Press Release

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%.

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The demand for picric acid will increase as the defense and military industries look out for more ammunition and explosives. Picric acid is largely used in the manufacturing of weapons and explosives, such as explosive D, TNT, and TATB. It's also utilized as a rocket fuel booster and as an antiseptic in burn treatments. As a result, increased demand for picric acid in the defense and military industries, as well as the pharmaceutical industry, will drive market expansion during the forecast period. The sales of picric acid have increased as the defence and military industries have increased their acquisition of ammunition and explosive equipment. Picric acid demand is predicted to rise due to increased demand for explosives and armaments. The mining industry, which employs industrial-grade explosives, is also a big consumer of picric acid, resulting in rising demand for the substance.

The key reason driving the market's expansion is picric acid's pyrotechnic capabilities, which makes it appropriate for explosives. Other factors that contribute to the growth of the global picric acid market include the use of picric acid in the healthcare industry due to its antibacterial and astringent qualities. Low-cost fuel, as well as the expansion of the mining, textile, and healthcare industries, all contribute to market expansion. Picric acid, on the other hand, when heated, produces poisonous nitrogen and carbon oxides that are harmful to humans. As a result, market expansion is hampered. Additionally, when picric acid comes into touch with a metal surface, it generates an explosion. Another issue that is limiting the worldwide picric acid market's growth is the availability of substitutes. Furthermore, when picric acid comes into contact with a metal surface, it explodes. Another issue limiting the global picric acid market's growth is this. Furthermore, during the projection period, the development of a novel advanced storing method for picric acid to protect it from heat, friction, and shock is likely to generate profitable prospects.

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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. 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. he 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. 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.

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.

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.

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