The global picric acid market was worth around $3300 billion in 2021 and is predicted to grow around $7200 billion by 2028 at a CAGR rate of 8% over the forecast period.
Industry Prospective
The global picric acid market was worth around $3300 billion in 2021 and is predicted to grow around $7200 billion by 2028 at a CAGR rate of 8% over the forecast period. In this report, we will cover the full overview, growth drivers, opportunities, obstacles, and challenges of the picric acid market from 2022 to 2028
Picric Acid Market: Overview
Picric acid, also known as TNT in short, is nitro phenol that is used extensively in manufacturing explosives, medicines, dyes, and sometimes as pesticides. In its purest form as a metallic structure, due to its pyrotechnic ability, it is largely used as an ingredient of explosives and high-profile rocket fuels. The medical field has a wide range of leverage for picric acid in the form of an anesthetic solution or antiseptic ointments owing to its astringent properties. It is also used as a cure for mental exhaustion, spinal cord degeneration, stressed and depressed mental conditions.
The usage of picric acid also extends to the textile industry where it works as a dye for fabrics. Hence any miscellaneous products such as plastics, paint, printing inks, rubber, and cosmetics will leverage picric acid as dyes. The storage condition of picric acid is slightly critical as it needs constant moisture content. The dryness and its affinity with metal surfaces would lead to an explosion. Heating it would produce gases like carbon oxides and nitrogen which is poisonous in consumption. If any person is injected or ingested with a higher dose of picric acid would be subjected to fatalities. It is one of the strong derivatives of phenol which is also imminently corrosive and a strong irritant.
It is widely leveraged in fields like agriculture, defense, textile, mining, and power generating applications. Metallography and clinical chemistry are also lines of fields that use this component exclusively as raw materials for their accessories.
Covid-19 impact:
Covid-19 had an extensively negative impact on the global picric acid market. The production levels of picric acid came down because of lockdowns, curfews, and sudden closures of many application industries. The supply chain was annihilated due to travel bans and international export restrictions which further declined the market. The situation seems to have improved recently with the emergence of vaccines which is steadying the market from the fall. The market is expected to grow post-pandemic owing to the slow recovery of the international economy.
Picric Acid Market: Growth Drivers
Pyrotechnic ability of picric acid to produce explosives and its leverage in defense bolsters market growth
The pyrotechnic ability of picric acid is leveraged for the production of explosives, munitions, and also for rocket fuels. The growing focus on strengthening the defense infrastructure by government and global economies is expected to boost market growth. Picric acid as a raw material for mining is used for lots of exploration and invention activities. This benefit is also construed as a growth driver for the global market.
Apart from the above benefits, it is extensively used in the pharmaceutical industry as ointments and anesthetic additives as a cure for ailments. The increase in the demand for such medical needs aids the market exclusively. Pesticides and etching agents made from picric acids are also in great demand as catalysts for food crops. This leverage of picric acid in agriculture fuels market growth as well.
Picric acid is used as dyes in textile applications. The rise and prominence of the textile business across the world also augment growth in the global picric acid market.
Picric Acid Market: Restraints
Toxic propensity of picric acid along with its stringent storage protocols impedes market growth
Picric acid while heated gives rise to toxic gases like carbon oxide and nitrogen oxides which are poisonous to the human body. This factor hinders market growth to a large extent. Apart from this, picric acid should be stored without the contact of any metallic surface to avoid getting exploded. This imminent threat and the strict storage aspect of picric acid reduces its extensive leverage thereby restricting its market growth.
Report Scope:
Report Attribute | Details |
---|---|
Base Year | 2020 |
Historic Years | 2016 - 2020 |
Forecast Years | 2021 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2021 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Number of Companies Covered | 10 companies with scope for including additional 15 companies upon request |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. |
Picric Acid Market: Opportunities
Advancement in storage infrastructures of picric acid creates immense opportunities for market expansion
Storage of picric acid is critical due to its volatile and explosive nature. There has been an incessant rise in the innovations of proper storage mechanism of picric acid to protect it from heat, shock, and explosion. This advancement in infrastructure for the storage of picric acid will increase its demand thereby providing the market with lucrative opportunities.
Picric Acid Market: Challenges
Excessive demands in pharmaceutical industry pose a challenge for the picric acid market
The need for pharmaceutical products which leverage picric acid has shot up in recent times. This excess in demand requires massive production from the manufacturers to meet the expectations. This massive demand for picric acid along with the infrastructures to support such extensive production will be a challenge for the picric acid market to fulfill.
Innovations to resolve storage issues of picric acid poses a challenge for the market growth
As picric acid is considered to be a volatile element that requires scrupulous storage protocols, the maintenance and storage of the product become critical for its durability. This foments end-users to come up with new storage mechanisms and innovative preserving techniques to prolong its life and avoid any explosion. This storage factor and its remedy come across as a challenge for the growth of the global market.
Picric Acid Market: Segmentation
The global picric acid market in this research analysis is divided into application, type, end-user, and region. The application is classified as explosives, energetic materials, liquefied gas fuels, antiseptic, thin films, power generation, and others. The type is divided into wet picric acid and dry picric acid. End-users are agriculture, textiles, defense, mining, pharmaceutical, and others.
Recent Developments:
In September 2021, scientists develop a sensor to detect picric acid content in high-energy explosives.
Regional Landscape:
Asia Pacific region dominates the global picric acid market due to extensive application leverages in India and China. The arms procurement, pharmaceutical, agriculture, and textile needs have gone up here which indirectly boosts the market growth. North America is projected to witness immense growth during the forecast period due to the rising demands of picric acids in pharmaceutical industries and antiseptic products. Further, the rising needs in the defense industry for manufacturing explosives are expected to fuel market growth in Europe.
Competitive Landscape:
The key players in the global picric acid market are Odyssey Organic, Finoric LLC, SOMATCO, Spectrum Chemical Manufacturing Corp, Parchem Fine and Specialty Chemicals, USA Chemical Suppliers, Aadhunik Industries, Indian Platinum Private Limited, Sisco Research Laboratories, Lookchem, Innospec, BASF, Shell, Nalco, Afton, Baker Hughes, Chemours, and Biobar.
Global picric acid market segmentation follows
By Application
By Type
By End-use
By Region
Request the coronavirus impact analysis across industries and markets
The pyrotechnic ability of picric acid is leveraged for the production of explosives, munitions, and also for rocket fuels. The growing focus on strengthening the defense infrastructure by government and global economies is expected to boost the global picric acid market growth.
According to the report by Zion Market Research, The global picric acid market was worth around $3300 billion in 2021 and is predicted to grow around $7200 billion by 2028 at a CAGR rate of 8% over the forecast period
Asia Pacific region dominates the global picric acid market due to extensive application leverages in India and China. The arms procurement, pharmaceutical, agriculture, and textile needs have gone up here which indirectly boosts the market growth.
Zion Market Research
Tel: +1 (844) 845-5245
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No 020-46277770
US OFFICE NO +1 (844) 845-5245
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed