Global Picric Acid Market to Reach $77.4 Billion by 2030 with 8.2% CAGR

Global Picric Acid Market to Grow About USD 1398.62 Billion By 2030

The global picric acid market size was valued at approximately $36.7 billion in 2022 and is expected to grow to about $77.4 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.2% over the forecast period. This report provides a comprehensive overview of the picric acid market, including its growth drivers, opportunities, obstacles, and challenges, from 2023 to 2030.

Picric acid is an organic aromatic compound belonging to a cluster of organic nitro compounds, which is known as TNT or trinitrophenol. It is mainly used for manufacturing explosives, medicines, and dyes. Picric acid, due to its pyrotechnic ability, is extensively used as an explosive. In addition, it is also used in rocket fuels and as a booster for various explosives. Besides, picric acid is used as an etching agent and is also used in pesticides as it is toxic in nature. In addition, it plays a major role in the healthcare industry in managing and effectively treating exhaustion or burnout, mental exhaustion, hackneyed minds, and spinal cord degenerative condition. Picric acid is also used as an antiseptic. Apart from that, picric acid is widely used in various sectors including textile, mining, defense, agriculture, and power generation.

The global picric acid market is expected to surge exponentially due to an increase in the use of picric acid in explosives due to its toxic nature. The pyrotechnic ability of picric acid is leveraged for the production of explosives, munitions, and also for rocket fuels. There has been a remarkable surge in the investment in defense budgets of various countries across the globe due to a gradual increase in terrorist activities around the world. Thus, there has been an increase in demand for picric acid in the defense sector as they are increasingly being used in various types of explosives and rocket fuels as a booster.

Therefore, the growing popularity and demand for numerous space exploration programs in various countries drive the growth of the market. Besides, picric acid has antiseptic properties, which makes it an important ingredient in the manufacturing of burn ointments and surface anesthetic solutions. Furthermore, the extensive use of picric acid in the manufacturing of plastic goods, dyes, pesticides, and insecticides creates ample opportunities for the growth of the picric acid industry during the forecast period. However, strict storage protocols for picric acid might hinder the growth of the market to an extent.

The global picric acid market is segmented based on application, type, end-user, and region.

Based on type, the market is bifurcated into wet picric acid and dry picric acid. The dry picric acid segment held the largest market share in 2022 and is further predicted to occupy a dominant market share and grow simultaneously at a significant CAGR during the forecast period. The major reason for the growth of this segment is that dry picric acid is widely utilized in the defense sector in various military and ballistic applications. It is used as a tracer compound in ammunition and is extensively used in the manufacturing of pyrotechnics, propellants, and explosives. Furthermore, it is also used in the manufacturing of smokeless powder. These factors drive the growth of the segment during the forecast period.

The application is classified as explosives, energetic materials, liquefied gas fuels, antiseptic, thin films, power generation, and others.

Based on end-user, the market is bifurcated into mining, pharmaceutical, agriculture, textile, and defense. The pharmaceutical segment held the largest market share in 2022 and is further projected to grow exponentially at a rapid CAGR during the forecast period. The growth of the segment is mainly because picric acid is expansively used as an antiseptic to heal specific injuries and wounds. It is essentially used in the manufacturing of burn ointments and surface anesthetic solutions. Besides, it is also widely used to manage and treat spinal cord degenerative conditions and various mental disorders such as schizophrenia and depression. These factors drive the growth of the segment during the forecast period.

Based on region, the Asia-Pacific region held the largest market share in 2022 and is further predicted to grow rapidly at a significant CAGR during the forecast period. The reason for the growth of the market is rapid industrialization, massive growth in the economy, and an increase in defense budgets among countries in this region such as China, Japan India, and South Korea. China is the leading market for picric acid in the region as they are widely used in textile, defense, pharmaceutical, and agrochemical industries in the country. In addition, an increase in the use of picric acid in pesticides and insecticides for agriculture purposes in India further drives the growth of the market in the Asia-Pacific region.

This review is based on a report by Zion Market Research, titled “Picric Acid Market, By Application (Thin Films, Power Generation, Explosives, Energetic Materials, Liquefied Gas Fuels, Antiseptic, and Others), By Type (Wet Picric Acid and Dry Picric Acid), By End-User (Mining, Pharmaceutical, Agriculture, Textile, and Defense), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/picric-acid-market

The global picric acid market is dominated by players such as:

• 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
• Biobar.

Global picric acid market segmentation follows

By Application

• Explosives
• Energetic Materials
• Liquefied Gas Fuels
• Antiseptic
• Thin Films
• Power Generation
• Others

By Type

• Wet Picric Acid
• Dry Picric Acid

By End-use

• Agriculture
• Textile
• Defense
• Mining
• Pharmaceutical

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

About Us:

Zion Market Research is an obligated company. We create futuristic, cutting-edge, informative reports ranging from industry reports, the company reports to country reports. We provide our clients not only with market statistics unveiled by avowed private publishers and public organizations but also with vogue and newest industry reports along with pre-eminent and niche company profiles. Our database of market research reports comprises a wide variety of reports from cardinal industries. Our database is been updated constantly in order to fulfill our clients with prompt and direct online access to our database. Keeping in mind the client’s needs, we have included expert insights on global industries, products, and market trends in this database. Last but not the least, we make it our duty to ensure the success of clients connected to us—after all—if you do well, a little of the light shines on us.

Contact Us:

Zion Market Research
244 Fifth Avenue, Suite N202
New York, 10001, United States
Tel: +49-322 210 92714
USA/Canada Toll-Free No.1-855-465-4651
Email: sales@zionmarketresearch.com
Website: https://www.zionmarketresearch.com