- The global quinones market is expected to expand at a rapid pace during the forecast period, due to the increasing demand for these derivatives in various industries such as building & construction, automotive, oil & gas, and consumer appliances. Growth in the petrochemical industry in countries in Asia Pacific such as India, Taiwan, and Thailand has also opened new avenues for the quinones market.
- Quinones is a class of organic compounds often found in nature as pigment in animals, plants, and microbes. The main active ingredients of many important traditional Chinese herbs such as rhubarb, cassia, senna, comfrey, giant knotweed, polygonum, and aloe vera are quinone compounds, as these possess hemostatic, anti-inflammatory, anti-viral, and anti-tumor properties.
- Quinone and its derivatives can be dissolved in methanol, ethanol, ethyl acetate, ethyl ether, benzene, chloroform, and other organic solvents. They are slightly soluble or insoluble in water.
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Key Drivers of Quinones Market
- Quinones are a class of oxidized organic aromatic chemicals that are derived from simpler aromatic compounds such as benzene and naphthalene. Quinone and its derivatives are used in a wide range of applications. They are often used as chemical intermediates for the production of pharmaceuticals. They are also employed as fungicides, and as oxidizing agents in chemical synthesis.
- Anthracycline drugs, a class of anthraquinones used as anticancer drugs, are effective against acute leukemia and malignant lymphomas. They are also active in solid tumors, particularly in case of breast cancer.
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Chemical Intermediates Application Segment to Offer Immense Opportunities
- In terms of value and volume, the chemical intermediates segment is estimated to account for significant share of the market during the forecast period, owing to the rise in demand for derivatives, including benzoquinone and anthraquinone, in numerous applications. This trend is anticipated to continue during the forecast period due to the growth in pharmaceutical and dyes industries in Asia Pacific and Middle East & Africa.
- Quinones is widely used as a chemical intermediate for its oxidizing properties and ability to act as a dehydrogenation reagent in a wide variety of chemical syntheses
- Other uses include applications in photography and petroleum products as polymerization inhibitor. Quinone is also considered a biological pigment/dye that is found naturally in certain fungi and many different plant species.
Covid-19 Impact on Quinones Market
Lockdown imposed by governments of various countries in the world to curb the spread of the Covid-19 pandemic has severely impacted the oil industry. Majority of production of quinone and its compounds such as benzoquinone and anthraquinone is generated from crude oil.
- On July 7, 2020, the U.S. Energy Information Administration (EIA) released data forecasting a drop in production of crude oil and natural gas in the country in 2020. As per the data, crude oil production in the U.S. is expected to decrease by 600,000 barrels per day (bpd) in 2020 to 11.63 million bpd by the end of 2020.
- In April 2020, global crude oil prices declined steeply due to sudden stoppage in global demand for oil and natural gas and restricted travel across the world. Demand for oil and natural gas has started to revive as some countries have eased lockdowns and stay-at-home orders. According to the EIA, global consumption of oil is estimated to decline by 8.15 million bpd to 92.89 million bpd by the end of 2020.
- Decline in prices of crude oil is beneficial for the chemical industry, as decrease in prices of crude oil, a key raw material in chemical production, is likely to lower the overall manufacturing expenses and increase the profitability of companies. Therefore, the impact of Covid-19 pandemic is estimated to be high on the quinones market in 2020 and 2021.
Asia Pacific Expected to Hold Major Share of Global Quinones Market
- In terms of value and volume, Asia Pacific accounted for significant share of the global quinones market in 2019. It is anticipated to continue its dominance during the forecast period, due to the growth in the pharmaceutical industry. China is the largest producer of specialty chemicals and dyes in Asia Pacific. This is expected to further drive the quinones market in the country.
- North America and Europe also constitute vital share of the global quinones market. The market is estimated to expand at a sluggish pace in these regions due to the implementation of stringent regulations regarding carbon emissions.
- Latin America and Middle East & Africa are likely to be attractive regions of the quinones market during the forecast period. Brazil and Mexico are major manufacturers of pharmaceuticals in the world. They are also manufacturing hubs for numerous industries. Economic growth in these countries is likely to create opportunities for the quinones market in Latin America.
Major Players in Market
Key players operating in the global quinones market include:
- Crystal Quinones Pvt. Ltd
- Parchem fine & specialty chemicals
- Manus Aktteva Biopharma
- Zhonglan Industry
- Xiamen Hisunny Chemical
- Haihang Industry
- Merck Millipore
- Shanghai Jianglai
- Yancheng Fengyang Chemical
- Shandong Fine Chemical
Global Quinones Market: Research Scope
Global Quinones Market, by Type
- Benzene Quinone
- Naphthalene Quinone
Global Quinones Market, by Application
- Chemical Intermediates
- Dye Intermediates
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.