Picric Acid Market 2023-2030: Overview and Growth Prospects
The global picric acid market has been experiencing steady growth, driven by its diverse range of applications in the defense, pharmaceutical, agrochemical, and textile industries. According to recent market reports, the market size for picric acid was valued at USD 34.3 billion in 2021, and it is projected to grow at a compound annual growth rate (CAGR) of 7.6 percent during the forecast period.
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Picric acid's demand in the defense sector is on the rise due to its crucial role as a booster in rocket fuel and other explosives. Additionally, its applications in medicine as an antiseptic and burn treatment further contribute to its growing demand in the pharmaceutical industry. Furthermore, picric acid finds applications in various industries, including dye manufacturing, photographic chemicals, and insecticide intermediates.
Manufacturers have been making significant efforts to increase picric acid sales, leading to the development of large platforms to serve the entire picric acid market. The increase in competition has resulted in new competitors offering a wide range of options at reasonable prices, making picric acid more accessible to consumers.
The market's growth is also fueled by increased acquisitions of explosives and ammunition by the defense and military sectors, as well as the mining industry's use of industrial-grade explosives. Moreover, the growing agrochemical sector, the demand for general-purpose drugs, and the textile industry's need for picric acid color formulations contribute to the market's expansion.
However, the market growth may face challenges due to concerns about picric acid's toxicity and environmental impact. The rising awareness of environmental pollution and safety has led to strict environmental regulations, prompting some end users to seek alternatives to picric acid.
The chemical industry plays a significant role in the global economy, and the growing demand for chemical products from various end users is expected to drive the picric acid market's growth. According to the U.S. Bureau of Economic Analysis, chemical products contributed around 1.9% of the U.S. GDP in 2020. The United Nations Environment Programme (UNEP) forecasts that chemical sales are expected to nearly double between 2017 and 2030.
The COVID-19 pandemic had adverse effects on the chemical industry, leading to a decrease in demand as several end-user industries halted production. However, the market has been gradually recovering as the pandemic's impact diminishes.
One of the significant drivers of market growth is the major development by key players. Recent innovations in potassium granular fertilizer, such as Aspire introduced by Mosaic Company, have positively impacted picric acid demand. Moreover, strategic acquisitions, like Mosaic Company's acquisition of Vale S.A.'s Fertilizer business, have further boosted the corporation's position in the market.
In terms of segments, dry/dehydrated picric acid dominates the market due to its longer shelf life, making it highly suitable for end-use industries. The pharmaceuticals segment holds the largest market share, driven by picric acid's antibacterial and astringent properties. Meanwhile, the Asia Pacific region is the leading market for picric acid, with a significant customer base, infrastructure development, and growth in various industries, including pharmaceuticals, textiles, agriculture, and chemicals.
Key players in the picric acid market include BASF SE, DowDuPont Inc., Innospec, Odyssey Organics, Aadhunik Industries, Anmol Chemicals Group, Hefei TNJ Chemical Industry Co., Ltd., Spectrum Chemicals, Loba Chemie Fine Chemicals, Merck KGaA, Ricca Chemical Company, and Mubychem Group.
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