Global Biphenyl Market worth $2.5 billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Biphenyl Market Size to grow from USD 1.64 billion in 2021 to USD 2.5 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period. Government programmes promote organic farming practises attaining environmental sustainability, notably in nations like the United States and China, which have significantly increased the demand for Biphenyl.
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Browse key industry insights spread across 210 pages with 110 market data tables and figures & charts from the report” Global Biphenyl Market Size, Share, and COVID-19 Impact Analysis By Source (Coal Tar Biphenyl, Crude Oil Biphenyl, and Natural Gas Biphenyl), By Application (Chemicals Intermediate, Food & Beverages, Fungicide, Dyestuff Carrier for Textiles, Solvents and Heat Transfer Fluids) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030. “in detail along with the table of contents. https://www.sphericalinsights.com/reports/biphenyl-market
The COVID-19 outbreak has negatively impacted credit portfolios. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
The Coal Tar Biphenyl segment to account for the largest market size during the forecast period
Based on the Source, the global Biphenyl Market is categorized into Coal Tar Biphenyl, Crude Oil Biphenyl and Natural Gas Biphenyl. The Coal Tar Biphenyl segment to account for the largest market size during the forecast period. One of the key driving forces behind expanding the coal tar biphenyl market is the increasing demand for pharmaceuticals, dyes, and other substances. Coal tar, which has numerous uses in building, medicine, and other industries, contains biphenyl naturally. Coal tar is predominantly used to make fine chemicals and coal-tar products like creosote and coal-tar pitch. Since it treats various skin conditions like scaling and dryness, coal tar is also used in pharmaceuticals. The group of medications called keratoplasty includes coal tar. It reduces the formation of skin cells and makes the skin shed its outermost layer of dead cells. Additionally, a topical drug used to treat psoriasis and seborrheic dermatitis has increased demand for coal tar biphenyl in pharmaceutical applications, which should assist the expansion of the biphenyl market.
The Chemicals Intermediate segment to hold a higher CAGR during the forecast period.
Based on the Application, the Biphenyl Market is categorized into Dyestuff Carriers for Textiles, Food & Beverages, Fungicides, Chemicals Intermediates, Solvents and Heat Transfer Fluids. The Chemicals Intermediate segment to hold a higher CAGR during the forecast period. The market for biphenyl is expanding due to its increasing use as an intermediate in the production of emulsifiers. Biphenyl is also thickening in printing carriers and a precursor in benzidine production. As a result, many end-use manufacturing sectors are seeing a rise in demand for biphenyl as a chemical intermediate. Biphenyl is additionally employed as a crop production intermediate, aiding market expansion. Additionally, using chemical intermediates in non-agricultural pesticides and preservatives contributes to the biphenyl market and is anticipated to increase globally. As a result, the demand for biphenyl should be driven throughout the coming years by the expanding chemical sector, which should also promote the rise of chemical intermediates.
Asia Pacific is estimated to account for the highest market share in 2021
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The Global Biphenyl Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. The rising acceptance by the market are driving the demand for Biphenyls. This can be ascribed to the growing demand for biphenyl from a variety of end-use industries, including textile, agriculture, food & beverage, chemical manufacturing, and others, which has in turn, prompted producers of the substance to boost output. In addition, there has been an increase in exports of agricultural products where biphenyl is frequently employed as a fungicide to inhibit the growth of certain diseases. India's rapidly expanding textile industry has compelled biphenyl producers to create more effective biphenyl utilised as dye carriers. For instance, a report released in May 2022 by the Indian Brands Equity Foundation stated that India's exports of home textiles increased at a respectable pace of 9% in 2021. This might encourage the market for biphenyls to expand in the Asia-Pacific area.North America to hold a higher CAGR during the forecast period.
Major vendors 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.
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Frequently Asked Questions (FAQ)
What is the market size of the Biphenyl market?As per Spherical Insights, the size of the Biphenyl market was valued at USD 1.64 billion in 2021 to USD 2.5 billion by 2030.
What is the market growth rate of the Biphenyl market?The Biphenyl market is growing at a CAGR of 4.8% from 2021 to 2030.
Which country dominates the Biphenyl market?Asia-Pacific emerged as the largest market for Biphenyl.
Who are the key players in the Biphenyl market?Key players in the Biphenyl market are 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.
Which factor drives the growth of the Biphenyl market?Rapid urbanization is expected to drive the market's growth over the forecast period.
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