Biphenyl Market Size, Share, Trend, Industry Analysis and Forecast 2021 – 2027

Biphenyl Market Size, Share, Trend, Industry Analysis and Forecast 2021 – 2027

Rapidly growing industrialization, expanding food & beverage industries and growing inclination towards the development of concentrated solar power plants around the world has instigated the demand for heat transfer fluids. In fact, biphenyl, in this regard, is gaining huge popularity. Biphenyl, which is an aromatic hydrocarbon, is witnessing heightened demand in pharmaceutical industry as a solvent. While in the chemical industry it is widely used as an intermediate for polymer processing and production of organic chemicals. Considering the increasing applications of biphenyl, global biphenyl market is projected to gain a major impetus over the upcoming years. Reportedly, biphenyl market from pharmaceutical applications is expected to register a CAGR of 7% and a CAGR of 7.5% from chemical intermediate application through 2026.

According to a recent report by Global Market Insights, Inc., biphenyl market size is projected to exceed USD 360 million by 2026.

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Biphenyl market has been seriously impacted by recent COVID-19 pandemic as the chemical industry operations have been affected severely along with reduced agricultural activities on account of lockdown and restrictions enforced by the government bodies globally. However, with gradual relaxation in the restrictions, several chemical plants along with various other industries are resuming their operations which will help in the enhancement of the market.

An insight into the prominent factors driving the growth of biphenyl market is as follows:

Growing chemical industry

Biphenyl finds significant application as an intermediate for manufacturing organic chemicals like hydroxy compounds and phosphorus. In addition, factors such as economic development, rising innovations and development in the chemical industry, and increasing research activities are favoring the product adoption further, driving the market growth.

Rising adoption of agriculture chemicals

As crop production is increasing across the world on account of growing food demand, the need for agrochemical and other pesticides in agricultural sector has increased considerably. This has evoked the demand for biphenyl as a chemical intermediate for the production of agrochemicals which is expected to enhance the business space over the following years.

An overview of the major trends that are propelling biphenyl market growth is outlined as below:

Heightened adoption of fungicide

Biphenyl as fungicide is extensively used for controlling plant disease and as a preservative for citrus fruits. Rising application of agrochemical and other pesticides in agricultural sector are fueling the product demand further. With increasing product adoption, fungicide application segment is estimated to record a CAGR of over 5.5% through 2026.

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Mounting popularity of natural gas biphenyl

Natural gas biphenyl is gaining immense popularity owing to expanding natural gas reserves across different regions such as Europe, North America and Asia Pacific. In addition, growing shale gas extraction activities in the U.S. and several other countries are impelling the demand for natural gas which in turn is instigating the product adoption. According to the report, biphenyl market from natural gas biphenyl segment is anticipated to witness an appreciable CAGR of over 6.5% through 2026.

Increasing demand across pharmaceutical industry in Europe

With significant expansion of the pharmaceutical industry in Europe, demand for biphenyl as a solvent in pharmaceutical preparations has increased enormously over the past few years.  Besides, increasing government funding and hefty investments made by major players towards research & development is fostering the product demand further. Europe is observing elevating demand for chemicals due to increasing inclination towards curbing the adverse effects of climate change, nutrition and health. The key role played by chemistry in the development and maintenance of infrastructure, biochemistry and pharmaceutical industry provides lucrative growth opportunities for biphenyl market in the region over coming years. Biphenyl market in Europe is projected to witness a notable CAGR of 5.5% through 2026.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

 

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