Biphenyl Market - By Type (Crude Oil Biphenyl, Coal Tar Biphenyl, Natural Gas Biphenyl), Application (Dyestuff Carrier for Textiles, Food & Beverages, Fungicide, Heat Transfer Fluids, Chemicals Intermediate, Solvents for Pharmaceutical Production) & Forecast, 2024 - 2032

Biphenyl Market Size

Biphenyl Market was valued at over USD 267 million in 2023 and will register 6.2% CAGR from 2024 to 2032. The biphenyls market is experiencing tremendous growth driven by increasing R&D efforts aimed at exploring the attributes of biphenyls. Biphenyl, an aromatic hydrocarbon consisting of two linked benzene rings, has received considerable attention due to its unique chemical properties and how it works.
 

For instance, in May 2023, Studies by researchers in the US and Portugal showed that molecular twisting stabilizes biphenyls, challenging the idea that perphenylanes are inherently unstable. The team led by Luis Santos of the University of Porto found that decaphenylbiphenyl and 2,2′,4 Molecular dispersion forces within 4′,6,6′-hexaphenylbiphenyls offset steric repulsions within these crowded molecules and the stability of their biphenyl derivatives was investigated using a combination of combustion calorimetry and density functional theory (DFT).
 

Pharmacokinetics of biphenyl derivatives have been studied for the development of new compounds with improved therapeutic potential. The agrochemical industry benefits from the use of biphenyl compounds as intermediates in the manufacture of herbicides and fungicides. Also, the electronics industry uses biphenyl, which is strong and conductive, in the manufacture of advanced products and devices. These increasing R&D activities are driving the demand for biphenyl as industries seek new solutions to improve product performance and sustainability, thus driving market expansion and creating new investment opportunities.
 

Despite the promising growth, there are several roadblocks to the biphenyl market. Stringent regulatory framework and environmental concerns are severely hampering market expansion. Biphenyls, as naturally occurring pollutants, pose potential health and environmental hazards, leading to strict safety regulations and manufacturing costs.
 

These factors, in turn, influence the raw materials price fluctuations and the availability of high-purity biphenyls, affecting production costs and profitability. The market faces competition from new chemicals and materials offering similar benefits but lesser environmental impact and regulatory burden. All these factors collectively challenge the growth trajectory of the market and require solutions and new and sustainable practices to overcome these obstacles.
 

Biphenyl Market Trends

The biphenyl industry is witnessing increasing demand owing to the discovery of new biphenyl derivatives in the pharmaceutical industry. Recent research has highlighted the potential of biphenyl compounds in drug development. These derivatives exhibit unique biological activity, making them promising for treating various diseases such as cancer, cardiovascular disease, and neurological conditions. The antagonistic properties of some biphenyl derivatives, bacterial and fungal, have led to their use in the development of new antibiotics.
 

Furthermore, the versatility of biphenyl structures allows the development of drugs with improved efficacy and reduced side effects. New developments in drug delivery systems using biphenyl derivatives further enhance their therapeutic potential. This trend is fueled by ongoing research and development efforts, which continue to identify new therapeutic applications. Consequently, the market for biphenyls is expanding as pharmaceutical companies invest in these promising compounds to meet the growing demand for advanced therapies.
 

Citing an instance, in October 2022, ZLM-66, another promising biphenyl-containing orally active doravirine analog, was discovered. Researchers from Yanbian University, Fudan University, and Rega Medical Research Institute identified a biphenyl-substituted pyridine derivative of doravirine, an FDA-approved non-nucleoside reverse transcriptase inhibitor (NNRTI) and started developing these drugs as HIV treatments and alternative therapies.
 

Biphenyl Market Analysis

Based on the source, the market from the crude oil biphenyl segment held a dominant market share and will register 5.8% CAGR through 2024-2032. Biphenyl is an aromatic hydrocarbon obtained during crude oil processing, making it a readily available and economically viable option for a variety of industrial applications. The petrochemical industry uses biphenyl extensively for heating purposes during the transportation of sensitive materials. Growing global demand for these products and a steady supply of biphenyls from crude oil are driving market growth. However, volatility in crude oil prices and environmental concerns related to the fuel's raw materials pose challenges to this demand.
 

Based on application, the biphenyl market from the heat transfer fluids segment is held 32.9% share in 2023 and is expected to dominate the market. Diphenyl, and diphenyl oxide, are eutectic compounds are widely used in high-temperature transport applications. Industries such as pharmaceuticals, need skilled communications and rely on these fluids to transport materials without damage from high temperatures. As the industries activity grow and expands globally, so does the need for efficient heat transfer solutions, leading to segment growth.
 

Asia Pacific biphenyl market is set to register over 9.2% CAGR from 2024-2032 and will dominate the market. Countries such as China, India, and Japan are leading the demand for biphenyl-based materials, with heavy investments in manufacturing and infrastructure. Biphenyl is essential for producing heat transfer fluids, polymers, and resins in the field of medicine. Pharmaceuticals use biphenyl derivatives to develop new drugs, increasing market demand. In addition, biphenyl compounds are used in pesticides and herbicides in agricultural chemistry in the region. Growing population and rapid urbanization are further fueling this demand, positioning Asia-Pacific as a crucial market for biphenyls.
 

Biphenyl Market Share

The concerted efforts of the dedicated companies in this field drive the market demand for biphenyl. Leading companies are investing in advanced research and development to explore new applications and increase the performance of biphenyl derivatives. Companies focus on sustainable manufacturing to address environmental concerns in line with global regulatory standards. Strategic partnerships and expansion in high-growth regions such as Asia-Pacific strengthen market presence and meet local needs. Moreover, companies are developing innovations in manufacturing processes, such as more efficient water heaters and chemical intermediates, thereby boosting market growth. All these efforts are driving increased demand for biphenyl in various industries.
 

Biphenyl Market Companies

Major companies operating in the biphenyl industry competitive landscape include:

• Matrix Scientific
• LGC Standards (part of LGC Group)
• Taj Pharmaceuticals Ltd
• Biosynth Carbosynth
• Huntsman
• Lanxess AG
• ABCR GmbH
• AK Scientific, Inc.
• Eastman Chemical Company
• Thermo Fisher Scientific
• Merck KgaA
• Tokyo Chemical Industry Co., Ltd.
• Santa Cruz Biotechnology
• Clearsynth Labs
• Debye Scientific Co., Ltd.
   

Biphenyl Industry News

In November 2022, AccuStandard was recognized as one of the selected companies worldwide to provide certified labeling materials for all 209 Poly Brominated Diphenyl Ether (PBDE) chemical congeners. PBDEs are synthetic chemicals primarily used as flame and fire retardants commonly used in plastics, textiles, and electronics.
 

The Biphenyl Market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue and volume (USD Million) (Tons) from 2021 to 2032, for the following segments:

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Market, By Source

• Crude oil biphenyl
• Coal tar biphenyl
• Natural gas biphenyl

Market, By Application

• Heat transfer fluids
• Chemical intermediate
• Fungicide
• Dyestuff carrier for textiles
• Food & beverages
• Solvents for pharmaceutical production

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA