(MENAFN- EIN Presswire) Biphenyl Market to Garner $1.98 Billion, Globally, By 2031 at 4.8% CAGR, Says Allied Market Research
PORTLAND, OREGON, UNITED STATES, April 10, 2024 /EINPresswire / -- Allied Market Research has released a report titled "Biphenyl Market by Source (Crude Oil, Coal Tar, Natural Gas) and Application (Dye Carrier, Food and Beverages, Chemical Intermediates, Pharmaceuticals Solvent, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to this report, the global biphenyl industry generated $1.24 billion in revenue in 2021 and is expected to reach $1.98 billion by 2031, with a Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2031.
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Biphenyl, a clear and colorless organic compound, possesses antifungal and antimicrobial properties. It finds extensive use as a heat transfer medium and in organic synthesis. Moreover, it serves as an effective dye carrier in the textile industry, facilitating dye dispersion into polyester polymers and enhancing fabric quality.
Factors such as evolving consumer lifestyles and shifting demand patterns, especially towards packaged food items where biphenyl is utilized to prevent fungal growth, are driving market demand. For example, the Indian packaged food market is anticipated to double in the next 5-10 years, reaching $70 billion, indicating significant potential for biphenyl usage. Additionally, population growth and rapid urbanization contribute to increased demand for various consumer goods, further bolstering biphenyl consumption as a key chemical intermediate.
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While changing consumer trends and urbanization drive market growth, prolonged exposure to biphenyl can lead to health disorders such as kidney dysfunction, cardiovascular issues, and gastrointestinal problems, acting as a restraint. However, biphenyl's broad application in treating health-related disorders like hypertension, osteoarthritis, and Alzheimer's disease presents new growth opportunities.
In terms of source, the coal tar segment dominated the market in 2021, accounting for over half of the global biphenyl market share, primarily due to its extensive use in pharmaceuticals for treating various skin conditions. Conversely, the crude oil segment is projected to witness the highest CAGR of 5.1% from 2022 to 2031, driven by increasing demand from the textile industry. The report also examines the natural gas segment.
Among applications, the dye carrier segment held the largest market share in 2021, attributed to rising fashion consciousness and the expansion of premium textile markets. However, the food and beverages segment is expected to register the fastest CAGR of 5.3% from 2022 to 2031, driven by consumer demand for convenient packed food items, where biphenyl serves as a preservative against fungal growth.
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Regionally, North America led the market in 2021, driven by biphenyl's usage in aviation as a heat transfer fluid and its role as a preservative in packaged foods. Meanwhile, Asia-Pacific is forecasted to register the fastest CAGR of 5.9% from 2022 to 2031, fueled by biphenyl's widespread applications across various sectors including power generation, textiles, agriculture, and chemicals.
Key players in the 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, and Taj Pharmaceuticals Ltd.
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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.
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