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Biphenyl Market Analysis

Report ID: GMI4889
Published Date: Jul 2024
Report Format: PDF

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Biphenyl Market Analysis

Biphenyl Market Size, By Source, 2021 - 2032 (USD Million)

Based on the source, the market from the crude oil biphenyl segment held a dominant market share and will register 5.8% CAGR through 2024-2032. Biphenyl is an aromatic hydrocarbon obtained during crude oil processing, making it a readily available and economically viable option for a variety of industrial applications. The petrochemical industry uses biphenyl extensively for heating purposes during the transportation of sensitive materials. Growing global demand for these products and a steady supply of biphenyls from crude oil are driving market growth. However, volatility in crude oil prices and environmental concerns related to the fuel's raw materials pose challenges to this demand.

Biphenyl Market Revenue Share, By Application, (2023)

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Based on application, the biphenyl market from the heat transfer fluids segment is held 32.9% share in 2023 and is expected to dominate the market. Diphenyl, and diphenyl oxide, are eutectic compounds are widely used in high-temperature transport applications. Industries such as pharmaceuticals, need skilled communications and rely on these fluids to transport materials without damage from high temperatures. As the industries activity grow and expands globally, so does the need for efficient heat transfer solutions, leading to segment growth.

Asia Pacific Biphenyl Market Size, 2021 - 2032 (USD Million)

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Asia Pacific biphenyl market is set to register over 9.2% CAGR from 2024-2032 and will dominate the market. Countries such as China, India, and Japan are leading the demand for biphenyl-based materials, with heavy investments in manufacturing and infrastructure. Biphenyl is essential for producing heat transfer fluids, polymers, and resins in the field of medicine. Pharmaceuticals use biphenyl derivatives to develop new drugs, increasing market demand. In addition, biphenyl compounds are used in pesticides and herbicides in agricultural chemistry in the region. Growing population and rapid urbanization are further fueling this demand, positioning Asia-Pacific as a crucial market for biphenyls.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Global industry size for biphenyl was valued at USD 267 million in 2023 and is anticipated to register 6.2% CAGR between 2024 and 2032 due to the increasing use of agrochemicals in agricultural production and rapid growth of the global chemical industry.

The crude oil segment in the biphenyl market will register 5.8% CAGR through 2024-2032 due to its availability and cost-effectiveness in petrochemical heating applications driven by global demand and steady supply.

Asia Pacific market size will record 9.2% CAGR from 2024-2032, due to rising demand in China, India, and Japan for biphenyl-based materials in manufacturing, medicine, and agriculture amid rapid urbanization.

Matrix Scientific, LGC Standards (part of LGC Group), Taj Pharmaceuticals Ltd, Biosynth Carbosynth, Huntsman, Lanxess AG, ABCR GmbH, AK Scientific, Inc., Eastman Chemical Company, Thermo Fisher Scientific, and Merck KgaA, among others.