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CHEMICALS AND ADVANCED MATERIALS

Picric Acid Market Analysis by Type (Dry, and Wet Picric Acid); by Grade (<99%, and ≥99%); by Applications (Explosives & Munitions, Chemical Intermediates, Antiseptics, Energetic Materials, Liquefied Gas Fuels, Thin Films, Power Generation, and Others); and by End-Use (Defense, Agriculture, Textile, Mining, Pharmaceutical, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • August 17, 2022: Merck KGaA is in the process of acquiring the Korean-based chemical company, Mecaro Co. Ltd., for the global expansion of its electronics sector
  • May 9, 2019: Parchem fine & specialty chemicals received licensing by the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to supply chemical raw materials for the manufacture of explosives, propellants, and blasting agents

Global Picric Acid Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Picric-Acid-Market-CAGR

The global picric acid market is estimated to garner a revenue of approximately USD 80 Billion by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of around USD 34 Billionin the year 2021. The growth of the global picric acid market is predicted to be on the back of its extensive use in the manufacturing of explosives, dyes, and drugs. Picric acid, a derivative of phenol, is an organic compound which is highly flammable and hence finds utility in the production of munitions, Dunnite, and TATB. With the worldwide defense spending exceeding USD 1500 billion in the year 2021, there is much scope for the global picric acid market to grow in the forthcoming years.

Picric-Acid-Market-Analysis-Overview

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Picric acid’s mild toxicity is exploited in other industries, such as, agriculture where it is widely used as pesticides and fungicides.Worldwide, around 3 million metric tons of pesticides were used in farming in the year 2020, more than 50% increase from its utilization compared to 1990. This is predicted to expand the global picric acid market size.

Global Picric Acid Market: Growth Drivers and Challenges

Growth Drivers

  • Use in Textile Industry - Picric acid is widely used in the thriving textile industry in the synthesis of dyes to provide an electric yellow appearance to fabrics. The growth of textile industry across the globe is estimated to boost the demand for Picric acid. For instance, the Indian textile industry is estimated to attain a revenue of over USD 180 billion by the end of 2025 from about USD 102 billion in 2020, as per latest report.

  • IntensifyingUse in Healthcare industry to Cure Depression and SchizophreniaAround 24 million people across the world suffer from Schizophrenia, according to the World Health Organization (WHO), which affects about 1 in 300 people. The growing use of picric acid in the medical field is expected to drive the market growth.
  • Increasing Use as Rocket Fuel in Aerospace Industry– In 2021, the United States Aerospace and Defense Industry generated over USD 850 billion in revenue, according to research. The surging demand for space exploration is estimated to propel global picric acid market growth.
  • Rise in the Incidence of Burns - Picric acid has antiseptic property which imparts itself for use in healing wounds and injuries. It is used in the manufacture of surface anesthetic solution and burn ointments. Burns affect over 1 million Indians every year, according to the WHO.
  • Increasing Use in the Manufacture of Plastic Goods – Used as dyes, the global picric acid is anticipated to grow with the consumption of plastic products. Worldwide, the use of plastic has increased fourfold in the last 3 decades, with over 450 million ton used in 2019, as per latest research.

Challenges

  • Need for Trained Professionals in Handling and Storage
  • Risk of Poisoning When Ingested, due to its Toxic Nature
  • Corrosive in Nature

The picric acid market is segmented and analyzed for demand and supply by applications into explosives & munitions, chemical intermediates, antiseptics, energetic materials, liquefied gas fuels, thin films, power generation, and others. Of these segments, the power generation sub-segment is expected to flourish over the forecast period owing to the greater demand for electricity to cater to a booming population worldwide. It is predicted by the UN that the global population is set to increase by about a billion to reach 9.8 billion by the end of2050, which is anticipated to impact the global picric acid market.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Picric Acid Market Regional Synopsis

Regionally, the global picric acid market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031 owing to a growing customer base, burgeoning infrastructure development, and a viable development in the textile, agriculture and pharmaceutical industries in the region. China’s pharmaceutical industry gained over USD 120 billion in the year 2018 and has expanded to attain over USD 450 billion in 2021. This is one of the reasons for the prediction of picric acid market growth in the region.

Picric-Acid-Market-Analysis-Size-Share

The global picric acid market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global picric acid market includes the following segments:

By Type

  • Dry Picric Acid
  • Wet Picric Acid

By Grade

  • <99%
  • ≥99%

By  Applications

  • Explosives & Munitions
  • Chemical Intermediates
  • Antiseptics
  • Energetic Materials
  • Liquefied Gas Fuels
  • Thin Films
  • Power Generation
  • Others

 

 

By End-use

  • Defense
  • Agriculture
  • Textile
  • Mining
  • Pharmaceutical
  • Others
 

Top Featured Companies Dominating the Global Picric Acid Market

  • Merck KGaA

    • Company Overview

    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Odyssey Organics Pvt. Ltd.
  • Loba Chemie Pvt. Ltd.
  • RICCA Chemical Company
  • Aadhunik Industries Pvt. Ltd.
  • Indian Platinum Pvt.Ltd.
  • Otto Chemie Pvt. Ltd.
  • Parchem fine &Specialty Chemicals Inc.
  • Spectrum Laboratory Products, Inc
  • Thermo Fisher Scientific

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