Biphenyl Market size worth over US$ 360 million by 2026
Published Date: January 13, 2021 Authors: Kunal Ahuja, Kritika Mamtani
According to a new research report by Global Market Insights, Inc., the Biphenyl Market size is set to surpass USD 360 Million by 2026. Significant expansion of chemical industry and increasing production of organic chemicals should contribute towards the market growth.
The rapid adoption of modern agricultural techniques, which involve an increased usage of agrochemicals such as pesticides and fungicides will lead to an increased demand for biphenyl derivatives for manufacturing fungicides. The growing trend of organic agriculture and sustainable farming is anticipated to boost the market growth in the forecast period. Moreover, changing lifestyles and lack of time to prepare and consume healthy food are shifting consumer attention toward ready-to-eat packaged food, thus raising the product demand and supporting the biphenyl market share.
The excellent thermal conductivity and heat transfer properties of biphenyl derivatives promote their uses as heat transfer fluids in boilers, condensers, and reactors used in different chemical industries. Biphenyl derivatives are also used as chemical intermediates in polymer processing and in the production of organic chemicals on a commercial scale.
Furthermore, the rising consumer demand for fashionable outfits with aesthetically appealing designs and textures is compelling garment manufacturers to devise innovative dyeing techniques, thereby, increasing the demand for biphenyl as a dyestuff carrier. Favorable government policies such as Made in India initiatives are encouraging small & medium entrepreneurs to focus on product innovations and enhance their sales. The rising trend of technical textiles is projected to further boost the biphenyl market growth.
Browse key industry insights spread across 215 pages with 162 market data tables and 20 figures & charts from the report, Global Biphenyl Market Size By Type (Crude Oil Biphenyl, Coal Tar Biphenyl, Natural Gas Biphenyl), By Application (Dyestuff Carrier for Textiles, Food & Beverages, Fungicide, Heat Transfer Fluids, Chemicals Intermediate, Solvents for Pharmaceutical Production), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Increasing Focus on Reducing the Use of Conventional Sources of Energy Should Stimulate the demand for Crude Oil Type
Global biphenyl market from crude oil type is projected to gain traction owing to its increasing usage in textile and wood industry with the CAGR of 6% over the forecast period. Increasing usage of electronic devices such as cell phones, cameras, and wireless routers, are fueling the market demand for crude oil as plastic produced from crude oil is used for manufacturing these products.
Further, crude oil biphenyl is being consumed on a large scale globally owing to the increasing focus on reducing the use of conventional sources of energy. Additionally, Middle East and Saudi Arabia is one of the leading producers of crude oil in the world. For instance, the production of crude oil in Saudi Arabia was around 545 Metric Tons in 2019. These aforementioned factors are fueling the growth of biphenyl market across the globe.
“As per industry forecast, crude oil type is stipulated to surpass USD 140 million by the end of 2026, owing to increasing its usage for producing plastics which is commonly used for manufacturing electronic devices.
Substantial Demand for Drugs and Medicine Creates Lucrative Growth Opportunities from Solvent for Pharmaceutical Application
Global biphenyl market from solvents for pharmaceutical production is expected to witness significant growth during the forecast period with the CAGR of 7 % by the end of 2026. Increasing per capita healthcare expenditure, and rising prevalence of lifestyle diseases due to the increasing desk-bound lifestyles coupled with increasing geriatric population may raise the demand for biphenyl in manufacturing pharmaceuticals. Furthermore, the outbreak of the COVID-19 pandemic has resulted in a sudden rise in the demand for pharmaceutical formulations, thus promoting the demand for biphenyl for solvents for pharmaceutical production and boosting market growth.
Asia Pacific Market is Gaining Traction Owing to Increasing Textile & Agricultural Sector
Asia Pacific is anticipated to exceed by USD 70 million is likely to grow with CAGR of over 10% by the end of 2026 owing to increasing biphenyl usage as dyestuff carrier in textile industry and as a pesticide in agricultural sector. Growing requirements for crop-protection products to increase yields and protect against crop losses are projected to drive the agrochemicals sector and stimulate the biphenyl market demand.
The pesticides and agricultural chemicals industry were worth over USD 14.5 billion in 2018, which represents healthy growth opportunities. Growing population and the increasing trend of urbanization have forced farmers in to achieve greater crop yields on smaller farms.
Various countries such as Chinas and India requires tremendous food supplies in accordance with its higher standard of living, which necessitates high crop productivity. The rising trends of organic farming and sustainable agriculture demand have increased use of agrochemicals such as pesticides and fungicides for crop protection, which is expected to drive biphenyl market growth in Asia Pacific. Significant growth of the textile industry in Asia Pacific is expected to encourage market growth. India is one of the largest producers of cotton with the presence of some of the major textile manufacturers such as SKF, Arvind, Raymond, and Welspun India in the country.
Key players in biphenyl industry are also investing in research and development activities as its finds wide array of application in food & beverage, dyestuff carrier in textiles and paper industry. Some of the manufacturers operating in the market are Alfa Chemistry, Xingrui Industry Co., Ltd., Anward, Central Drug House (P) Ltd., Loba Chemie, Eastman Chemical Company, Debye Scientific Co., Ltd., , Dayang Chem (Hangzhou) Co., Ltd., Matrix Scientific, Win Win Chemical, Life Chemicals, MuseChem, Aozeal Certified Standards, LGC Standards (part of LGC Group), Hangzhou Keying Chem Co., Ltd., AA Blocks3B Scientific (Wuhan) Corporation Ltd., Sinfoo Biotech, Oakwood Chemical, Angene International Limited, King Scientific, Haihang Group, Spectrum Chemical Mfg. Corp., Sigma Aldrich, Tokyo Chemical Industry Co., Ltd., Santa Cruz Biotechnology, Clearsynth, Lanxess AG, Biosynth Carbosynth, ABCR GmbH, Thermo Fisher Scientific, and AK Scientific, Inc.