Biphenyl Market to Garner $1.98 Billion, Globally, By 2031 at 4.8% CAGR, Says Allied Market Research

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Aug 15, 2022, 03:30 ET

PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Biphenyl Market by Source (Crude Oil, Coal Tar, Natural Gas), by Application (Dye Carrier, Food and Beverages, Chemical Intermediates, Pharmaceuticals Solvent, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global biphenyl industry generated $1.24 billion in 2021, and is estimated to reach $1.98 billion by 2031, witnessing a CAGR of 4.8% from 2022 to 2031.

Drivers, Restraints, and Opportunities

Changing consumer demand patterns that surged the demand for packed food items and rapid urbanization that increased the demand for various consumer goods in which biphenyl is widely used are the factors driving the growth of the global biphenyl market. However, chronic exposure to biphenyl leads to various disorders such as kidney function disorder, cardiovascular disorders, and gastrointestinal disorders. This, in turn, restrains the market growth. On the other hand, wide application of biphenyl in treating several health-related disorders such as hypertension, osteoarthritis, diabetic nephropathy, Alzheimer's disease, rheumatoid arthritis, prostate cancer, and other chronic diseases presents new opportunities in the next few years.

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Covid-19 Scenario

The demand for biphenyl from application industries such as textile, chemicals, agriculture, and others reduced significantly due to partial or complete stoppage of daily operations and production activities with lockdown restrictions imposed by governments.
However, the demand from pharmaceutical and food & beverages industries increased considerably due to its application as a preservative. This led to a positive impact on the market revenue.
Prices of biphenyl were higher in the Asia-Pacific region as compared to other regions due to continuous demand and shortage of product availability in 2020. Solid downstream biphenyl demand and strong upstream costs will lead to continuity in price gain.
Improved domestic supply chain and heavy public investments in the chemical & agriculture sector is estimated to drive the growth in the biphenyl market post-pandemic.

The coal tar segment to maintain its lead position during the forecast period

Based on source, the coal tar segment accounted for the largest market share in 2021, contributing to more than half of the global biphenyl market, and is projected to maintain its lead position during the forecast period. This is due to rise in demand for coal tar-sourced biphenyl in the pharmaceutical sector for production of medicines that can cure a variety of skin issues. However, the crude oil segment is estimated to witness the largest CAGR of 5.1% from 2022 to 2031, owing to rise in demand for crude oil-sourced biphenyl from the textile industry. The report also analyzes the natural gas segment.

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The dye carrier segment to maintain its dominant share during the forecast period

Based on application, the dye carrier segment contributed to the highest market share in 2021, accounting for around one-third of the global biphenyl market, and is expected to maintain its dominant share during the forecast period. This is due to increase in fashion consciousness and adoption of western culture that led to surge in the number of potential premium textile buyers. The ability of biphenyl to act as an excellent dye carrier that assists in dispersing dyes to enter polyester polymers and improving the overall quality of fabric creates a huge demand and leads the segment to generate the highest revenue. However, the food and beverages segment is projected to manifest the fastest CAGR of 5.3% from 2022 to 2031, owing to busy schedules of consumers and changes in consumer demand patterns that led to surge in demand for packed food items in which biphenyl is used widely to prevent the fungal growth. The research also analyzes the segments including chemical intermediates, pharmaceuticals solvent, and others.

North America to maintain its lead status by 2031

Based on region, North America held the largest market share in 2021, accounting for around two-fifths of the global biphenyl market, and is expected to maintain its lead status by 2031. This is attributed to wide usage of biphenyl in the aviation industry in the U.S. as a heat transfer fluid for maintaining the optimum temperature of aerospace fuel along with demand for packaged food and beverages in which biphenyl is widely used as a preservative for restricting the fungal growth. However, Asia-Pacific is projected to register the fastest CAGR of 5.9% from 2022 to 2031, owing to utilization of biphenyl in various sectors such as power generation, textile, agriculture, aviation, chemical manufacturing, and others.

Leading Market Players

ABacipharm Corporation
Alfa Aesar
Biosynth Carbosynth
Daken Chemical Limited,
Eastman Chemical Company
Henan Tianfu Chemical Co., Ltd
Jiangsu Zhongneng Chemical Technology Co., Ltd.
Lanxess AG
MainChem
Merck kGaA
Oakwood Products, Inc.
Otto Chemie Pvt. Ltd.
Springchem New Material Technology Co., Limited
Taj Pharmaceuticals Ltd.
TCI America

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