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DUBLIN--(BUSINESS WIRE)--Nov 23, 2022--
The "Biphenyl Market By Source, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global biphenyl market was valued at $1.24 billion in 2021, and is projected to reach $1.98 billion by 2031, growing at a CAGR of 4.8% from 2022 to 2031.
Factors such as rise in population of millennials, increase in fashion consciousness, and adoption of western culture among people in both developed and developing countries such as the U.S., China, and India has led the textile sector to witness remarkable growth where biphenyl is widely used as dye carrier. This acts as one of the key drivers responsible for growth of the biphenyl market.
In addition, increase in severity of diseases has led the pharmaceutical sector to witness a significant growth where biphenyl is widely used as an active pharmaceutical intermediate for manufacturing various drugs for treatment of several health-related disorders including hypertension, diabetic nephropathy, osteoarthritis, rheumatoid arthritis, Alzheimer's disease, prostate cancer, and other chronic diseases. This propels growth of the biphenyl market in the growing pharmaceutical sector.
However, biphenyl is a benzenoid aromatic compound that occurs naturally in coal tar, crude oil, and natural gas. Prices of these materials vary that eventually affects prices of biphenyl. This factor hampers growth of the biphenyl market.
On the contrary, rise in population has led to rise in demand for a wide range of consumer goods, which has led to establishment of chemical manufacturing units in both developed and developing economies where biphenyl is widely used as heat transfer fluid and chemical intermediate during production of various organic chemicals. For instance, according to a report published by the India Brands Equity Foundation, the chemical industry is expected to contribute $300 billion to India's GDP by 2025. This is anticipated to increase demand for biphenyl in the growing chemical manufacturing sector; thus creating remunerative opportunities for the market.
KEY BENEFITS FOR STAKEHOLDERS
Key Market Segments
By Source
By Application
By Region
Key Market Players
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: BIPHENYL MARKET, BY SOURCE
CHAPTER 5: BIPHENYL MARKET, BY APPLICATION
CHAPTER 6: BIPHENYL MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
For more information about this report visit https://www.researchandmarkets.com/r/3ua7jp
View source version on businesswire.com:https://www.businesswire.com/news/home/20221123005289/en/
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KEYWORD:
INDUSTRY KEYWORD: BIOTECHNOLOGY MANUFACTURING HEALTH PHARMACEUTICAL CHEMICALS/PLASTICS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/23/2022 08:38 AM/DISC: 11/23/2022 08:38 AM
http://www.businesswire.com/news/home/20221123005289/en