PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1777864
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1777864
Global Biphenyl Market to Reach US$361.0 Million by 2030
The global market for Biphenyl estimated at US$278.7 Million in the year 2024, is expected to reach US$361.0 Million by 2030, growing at a CAGR of 4.4% over the analysis period 2024-2030. Crude Oil Biphenyl, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach US$161.9 Million by the end of the analysis period. Growth in the Coal Tar Biphenyl segment is estimated at 4.1% CAGR over the analysis period.
The U.S. Market is Estimated at US$75.9 Million While China is Forecast to Grow at 8.2% CAGR
The Biphenyl market in the U.S. is estimated at US$75.9 Million in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$75.2 Million by the year 2030 trailing a CAGR of 8.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.8% and 3.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.
Global Biphenyl Market - Key Trends & Drivers Summarized
Why Is Biphenyl Critical in Industrial Applications?
Biphenyl, a versatile organic compound, plays a pivotal role in numerous industrial applications due to its unique chemical and physical properties. Its primary use as a heat transfer fluid in high-temperature systems, such as those in chemical processing plants and solar power installations, underscores its importance in maintaining efficient thermal management. The compound's high thermal stability and excellent heat transfer characteristics make it indispensable for processes that demand consistent and reliable temperature control. Beyond thermal applications, biphenyl serves as an essential intermediate in the production of agrochemicals, particularly herbicides and fungicides. The growing demand for agricultural productivity enhancement, driven by the need to meet global food security goals, has spurred the development and use of biphenyl-based agrochemical formulations. Furthermore, biphenyl's role in the manufacturing of engineering polymers and resins highlights its importance in the plastics and electronics industries, where high-performance materials are increasingly in demand.
What Technological Advancements Are Shaping the Biphenyl Market?
Technological innovations in chemical synthesis and processing are significantly enhancing the production efficiency and quality of biphenyl. Advanced catalytic systems have enabled manufacturers to optimize reaction pathways, reducing energy consumption and minimizing by-product generation. These advancements not only improve the cost-effectiveness of biphenyl production but also align with global sustainability goals by reducing the environmental impact of chemical manufacturing processes. In addition, the development of enhanced formulations of biphenyl-based heat transfer fluids is expanding its application scope. These new formulations offer improved thermal stability, higher operational temperature ranges, and extended service lifespans, making them suitable for cutting-edge technologies such as concentrated solar power (CSP) systems. The integration of digitized monitoring systems for heat transfer operations further complements the use of biphenyl, ensuring optimal performance and real-time diagnostics in industrial setups. These technological strides are unlocking new opportunities for biphenyl across a range of sectors.
How Are Regional Dynamics Influencing Market Growth?
The global biphenyl market exhibits distinct regional variations, shaped by differences in industrial activity, regulatory frameworks, and economic development. Asia-Pacific leads the market, driven by robust growth in chemical manufacturing, agrochemical production, and industrial infrastructure. Countries such as China and India are key contributors, benefiting from their expansive agricultural sectors and thriving chemical industries. The region's focus on renewable energy adoption, particularly solar power, further fuels the demand for biphenyl in heat transfer applications. North America and Europe are also significant markets, characterized by their advanced chemical processing industries and stringent environmental regulations. These regions emphasize sustainable and efficient manufacturing practices, creating a strong demand for high-quality biphenyl with minimal environmental impact. Additionally, the rise of advanced engineering materials in sectors such as automotive and electronics is boosting biphenyl consumption. Emerging economies in Latin America and the Middle East are witnessing steady growth, supported by investments in agriculture and industrial expansion, which further propel the demand for biphenyl.
What Is Driving Growth in the Biphenyl Market?
The growth in the biphenyl market is driven by several factors, including its expanding use in heat transfer fluids, rising demand for agrochemicals, and increasing applications in high-performance polymers. The global push for energy efficiency and renewable energy sources, particularly in solar power systems, has amplified the demand for biphenyl-based heat transfer solutions. The compound's critical role in herbicide and fungicide production, coupled with the growing emphasis on sustainable agriculture, has also significantly contributed to market expansion. The increasing adoption of engineering polymers and resins in automotive, electronics, and construction industries is another key driver, as biphenyl serves as a precursor for these high-performance materials. Additionally, the development of advanced chemical processing technologies that enhance biphenyl production efficiency has made it more accessible and cost-effective for industrial use. Regional factors, such as industrial growth in Asia-Pacific and regulatory support in developed regions, further strengthen the market's growth trajectory, positioning biphenyl as a vital component in diverse industrial processes.
SCOPE OF STUDY:
The report analyzes the Biphenyl market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Source (Crude Oil Biphenyl, Coal Tar Biphenyl, Natural Gas Biphenyl); Application (Heat Transfer Fluids Application, Chemical Intermediate Application, Dyestuff Carrier for Textiles Application, Fungicide Application, Solvents for Pharmaceutical Production Application, Food and Beverages Application)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 41 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.