Biphenyl Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Biphenyl Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032

Global Biphenyl Market will record a 6.2% CAGR from 2024 to 2032 due to the demand for chemical manufacturing and rising industrial applications. Biphenyl is a crucial chemical intermediate used in producing pharmaceuticals, agrochemicals, and polymers, fueling its demand in the chemical sector. Also, its applications in heat transfer fluids, dye carriers, and fungicides expand its industrial use. As industries continue to grow and evolve, the need for biphenyl in diverse applications and production processes will drive market expansion, highlighting its integral role in various sectors.

The biphenyl industry is segregated on the basis of source, application, and region.

The coal tar biphenyl segment will experience a noteworthy surge by 2032, attributed to its extensive use in various industrial applications, such as heat transfer fluids, dye carriers, and fungicides. Coal tar biphenyl is preferred for its cost-effectiveness and availability. The growing demand from the chemical and pharmaceutical industries further fuels its market dominance. Besides, the development of advanced processing technologies enhances the efficiency and quality of coal tar biphenyl, solidifying its leading position in the market.

The chemical intermediate segment will accumulate sizable gains by 2032, propelled by its critical role in synthesizing various organic compounds, including pharmaceuticals, agrochemicals, and polymers. Biphenyl's versatility and reactivity make it an essential building block in chemical manufacturing processes. The increasing demand for high-performance materials and specialty chemicals further boosts its market share. Additionally, advancements in chemical synthesis techniques and expanding industrial applications solidify the chemical intermediate segment's dominance in the biphenyl market.

North America biphenyl industry will uphold a decent share through 2032, spurred by the region's well-established chemical industry, significant investments in research and development, and stringent regulatory standards ensuring product quality and safety. The presence of leading chemical manufacturers and favorable government policies supporting industrial growth further enhance market prospects. North America's commitment to innovation and sustainable practices drives the adoption of biphenyl in various applications, solidifying its position as a pivotal market contributor.