The picric acid market is projected to register a CAGR of 8% during the forecast period, up from USD 34.6 Billion in 2021, to reach a valuation of USD 80.6 Billion by 2032.
The picric acid market is anticipated to show promising growth prospects during the forecast period as a result of growing competition. New competitors are offering a variety of options at reasonable pricing to fulfil the demand for picric acid, making it more accessible to customers in the global picric acid market.
Picric acid is an organic aromatic chemical that is a member of the nitro group of organic compounds. Additionally, picric acid is referred to as 2,4,6 trinitrophenol or TNP. Picric acid is a very acidic phenol. Picric acid, like other highly nitrated chemicals, is explosive in nature.
Picric acid is made by combining anhydrous phenol with fuming sulfonic acid to generate pohydoxyphenylsulfonic acid, which is subsequently nitrated with concentrated nitric acid, or by nitrating 2,4-Dinitrophenol directly with concentrated nitric acid.
Picric acid is primarily utilised in explosives and ammunition manufacture. Picric acid is used to make explosives such as explosive D, TNT, and TATB. Picric acid is used as an etchant in metallurgy science, particularly for optical metallography.
| Report Attribute | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 34.6 Billion |
| Expected Market Value (2022) | USD 37.3 Billion |
| Anticipated Forecast Value (2032) | USD 80.6 Billion |
| Projected Growth Rate (2022 to 2032) | 8% CAGR |
Sales of picric acid are expected to rise significantly. In addition to this, demand for picric acid is rising on account of USD 50.8 Billion by 2026. Increasing sales of picric acid are also projected to contribute to the growth of the picric acid market share.
Demand for picric acid in the defence sector is likely to boost as being used in rocket fuel and other explosives as a booster. Sales of picric acid are also likely to increase due to its usage in medicine as an antiseptic and as a therapy for burns.
Apart from these uses, picric acid is also employed in the manufacture of dyes, photographic chemicals, and intermediates for insecticides. Demand for picric acid is impacted due to its being extremely corrosive in its natural state. Sales of picric acid have seen an impact due to an increase in the number of laws adopted in recent years as a result of its toxic and explosive nature.
Manufacturers tried to increase the sales of picric acid by getting a big platform for the products from which to serve the whole demand for picric acid. The worldwide sales of picric acid are seeing increased competition, and with growing competition, new competitors are offering a variety of options at reasonable pricing, fulfilling the demand for picric acid more accessible to customers.
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 are some of the leading participants in the picric acid market.
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Increased acquisition of ammunition and explosive equipment in the defence and military sectors has resulted in an increase in the sales of picric acid. Demand for explosives and munitions, which is expected to boost the demand for picric acid.
The mining sector, which uses industrial grade explosives, is also a large consumer for spiking the sales of picric acid, resulting in an increased demand for picric acid.
Additionally, the rising agrochemical sector is projected to benefit the sales of picric acid. The combination of general purpose drugs is also likely to benefit the sales of picric acid. Demand from the textile industry is also likely to drive up demand for picric acid colour formulation.
However, due to picric acid's toxicity, end users are seeking other alternatives in response to growing environmental concerns hence impacting sales of picric acid. With growing awareness of environmental pollution and safety, the number of strict environmental rules has increased. The reasons stated above may limit the growth and sales of picric acid to a certain extent.
Demand for picric acid is predicted to grow significantly in the Asia Pacific area over the long term, owing to established sectors such as textiles, pharmaceuticals, and agrochemicals.
Sales of picric acid will be high in regions such as Europe and North America, particularly in the defence and military, as well as mining industries.
The expansion of the mining, pharmaceutical, and agrochemical industries in Latin America, as well as the Middle East and Africa, would jointly create an opportunity for the picric acid market, which is presently in its infancy.
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 are some of the leading participants in the picric acid market
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 8% from 2022 to 2032 |
| Base year for estimation | 2021 |
| Historical data | 2015 to 2020 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis, |
| Segments covered | Grade, moisture content, application, end user, region |
| Regional scope | North America; Western Europe; Eastern Europe; Middle East; Africa; ASEAN; South Asia; Rest of Asia; Australia and New Zealand |
| Country scope | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | 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 |
| Customization scope | Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail of customized purchase options to meet your exact research needs. |
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The picric acid market is anticipated to register a CAGR of 8% during the forecast period.
Key players holding substantial picric acid market share include BASF SE, DowDuPont Inc., Innospec, Odyssey Organics, Aadhunik Industries, Anmol Chemicals Group, and many more.
As per the analysis, the picric acid market share is likely to be USD 50.8 Billion by 2026.
Demand for picric acid is predicted to grow significantly in the Asia Pacific area over the long term, owing to established sectors such as textiles, pharmaceuticals, and agrochemicals.
| Market Value, 2024 | USD 286.28 million |
|---|---|
| Projected Market Value, 2034 | USD 416.24 million |
| Value-based CAGR (2024 to 2034) | 3.8% |
| Market Value (2022) | USD 6,346 Million |
|---|---|
| Market Value (2032) | USD 10,238.9 Million |
| Projected Growth Rate (2022 to 2032) | 4.9% |
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Picric Acid Market
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