Biphenyl Market Research, 2031
The global biphenyl market was valued at $1.24 billion in 2021, and is projected to reach $1.98 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Biphenyl is a clear and colorless organic compound that possesses antifungal and antimicrobial properties. It is widely used as a heat transfer medium and in organic synthesis of different organic chemicals. In addition, it serves as an excellent dye carrier in the textile industry that assists the to disperse dyes to enter the polyester polymers and thus enhances the overall quality of fabric.
Factors such as busy lifestyle schedules, and changing consumer demand patterns has surged the demand for packed food items where biphenyl is widely used to prevent fungal growth on packed food items. For instance, according to an article published by Business Standard in February 2021, Indian packaged food market is expected to be double in the coming 5-10 years and may reach $70 billion. This may act as one of the key drivers responsible for the growth of the biphenyl market. In addition, factors such as rising rise in population, coupled with rapid urbanization has surged to rise in demand for various consumer goods where biphenyl is widely used as a major chemical intermediate during the manufacturing process.. This may foster the growth of the biphenyl market during the forecast period.
However, habitual exposure to biphenyls and their derivatives can cause eye irritation, liver disorder, and skin irritations in humans. In addition to this, chronic exposure to biphenyl may lead to kidney function disorder, cardiovascular, and gastrointestinal disorders, and it has an adverse effect on the central peripheral nervous system of workers who have been working in the chemical industry and getting frequent exposure to biphenyl and its derivatives. These factors together may hamper the growth of the biphenyl market during the forecast period.
On the contrary, the increasing severity of diseases has led the pharmaceutical sector to witness a significant growth where biphenyl are widely used treat the several health-related disorders such as hypertension, diabetic nephropathy, osteoarthritis, rheumatoid arthritis, Alzheimer’s disease, prostate cancer, and other chronic diseases. This is anticipated to increase the sales of biphenyl in the growing pharmaceutical sector; thus creating lucrative opportunities for the market.
The biphenyl market is segmented on the basis of source, application, and region. On the basis of source, it is fragmented into crude oil, coal tar, and natural gas. By application, it is classified into dye carrier, food & beverages, pharmaceuticals solvent, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major companies profiled in this report include 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., and TCI America.
The Asia-Pacific biphenyl market size is projected to grow at the highest CAGR of 5.9% during the forecast period and accounted for 17.49% of biphenyl market share in 2021. This is attributed to the proliferating demand for biphenyl from various end-use sectors such as textile, agriculture, food & beverage, chemical manufacturing, and others which in turn have led the biphenyl manufacturers to increase their production capacities. Furthermore, increase in agricultural exports where biphenyl is widely used as fungicide to resist the growth of several pathogens. India’s textile sector is increasing rapidly which has forced the biphenyl manufacturers to produce more efficient biphenyl used for dye carriers purposes. For instance, according to a report published by Indian Brands Equity Foundation in May 2022, India's home textile exports grew at a healthy rate of 9% in 2021. This may fuel the growth of the biphenyl market in the Asia-Pacific region.
In 2021, the coal tar segment was the largest revenue generator, and is anticipated to grow at a CAGR of 4.7% during the forecast period. Rise in demand for coal tar-sourced biphenyl in pharmaceuticals for the production of medicines that can cure a variety of skin issues, which may further propel the biphenyl market growth in the coming years. Furthermore, coal tar-sourced biphenyl possesses some diverse applications. For instance, according to a study published by the Journal of Fuel Chemistry and Technology in May 2021, light coal tar-based biphenyl can be used to produce aerospace fuels. These factors together are escalating the growth of coal tar segment in the global market.
By application, the dye carrier segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 4.6% during forecast period. This is attributed to the factors such as rise in disposable income, increase in fashion consciousness, and adoption of western culture has led to rise in number of potential premium textile buyers, which led textile manufacturers to focus on fabric quality. Biphenyl acts as an excellent dye carrier that assists disperse dyes to enter polyester polymers and enhance the overall quality of fabric. This factor has led the textile manufacturers to become linear towards using biphenyl for dye carrier applications.
IMPACT OF COVID-19 ON THE GLOBAL BIPHENYL MARKET
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe.
- Dependence on foods & beverages, chemical, textile, polymer, agriculture, and other sectors. According to a report published by the Ministry of Energy and Mineral Resources, the second quarter of 2020 registered a decrease in the economic growth by -5.3%, owing to the lockdown imposed amid the COVID-19 period.
- In addition, around 60% of the manufacturing industries were hardly hit by the pandemic while other industries such as food & beverages and pharmaceuticals are moderately affected due to high demand. This has led the biphenyl market to witness a downfall in demand, attributed to its use in various manufacturing & other end-use sectors.
- More than 100 countries have locked their international borders for transportation and non-essential trade activities which in turn have reduced the consumption of biphenyl among several end use sectors.
- Furthermore, the fuel consumption (gasoline) was decreased by 34% in April 2020 as compared to April 2019, owing to restrictions for the transportation of non-essential items. This has reduced the refining capacities of the major refineries; thus, decreasing the consumption of organic chemicals where biphenyl is widely used for organic synthesis purposes.
- In 2020, biphenyl prices were higher in Asia-Pacific region. The price rise was due to continued regional demand trends and tight product availability. Firm downstream biphenyl demand and stronger upstream costs are expected to sustain the price gain
- However, new emerging geographic scenario, enhanced domestic supply chain, and strong public investments in the chemical & agriculture sector is projected to drive growth of the biphenyl market. For instance, according to an interim report published by the Australian Chemical Industry Forum (ACIF), the chemical industry is expected to return to pre-COVID-19 levels driven by strong public investments.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the biphenyl market analysis from 2021 to 2031 to identify the prevailing biphenyl market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the biphenyl market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global biphenyl market trends, key players, market segments, application areas, and market growth strategies.
Biphenyl Market Report Highlights
| Aspects | Details |
 By Source |
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 By Application |
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 By Region |
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 Key Market Players | MainChem, Lanxess AG, Otto Chemie Pvt. Ltd., ABacipharm Corporation, Taj Pharmaceuticals Ltd., Eastman Chemical Company, JIANGSU ZHONGNENG CHEMICAL TECHNOLOGY CO., LTD, Biosynth Carbosynth, Oakwood Products, Inc., TCI America, Henan Tianfu Chemical Co., Ltd, Springchem New Material Technology Co., Limited, Merck kGaA, Alfa Aesar, Daken Chemical Limited, |
Analyst Review
According to CXOs of leading companies, the global biphenyl market is expected to exhibit high growth potential during the forecast period. Biphenyl is an excellent antimicrobial food preservative and antifungal agrochemical used to prevent growth of pathogens in citrus fruits and vegetables. Moreover, food packaging that requires excellent moisture resistance and reduction in product damage and food spoilage can be accomplished with the use of biphenyl.
In addition, biphenyl acts as an excellent dye carrier that assists disperse dyes to enter polyester polymer, which enhances the overall quality of fabric. This has led to increase in potential application of biphenyl in the textile sector. Furthermore, biphenyl is an aromatic compound that comprises benzene rings in it, owing to which it is widely used in producing wide range of biphenyl-based drugs such as losartan, flurbiprofen, tarenflurbil, and telmisartan that have been used rapidly to treat disorders including hypertension, diabetic nephropathy, osteoarthritis, rheumatoid arthritis, Alzheimer’s disease, prostate cancer, and other chronic diseases. CXOs further added that sustained economic growth and development of the chemical manufacturing sector may increase popularity of biphenyl.
The global biphenyl market is projected to reach $1.98 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
the dye carrier segment dominated the global market in 2021, and is anticipated to grow at a CAGR of 4.6% during the forecast period.
North America region accounted for the largest revenue share in the global biphenyl market, growing at a CAGR of 4.0% during the forecast period.
The major companies profiled in this report include 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., and TCI America.
Dependence on foods & beverages, chemical, textile, polymer, agriculture, and other sectors. In 2020, biphenyl prices were higher in Asia-Pacific region. The price rise was due to continued regional demand trends and tight product availability.
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