Dec 28th, 2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Biphenyl Market.
Biphenyl Market is likely to witness a CAGR of 7.5% during the forecast period. Rapid growth of chemical industry together with growing product usage as an intermediate and solvent is likely to have a promising impact on the growth of the market during the forecast period. Furthermore, surge in production of organic chemicals for use in different reactions being carried out in chemical industries such as alkylation, bromination, and chiral chemical processes, is expected to elevate the demand for biphenyl as a chemical intermediate and should promote the market for biphenyl.
Biphenyl is mostly used as an agricultural fungicide. It is employed in a variety of commercial applications, including heat transfer in fluids. As an antifungal agrochemical and antimicrobial food preservative, it is extremely important. Furthermore, due to its aromatic properties, biphenyl is used as a fragrance chemical in medicines, polymer manufacture, flame retardant chemicals, and other applications.
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Biphenyl Market Share: By Source Type
Based on the source type, the market is segmented as crude oil biphenyl, coal tar biphenyl, and natural gas biphenyl. The coal tar biphenyl segment is likely to lead the market during the forecast period, owing to the increasing usage in pharmaceuticals for preparation of drugs and other medication products. Thus, the growing demand for dyes and drug compounds is one of the major factors which strongly support the growth of the market for biphenyl.
Biphenyl Market Share: By Application Type
Based on the application type, the market is segmented as dyestuff carrier for textiles, food & beverages, fungicide, heat transfer fluids, chemicals intermediate, and solvents for pharmaceutical production. The food & beverage segment is expected to dominate the market over the forecast period as biphenyl is used as a preservative ingredient and antioxidants in food products to preserve the flavor and quality of products. It prevents oxidation and formation of free radicals in foods and is extensively used to preserve the freshness of packaged food products.
Biphenyl Market Share: By Region
In terms of regions, North America is the vanguard owing to the growing demand for electronic devices such as cell phones, cameras, wireless routers, and speakers, which are experiencing favorable market conditions. Furthermore, on account of its strong thermal characteristics, biphenyl is employed in electronic equipment. Also, one of the major factors driving the growth of the market for biphenyl is the increasing use of chemical intermediates in various end-use sectors such as oil & gas, chemical, and automotive.
COVID-19 Impact on Global Biphenyl Market
Covid-19 outbreak impacted the growth of the bearing for steel market negatively. The spread of coronavirus led to enforcement of lockdown to curb the spread of virus. This led to travel restrictions and supply chain disruptions, which in turn affected the product availability on time.
Key players operating in the Biphenyl market are-
Thermo Fisher Scientific
Tokyo Chemical Industry Co., Ltd.
Santa Cruz Biotechnology
AK Scientific, Inc.
3B Scientific (Wuhan) Corporation Ltd.
Angene International Limited
Spectrum Chemical Mfg. Corp.
Browse detailed report with COVID-19 impact analysis on the Biphenyl Market here:
Features of the Report:
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Biphenyl Market analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors.
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