Explosive Growth: Global Picric Acid Market Size to Reach USD 77.4 Billion by 2030 with 8.2% CAGR, Says Zion Market Research

Boston, MA, March 10, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report 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” in its research database.

“According to the latest research study, the demand of global Picric Acid Market size & share in terms of revenue was valued at USD 36.7 billion in 2022 and it is expected to surpass around USD 77.4 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 8.2% during the forecast period 2023 to 2030.”

What is Picric Acid? How big is the Picric Acid Industry?

Picric acid, also known as 2,4,6-trinitrophenol, is a yellow crystalline organic compound that is primarily used as an explosive and as a reagent in chemical synthesis. It is an acidic compound that has been used as a dye, a medicine, and as a component in photographic chemicals. Its use as an explosive is due to its sensitivity to heat, shock, and friction, which makes it useful for military and industrial applications.

The size of the picric acid industry is difficult to estimate, as it is primarily used in military and industrial applications, which may not be publicly reported. However, picric acid is produced by several major chemical companies around the world, and its use is governed by strict regulations due to its explosive properties. In recent years, there has been a trend towards the development of safer and more environmentally friendly explosives, which may impact the demand for picric acid in the future.

Report Overview:

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.

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Global Picric Acid Market: Growth Factors

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.

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Report Scope

Picric Acid Market: Segmentation Analysis

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.

The global Picric Acid market is segmented as 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

Browse the full “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

Competitive Landscape

Some of the main competitors dominating the global Picric Acid market include - 

• 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

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Picric Acid market is likely to expand at a CAGR of around 8.2% during the forecast period (2023-2030).                                            
• In terms of revenue, the Picric Acid market size was valued at around US$ 36.7 billion in 2022 and is projected to reach US$ 77.4 billion by 2030.
• Based on type segmentation, the dry picric acid segment held the largest market share in 2022
• Based on End-user segmentation, The pharmaceutical segment held the largest market share in 2022
• On the basis of region, the Asia-Pacific region held the largest market share in 2022.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Picric Acid industry?
• What are the main driving factors propelling the Picric Acid Market forward?
• What are the leading companies in the Picric Acid Industry?
• What segments does the Picric Acid Market cover?
• How can I receive a free copy of the Picric Acid Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Application, By Type, By End-use, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

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.

By Region

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

Recent Developments

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

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