In recent years, the heat transfer fluid industry has witnessed robust growth, owing to massive demand from concentrated solar power plants for energy production. Increased use of diphenyl oxide in the manufacturing of heat transfer fluids will augment global demand over the assessment period of 2020 to 2030. Furthermore, increasing growth in flame retardants, pharmaceuticals, fragrance chemicals, and polymer production is expected to create more opportunities for the diphenyl oxide (DPO) market in the coming future. As per PMR analysis, the global diphenyl oxide market is anticipated to expand at a steady CAGR of 4% over the projected period of 2020 to 2030.
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Key Takeaways from Diphenyl Oxide Market Study
- There has been rapid development in heat transfer fluids, which are being utilized in concentrated solar power plants since the last few years. Also, favorable and economic policies adopted by regional governments to increase renewable energy in emerging and developing economies will aid DPO market growth.
- With increasing awareness toward personal grooming, cosmetics & personal care products are being widely used. This is propelling demand growth in the diphenyl oxide market.
- Heat transfer fluids, fragrance chemicals, and flame retardants are some of the major end-use applications where diphenyl oxide-made chemicals are used. Diphenyl oxide-made chemicals also provide high desired process-ability and reliable quality required for end-use applications.
- Another significant driver boosting the development of the worldwide diphenyl oxide market is the low cost of diphenyl oxide. Consequently, detergent and soap industries use diphenyl oxide as a key fragrance ingredient.
- Globally, emerging economies such as India and ASEAN countries are expected to witness lucrative growth in the DPO market, owing to increasing investment activities to meet regional as well as global demand for diphenyl oxide. In line with this, India-based key player HJ Arochem Pvt. Ltd has claimed to have increased its production capacity of diphenyl oxide so as to boost revenue and market share.
- The COVID-19 pandemic situation is having a detrimental effect on the global diphenyl oxide market, due to reduced demand from end-use industries.
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Market Landscape Continues to Remain Moderately Fragmented
The global diphenyl oxide market landscape is moderately fragmented at regional and domestic levels. Tier-1 players account for more than one-fourth of the total market share. Some of the leading players included in the DPO market report are Eastman Chemical Company, Dow Chemical Company, Lanxess, BERJE INC., and Ernesto Ventos S.A., among others. Key market participants are focused on capturing lucrative growth through collaborations with end-use customers and continuing to meet targets through sustained operational excellence.
Diphenyl Oxide Market: Conclusion
The global diphenyl oxide market is occupied by a number of manufacturers. Manufacturers are increasing production in their existing units by increasing production utilization rates. Moreover, to strengthen their global supply systems and continue meeting robust demand, they are expanding their global presence. Demand for diphenyl oxide is expected to ascend for its use in heat transfer fluids, flame retardants, industrial surfactants, fragrance chemicals, and other applications. East Asia holds a major portion of the global diphenyl oxide market share.
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