Picric Acid Market Size & Share, by Type (Dry, Wet); Grade (< 99%, > 99%); Applications (Explosives & Munitions, Chemical Intermediates, Antiseptics, Energetic Materials, Liquefied Gas Fuels, Thin Films, Power Generation); End-user (Defense, Agriculture, Textile, Mining, Pharmaceutical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4254
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Picric Acid Market size is anticipated to surpass USD 80 Billion by the end of 2035, growing at a CAGR of 8% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of picric acid was over USD 34 Billion.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 that is highly flammable and hence finds utility in the production of munitions, Dunnite, and TATB. With 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’s mild toxicity is exploited in other industries, such as agriculture where it is widely used as a pesticide and fungicide. Worldwide, around 3 million metric tons of pesticides were used in farming in the year 2020, a more than 50% increase from its utilization compared to 1990. This is predicted to expand the global picric acid market size. Furthermore, the properties of picric acid are being heavily used in the pharmaceutical industry to produce medicines as an antiseptic and as a therapy for burns. Moreover, the escalation in the acquisition of ammunition and explosive equipment in the defense and military sectors is also estimated to surge the sales of picric acid. In addition, the increased demand for explosives and munitions from various industries including the mining sector, and oil & gas sector is also projected to spike the production rate of picric acid, which subsequently expands market growth during the analysis period.


Picric Acid Market
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Picric Acid Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing 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. Thus, the growth of the 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 the latest report.
  • Intensifying Use in the Healthcare industry to Cure Depression and Schizophrenia – Picric acid has medicinal properties that are effective for treating disorders. Thus, the growing use of picric acid in the medical field is expected to drive market growth in the forecast period. Around 24 million people across the world suffer from Schizophrenia, according to the World Health Organization (WHO), which affects about 1 in 300 people.
  • Increasing Use as Rocket Fuel in the 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 and astringent properties which are used in the medical field as a surface anesthetic ointment or solution and in burn ointment to use in healing wounds and injuries. Thus, the rapid growth in burn cases is expected to increase the usage of picric acid and ultimately expand market size during the analysis period. It is used in the manufacture of surface anesthetic solutions and burn ointments. Burns affect over 1 million Indians every year, according to the WHO.
  • Increasing Use in the Manufacturing Process of Plastic Goods – As per the latest reports, across the world, the use of plastic has increased fourfold in the last 3 decades, with over 450 million tons used in 2019, as per the latest research.

 Challenges

  • Risk of Poisoning When Ingested, due to its Toxic Nature – Picric acid when is present in a hot and heating condition results in the formation of a toxic oxide of nitrogen and carbon. These are harmful to the human body be consumed or ingested. Thus, the toxic nature is anticipated to hinder the expansion of the market size in the forecast period.
  • Corrosive in Nature – The constituents of picric acid are corrosive in nature which is handled carefully to eliminate rusting. Hence, it is stored in either plastic or glass containers. Therefore, this trend is expected to restrain market growth.
  • Need for Trained Professionals in Handling and Storage

Picric Acid Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~8%

Base Year Market Size (2022)

~ USD 34 Billion

Forecast Year Market Size (2035)

~ USD 80 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Picric Acid Segmentation

Applications (Explosives & Munitions, Chemical Intermediates, Antiseptics, Energetic Materials, Liquefied Gas Fuels, Thin Films, Power Generation)

The global 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 of 2050, which is anticipated to impact the global picric acid market. Also, the presence of power generation plants all over the world along with the escalation in the production rate of electricity generation are other growth factors for segment expansion. On the other hand, the explosives & munitions segment is also attributed to garnering a significant share of the market with a noteworthy CAGR. Picric acid when comes with any kind of metals such as copper, lead, mercury, zinc, nickel, and iron forms salts that are sensitive explosives. Thus, owing to the varied usages of explosive properties in mining chemicals industry, picric acid is in high demand for manufacturing explosives and munitions. Also, explosives are also being heavily used in the defense and aerospace sectors for military purposes, hence, generating a need for picric acid.

Type (Dry, Wet)

The global picric acid market is also segmented and analyzed for demand and supply by type into dry picric acid and wet picric acid. Out of these, the wet picric acid segment is considered to hold the largest share of the market. As wetted picric acid is helpful in lowering the risk of detonation making it useful for usage in multiple industries including defense, mining, pharmaceutical, and others. Also, wet picric acid is easily accessible in the market at a low cost, and added efficaciously are other factors that are estimated to boost market growth during the analysis period.

Our in-depth analysis of the global 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

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Picric Acid Industry - Regional Synopsis

APAC Market Statistics

The Asia Pacific picric acid market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, 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 the global picric acid market growth in the region. Furthermore, the high presence of a high number of end users in India and China is another factor that is projected to boost the growth of the global picric acid market during the analysis period. Moreover, the surge in investments by major key players along with the government in the research and development sector to manufacture picric acid is also considered to fuel revenue generation in the region.

North American Market Forecast

On the other hand, the North America picric acid market is also estimated to garner a remarkable share during the analysis period. The major factor for market expansion is the presence of robust defense and military industries. In addition to that, the existence of major key players in the region along with the rising government support is another factor that is anticipated to create a positive outlook for the growth of market expansion. Also, the rising demand for agricultural products, textile materials, and medicinal merchandise is forecasted to escalate the production rate of picric acid in the upcoming years.

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Picric Acid Market Size
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Companies Dominating the Picric Acid Landscape

top-features-companies
    • 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

In-the-news

In The News

  • Merck KGaA is in the process of acquiring the Korean-based chemical company, Mecaro Co. Ltd., for the global expansion of its electronics sector.

  • Parchem fine & specialty Chemicals Inc. received licensing from the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) to supply chemical raw materials for the manufacture of explosives, propellants, and blasting agents.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 4254
  • Published Date: Feb 23, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The use of picric acid in the textile industry, healthcare as well as in aerospace and defense industries are some of the major factors driving the growth of the picric acid market.

The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023-2035.

The need for trained professionals in handling and storage and the possibility of poisoning when ingested are some of the challenges affecting the market growth.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Merck KGaA, 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, and other key players.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, grade, applications, end-user, and by region.

The power generation segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Picric Acid Market Report Scope
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