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 driving the growth of the global biphenyl market.
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.
Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/17493
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.
Get Detailed COVID-19 Impact Analysis on the Biphenyl Market @ https://www.alliedmarketresearch.com/request-for-customization/17493?reqfor=covid
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
Daken Chemical Limited,
Eastman Chemical Company
Henan Tianfu Chemical Co., Ltd
Jiangsu Zhongneng Chemical Technology Co., Ltd.
Oakwood Products, Inc.
Otto Chemie Pvt. Ltd.
Springchem New Material Technology Co., Limited
Taj Pharmaceuticals Ltd.
Interested in Procuring This Report? Visit Here:
Avenue Basic Plan | Library Access | 1 Year Subscription |
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenueTrial
Get more information: https://www.alliedmarketresearch.com/library-access
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on: LinkedIn Twitter
SOURCE Allied Market Research