foods, fats, and oils), as polymerization inhibitors (for vinyl monomers, acrylic monomers, and USP), and as intermediates (for agricultural chemicals and dyes) is expected to drive the Global Hydroquinone market. However, factors like Stringent Government Regulations, the side effects of Hydroquinone, and the availability of alternatives are expected to hinder the global Hydroquinone market growth.

Hydroquinone is used as soaps and surfactants, cosmetics, shampoos, hair conditioners, creams, lotions, gels, inhibitors, medicines, dyes, and antioxidants for food, rubber, plastic, and other industries also used in end-user industries like agrochemicals, textiles, and consumer goods. 

The Cosmetics Industry is the primary consumer of Hydroquinone, producing the most demand for the chemical and is expected to drive the global market. Hydroquinone has its most prominent market application in manufacturing skin depigmentation cream. It is used to lighten dark patches, hyperpigmentation conditions, melasma, spots caused during pregnancy, or injury to the skin and is the main ingredient in bleach creams. Hydroquinone provides various benefits such as reducing pigmentation, lightening of discoloration, even skin tone, and elimination of blemishes. The proper usage of Hydroquinone results in the reduction of various skin issues, such as age spots or acne spots, dark spots which have augmented the inclination of consumers toward skin lighteners such as Hydroquinone. Hydroquinone primarily bleaches the skin, which can help treat different forms of hyperpigmentation by decreasing the number of melanocytes that make melanin responsible for skin tone. HQ is a white crystalline substance worn primarily as an inhibitor in polymerization as well as the production of antioxidants for rubber, food, plastic, and other industries. HQ is also employed in the manufacture of polyetheretherketone (PEEK), an advanced engineering material utilized in aerospace and automotive industries. Hydroquinone is utilized to lighten dark patches of the skin (also called hyperpigmentation) caused by birth control pills, hormone medicines, pregnancy, or injury to the skin. The Procter & Gamble Company posted fiscal 2021 USD 76.1 Billion, a 7 percent year-on-year increase in net sales, showing the demand in the sector. Furthermore, male consumers' use of cosmetic products has increased significantly, encouraging manufacturers to develop unique cosmetic products for men, which has directly contributed to the growth of the global Hydroquinone market. Johnson & Johnson posted its second-quarter results of 2021, a 27.1% increase in reported sales to USD 23 Billion and a 73.1% increase in the net earnings. Therefore the use of Hydroquinone in the Cosmetics industry is expected to grow and drive the overall market.

Asia-Pacific region is expected to be the leader in the production and consumption of Hydroquinone, with most of the consumption in countries like China and India. The demand for personal care products, cosmetics, and pharmaceuticals is enormous in the region since more than half of the world's population lives there. The need for the cosmetics industry is mainly driven by the rise in urbanization, continuous increase in online spending on beauty products, expansion of social networks, and the increase in consumer interest in new and premium products. Further, the use of Hydroquinone as a photographic developer and as a synthesis intermediate for rubber and dyes is projected to drive the demand in the region. Furthermore, being a robust reducing agent, it is extensively used in producing antioxidants, inhibitors, medicines, and dyes, which are projected to drive growth in the region. The development and demand for products, such as body moisturizing lotions, sunscreen lotions & creams, facial wipes, face wash, hair styling gels, and make-up products for men and women, fuel the growth of the Asia Pacific cosmetics market. The increased consciousness regarding personal appearance among individuals and rising incomes drive the industry growth. Hydroquinone is used to produce antioxidants for the rubber processing industry. Rubber plays a critical role in various end-user industries like aerospace, automotive, electronics, and other manufacturing industries. The continued growth in these industries is, in turn, boosting the demand for rubber. The need for rubber is also likely to increase in the automotive industry owing to increasing electric vehicles in countries such as the United States, Germany, etc. The paints and adhesives industries in the region are likely to rise at a moderate rate, influenced by the development in GDP, automotive builds, and industrial production and construction activities. All the factors added to the development of the Hydroquinone market in the region. 

Some of the market's key players are Solvay, Ube Industries, Ltd, Eastman Chemical Company, Mitsui Chemicals, Camlin Fine Sciences Ltd., and U-JIN Chemical Co., Ltd.

In September 2020, Camlin Fine Sciences announced the production plant of Hydroquinone at the production at Dahej unit.

Global Hydroquinone Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Hydroquinone market by segmenting based on the Type (Pharma Grade Hydroquinone, Industrial Grade Hydroquinone), End-Use Industries (Cosmetics, Pharmaceutical, Industries, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.