The global biphenyl market is estimated to grow significantly by 2027 owing to increasing demand for heat transfer fluids as a dye carrier for textile dying. Biphenyl is widely used in a variety of industries, including agriculture, medicines, textiles, chemicals, and oil & gas.
Biphenyl is a neutral molecule because it lacks the active functional moiety on it. This gives rise to the need for biphenyls to be functionalized with the introduction of active group on it. Thus, substituted biphenyls can be utilized for the synthesis or condensation of another active group amongst itself that is pharmacologically essential, resulting in the formation of molecules with entirely novel activity.
Initially, biphenyls were commonly applied as chemical synthesis intermediates and insecticides in the form of PCBs (polychlorinated biphenyls). However, with rising developments in synthetic chemistry, a variety of compounds with medicinal potential are being developed. The synthesis of biphenyl and its derivatives, along with several biphenyl analogues. has been shown to have the potential to treat various diseases and problems.
Furthermore, several studies focused on exploring the uses of biphenyl in diverse applications have been favorable for industry outlook. For instance, a May 2021 study published in the Journal of Fuel Chemistry and Technology demonstrated that light coal tar could be used to produce aerospace fuel. The procedure used light coal tar from China Coal Research Institute as raw material. The final product had a high heating value, low sulfur content, and low unsaturated aromatic hydrocarbons, which is ideal for use in aerospace fuels.
The global biphenyl market has been segmented on the basis of source, application, and region. Based on source, the market has been further divided into crude oil biphenyl, natural gas biphenyl, and coal tar biphenyl. The crude oil biphenyl sub-segment is projected to be valued at over USD 136.43 million by 2027, growing at a CAGR of approximately 6.5% over the analysis period.
In terms of application, the global biphenyl market has been categorized into food & beverages, fungicide, dyestuff carrier for textile, solvents for pharmaceutical production, chemical intermediate, and heat transfer fluids. The dyestuff carrier for textiles sub-segment is likely to witness robust growth at a CAGR of over 6.8% through the forecast period.
From the regional point of view, the Latin America biphenyl market is expected to see notable progress to reach over USD 27.30 million in revenue by 2027. Meanwhile, the Middle East and Africa biphenyl industry is estimated to surpass a valuation of USD 30.45 million by 2027, growing at a CAGR of more than 6.4% through the review timeline.