Global Picric Acid Market Size, Share, and COVID-19 Impact Analysis, By Type (Dry & Wet), By Application (Explosives, Antiseptic, Energetic Materials, Thin Films, Power Generation & Others), By End Use (Defense, Textile, Pharmaceutical, Mining, Agriculture & Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The picric acid market was valued at USD 34.6 Bn in 2021. The market is projected to grow USD 85.2 Bn in 2030, at a CAGR of 8.2%. Picric acid is an odorless crystalline solid of pale yellow color used in the production of explosives, matches, and electric batteries. The IUPAC name of picric acid is 2,4,6-trinitrophenol. The picric acid is used to etch copper and make colored glass, as well as in the leather industry and dye synthesis. Picric acid is a flammable/combustible substance that is highly unstable. When exposed to heat, flame, friction, or shock, dried-out picric acid may explode, and it should be considered as an explosive. Picric acid reacts violently with oxidizing materials, forming unstable salts with concrete, ammonia, bases, and metals. Picric acid is stronger acid than phenol as it decomposes carbonates. It is advised to store tightly sealed in a cool, ventilated place, away from severe fire hazards and easily oxidized materials.

COVID-19 ANALYSIS

The outbreak of COVID-19 has impacted severely on the supply chain of the chemicals industry. Furthermore, the impact of the pandemic on society and the economy was seen as a result of global lockdowns, which impacted the caps and closures sector as procurement of raw materials was halted due to supply chain disruption. Safety, training, crisis management and response, awareness, re-forming business models, digitization and technological innovation, and other unforeseen effects have all been added to the global chemicals sector as a result of COVID-19.

LATEST TREND

Increasing Usage in Ammunition and Explosives is Aiding Growth of Picric Acid

The usage of ammunition and explosives in defense and mining sector, respectively is increasing which in turn is propelling the growth of the global picric acid. The prevalence of wars and training is also creating the sales of the chemical compounds.

DRIVING FACTORS

Growing Demand in Defense and Pharmaceutical Sector

Growing demand in defense including munition, weapons, armament, ordnance and antiseptic in pharmaceutical sector is likely to propel the growth of the global picric acid market. Increasing demand for munition and explosives in the military and defense sector is creating the demand sales of the picric acid.

RESTRAINTS

Concerns Pertaining to Skin Infection Among Humans

Inhalation of picric acid causes skin infection to humans is likely to hamper the growth of the picric acid market. It can cause lung or kidney damage in direct contact which can reduce the acceptance of picric acid among the applications.

SEGMENTATION

The global picric acid market is segmented by Type (Dry & Wet), By Application (Explosives, Antiseptic, Energetic Materials, Thin Films, Power Generation & Others), By End Use (Defense, Textile, Pharmaceutical, Mining, Agriculture & Others) and Region. Based on the type, the market is categorized into dry and wet. Based on application, the market is categorized into explosives, antiseptic, energetic materials, thin films, power generation & others. Based on end use, the market is categorized into defense, textile, pharmaceutical, mining, agriculture and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Type Insights

Based on the type segment, the global picric acid market is categorized into dry and wet. The dry segment has dominated the market share in 2020 of global picric acid market owing to the due to the increasing usage in the production of ammunition, explosives, ordnance amongst others. The rising disputes against wars and criminals is the primary source for the manufacturing of the picric acid.

Application Insights

Based on the application segment, the global picric acid market is categorized into explosives, antiseptic, energetic materials, thin films, power generation & others. The antiseptic segment has dominated the market share in 2020 of global picric acid market owing to the common usage of antiseptics among the population. The picric acid plays crucial role in the pharmaceutical sector.

End Use Insights

Based on the end use segment, the global picric acid market is categorized into defense, textile, pharmaceutical, mining, agriculture and others. The agriculture segment is dominated the market share in 2020 of global picric acid market owing to the increasing usage of pesticides among the farmers and agricultural stuffs.

REGIONAL INSIGHTS

The global picric acid market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific region is dominating the market share of global picric acid market owing to the developments in the sectors like agricultures, energetic materials, pharmaceuticals. The presence of large number of end users is supporting the growth of this region. However, North America region is anticipated to grow over the next few years of global picric acid market owing to the rising demand of antiseptics and explosives. Rising technological advancement will act as a significant factor to propel the growth of this region.

PLAYERS PROFILED:

• Restek Corporation
• Odyssey Organic
• ANMOL CHEMICALS
• Merck KGaA
• Aadhunik Industries
• RICCA Chemical Company
• LobaChemie Pvt.Ltd.
• Finoric LLC
• SOMATCO
• Spectrum Chemical Mfg. Corp.
• Parchem fine & specialty chemicals
• Indian PlaEnergetic Materialsum Private Limited.
• Sisco Research Laboratories Pvt. Ltd.
• LookChem
• Hefei TNJ Chemical Industry Co.,Ltd.
• Others

SEGMENTATION

By Type

• Dry
• Wet

By Application

• Explosives
• Antiseptic
• Energetic Materials
• Thin Films
• Power Generation
• Others

By End Use

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

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy
• Asia-Pacific- China, Japan, India
• Latin America- Brazil, Argentina, Colombia
• The Middle East and Africa- United Arab Emirates, Saudi Arabia