According to a new research report by Global Market Insights, Inc, the Biphenyl Market size is set to surpass USD 345 million by 2027.
The rising awareness among farmers to prevent post-harvesting losses coupled with the need to increase crop productivity hectare is among the key factor fueling the biphenyl market growth. Also, the increasing instances of crops being attacked by pests & fungal infections leading to production losses are encouraging biphenyl demand for agrochemical application.
Huge traction of natural gas biphenyl in the commercial and industrial sector will fuel its demand in the forecasted timeframe
Natural gas biphenyl is likely to demonstrate healthy growth with a CAGR of over 7% between 2021 and 2027 and valued at over USD 70 million by the end of 2027. Natural gas biphenyl is insoluble in water but soluble in organic solvents. Moreover, it has varied in consistency from thin, to yellow, light-colored liquids, or black waxy solids. The other properties of natural gas biphenyl include non-flammability, chemical stability, high boiling point, and electrical insulation.
Natural gas biphenyl is gaining traction in the commercial and industrial sectors owing to its wide array of applications. These include electrical, heat transfer, hydraulic equipment, pigments, dyes, and carbonless copy paper. In addition, natural gas biphenyl is used as an intermediate of PCBs in organic syntheses, dye carriers, heat transfer fluids, food preservatives, as an intermediate of polychlorinated biphenyls, and as a fungistat in the packaging of citrus fruits.
The growing pharmaceutical industry especially after the covid-19 outbreak should support biphenyl market growth
Solvents for pharmaceutical production application in the biphenyl market accounted for over USD 16.30 million in 2020 and are projected to showcase a healthy CAGR of over 7% through 2027 due to the growing demand from the pharmaceutical industry owing to the emergence of novel diseases is one of the defining factors. Pharmaceutical production involves the application of a particular heat transfer fluid designed to work at the appropriate temperature for long periods.
Biphenyl is used in medicines and drugs in the pharmaceutical industry. Its compounds are synthesized and screened for antibacterial activities. Additionally, biphenyl derivatives possess a wide range of biological activities such as antimicrobial, anti-inflammatory, antihypertensive, antiviral, anticancer, and many others. Moreover, the growing research & development activities owing to the emergence of novel diseases such as coronavirus are contributing to biphenyl market growth.
Wide application of heat transfer fluids in multiple industries including construction, plastics should drive the growth for biphenyl market in the predicted period
The biphenyl market from heat transfer fluids application was valued at over USD 74.00 million in the year 2020 and is expected to grow at a CAGR of over 7% through 2027. Biphenyl is one of the major constituents in heat transfer fluids or heat transferring agents. Biphenyl based, heat transfer fluids are used as coolants for heavy-duty engines and other industrial heat transfer applications. Biphenyl has a massive demand in the heat transfer mechanisms such as thermal conduction, thermal convection, thermal radiation, and others.
Biphenyl is notable as a starting material to produce dielectric fluids and heat transfer agents. Thereby, it has a massive demand in the commercial and industrial sectors. PCBs have a wide array of applications across transformers, capacitors, and electrical equipment such as voltage regulators, switches, re-closers, bushings, electromagnets, and others. Biphenyl-based heat transfer also has a wide range of applications in architecture, climate engineering, cooling techniques, and others. These factors have shown an optimistic growth impact on the biphenyl market from heat transfer fluids applications.
Browse key industry insights spread across 260 pages with 158 market data tables and 67 figures & charts from the report, “Global Biphenyl Market Size By Type (Crude Oil Biphenyl, Coal Tar Biphenyl, Natural Gas Biphenyl), By Application (Dyestuff Carrier for Textiles, Food & Beverages, Fungicide, Heat Transfer Fluids, Chemicals Intermediate, Solvents for Pharmaceutical Production), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising usage of electronic devices in the U.S. should propel the biphenyl market growth in the projected timeframe
North America biphenyl market was valued at over USD 70 million in the end of 2020 and projected to reach a value of over USD 100 million by the end of 2027. The rising demand for electronic products in the region including devices, such as cameras, cell phones, speakers, and wireless routers provides favorable growth biphenyl market growth. Especially post the covid-19 outbreak increasing usage of these electronic devices in the ongoing pandemic has increased due to virtual classes and other official work. This has led to an increase in the demand for biphenyl as it is used for manufacturing electronic devices.
Additionally, the steady growth of optical brighteners production coupled with the increasing use of biphenyl in the manufacturing of benzidine is expected to create significant growth opportunities for the North American biphenyl market during the forecast period. However, the U.S. government-imposed restrictions on biphenyl use as a fungistat for citrus fruits is expected to hinder the market growth during the forecast period. Although, the different applications of biphenyl in various industries should overcome this hindrance and drive its demand over the forecasted timeframe.
The global biphenyl industry is fragmented in nature owing to the presence of major players including Thermo Fisher Scientific, Lanxess AG, Eastman Chemical Company, LGC Standards, and Sigma Aldrich. Key players implementing different strategies including expansion in production through merger and acquisition. For instance, In November 2021, JINAN SHENGQUAN GROUP and Biosynth Carbosynth announced the acquisition of Kexing Biopharmaceutical Co., Ltd.’s raw material factory in China. The strategic acquisition was aimed to increase the company’s production capacities in China.