Picric Acid Market Size, Share, Trends, Growth 2030

Picric Acid Industry Prospective

The global picric acid market size was worth around $36.7 Billion in 2022 and is predicted to grow to around $77.4 Billion by 2030 at a CAGR rate of 8.2% 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 2023 to 2030.

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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.

Key Insights

• As per the analysis shared by our research analyst, the global picric acid market is expected to grow annually at a promising CAGR of around 8.2% during the forecast period 2023-2030.
• In terms of revenue, the global picric acid market size was valued at around $36.7 billion in 2022 and is predicted to grow to around $77.4 billion by 2030.
• Rapid urbanization and industrialization, increase in investment in the defense sector by numerous developed and developing countries, rising demand for clothes in the textile industry, and increase in need for antiseptics in healthcare propel the demand for picric acid during the forecast period.
• Based on type, the dry picric acid segment held the dominating market share in 2022.
• Based on end-user, the pharmaceutical segment held the largest market share in 2022.
• Based on region, the Asia-Pacific region held the dominating market share in 2022.

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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 dye 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 contact with any metallic surface to avoid getting exploded. This imminent threat and the strict storage aspect of picric acid reduce its extensive leverage thereby restricting its market growth.

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 picric acid industry with lucrative opportunities.

Picric Acid Market: Challenges

Excessive demands in pharmaceutical industry pose a challenge to 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 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 pose a challenge to 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 picric acid industry.

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.

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.

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.

Recent Developments:

In September 2021, scientists develop a sensor to detect picric acid content in high-energy explosives.

Global Picric Acid Market Report Scope:

Picric Acid Market: 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 for picric acids in pharmaceutical industries and antiseptic products. Further, the rising need 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
• 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