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 to disperse dyes to enter polyester polymers and enhances the overall quality of fabric.
Factors such as rise in population, coupled with rapid urbanization has led to rise in demand for various consumer goods where biphenyl is widely used as a major chemical intermediate during manufacturing process. This positively drives growth of the biphenyl market. Furthermore, factors such as busy lifestyle schedules and changing consumer demand patterns has led to rise in demand for packed food items where biphenyl is widely used to prevent fungal growth on packed food items. This augments growth of the biphenyl market during the forecast period.
However, adverse health & environmental effects of biphenyl hamper the industry growth during the forecast period.
On the contrary, factors such as increasing severity of diseases, increase in obesity, and unhealthy eating habits have led to rise in number of diabetic patients globally where biphenyl is widely used as an active pharmaceutical ingredient for manufacturing various diabetic drugs. This is anticipated to increase sales of biphenyl in the growing pharmaceutical sector; thus creating remunerative 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, foods & beverages, pharmaceuticals solvent, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global biphenyl market profiles leading players that 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 global biphenyl market report provides in-depth competitive analysis as well as profiles of these major players.
Factors such as rise in population, coupled with rapid urbanization has led to rise in demand for various consumer goods where biphenyl is widely used as a major chemical intermediate during manufacturing process. This positively drives growth of the biphenyl market. Furthermore, factors such as busy lifestyle schedules and changing consumer demand patterns has led to rise in demand for packed food items where biphenyl is widely used to prevent fungal growth on packed food items. This augments growth of the biphenyl market during the forecast period.
However, adverse health & environmental effects of biphenyl hamper the industry growth during the forecast period.
On the contrary, factors such as increasing severity of diseases, increase in obesity, and unhealthy eating habits have led to rise in number of diabetic patients globally where biphenyl is widely used as an active pharmaceutical ingredient for manufacturing various diabetic drugs. This is anticipated to increase sales of biphenyl in the growing pharmaceutical sector; thus creating remunerative 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, foods & beverages, pharmaceuticals solvent, and others. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global biphenyl market profiles leading players that 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 global biphenyl market report provides in-depth competitive analysis as well as profiles of these major players.
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.
Key Market Segments
By Source
- Crude Oil
- Coal Tar
- Natural Gas
By Application
- Pharmaceuticals Solvent
- Others
- Dye Carrier
- Food and Beverages
- Chemical Intermediates
By Region
- North America
- Mexico
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key 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
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BIPHENYL MARKET, BY SOURCE
CHAPTER 5: BIPHENYL MARKET, BY APPLICATION
CHAPTER 6: BIPHENYL MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Biphenyl Market," the biphenyl market was valued at $1.24 billion in 2021, and is estimated to reach $1.98 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.Biphenyl is a water-soluble organic compound also identified as a diphenyl, phenylbenzene. It possesses various properties such as antimicrobial, antifungal, and flavorants that makes it best-suited for use in a wide range of end use industries including foods & beverages, chemical manufacturing, textile, oil & gas, and others.
Factors such as rise in population of millennial, increase in fashion consciousness, and adoption of western culture among people in both developed and developing countries such as the U.S., China, and India has led the textile sector to witness remarkable growth where biphenyl is widely used as dye carrier. This acts as one of the key drivers responsible for growth of the biphenyl market. In addition, increase in severity of diseases has led the pharmaceutical sector to witness a significant growth where biphenyl is widely used as an active pharmaceutical intermediate for manufacturing various drugs for treatment of several health-related disorders including hypertension, diabetic nephropathy, osteoarthritis, rheumatoid arthritis, Alzheimer’s disease, prostate cancer, and other chronic diseases. This propels growth of the biphenyl market in the growing pharmaceutical sector.
However, biphenyl is a benzenoid aromatic compound that occurs naturally in coal tar, crude oil, and natural gas. Prices of these materials vary that eventually affects prices of biphenyl. This factor hampers growth of the biphenyl market.
On the contrary, rise in population has led to rise in demand for a wide range of consumer goods, which has led to establishment of chemical manufacturing units in both developed and developing economies where biphenyl is widely used as heat transfer fluid and chemical intermediate during production of various organic chemicals. For instance, according to a report published by the India Brands Equity Foundation, the chemical industry is expected to contribute $300 billion to India's GDP by 2025. This is anticipated to increase demand for biphenyl in the growing chemical manufacturing sector; thus creating remunerative opportunities for the market.
The biphenyl market is segmented on the basis of source, application, and region. By source, the market is segregated into crude oil, coal tar, and natural gas. The coal tar segment dominated the global market, in terms of revenue in 2021, with half of the total share. This is attributed to the fact that coal tar sourced biphenyl acts as a major pharmaceutical ingredient for various drugs used to cure dermatitis-related disorders. Furthermore, coal tar sourced biphenyl is used to produce aviation turbine fuels. This has led to rise in its popularity in the aerospace sector.
By application, the global biphenyl market is classified into dye carrier, foods & beverages, pharmaceuticals solvent, and others. The dye carrier application segment dominated the global market, in terms of revenue in 2021, with one-third of the total share. This is attributed to factors such as rise in disposable income and increase in fashion trends, which propels number of potential premium textile buyers and textile manufacturers to focus on fabric quality. Biphenyl acts as an excellent dye carrier that assists disperse dyes to enter polyester polymer, thus enhances overall quality of fabric. This factor has led the textile manufacturers to become linear toward using biphenyl for dye carrier applications.
Region wise, the biphenyl market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America biphenyl market accounted for a major biphenyl market share in 2021, owing to rise in international trade, expansion of domestic and international economies, and increase in the tourism industry in the U.S., which had led to rise in demand for biphenyl among various end use sectors. Furthermore, the aerospace sector in the U.S is witnessing a significant growth where biphenyl is widely used as a heat transfer agent. For instance, according to a report published by the International Air Transport Association in 2019, the air transport industry, including airlines, and their supply chain, is estimated to support US $641,000 million of GDP in the U.S. by 2025.
Key players operating in the global biphenyl market 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.
COVID-19 Analysis
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. The biphenyl market has been negatively impacted due to the wake of the COVID-19 pandemic, owing to its dependence on food & 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. 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.
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 Findings of the Study
- By source, the coal tar segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.7% from 2022 to 2031.
- By application, the dye carrier application segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 4.6% from 2022 to 2031.
- North America garnered the highest share of 40.4% in 2021, in terms of revenue, growing at a CAGR of 4.0%.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 261 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 1.24 billion |
| Forecasted Market Value ( USD | $ 1.98 billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 15 |
