Picric Acid Market foreseen to grow exponentially over 2030
The global picric acid market size is projected to witness skyrocketing growth in the forthcoming years. Picric acid or trinitrophenol (TNP) is one of the most acidic phenols and is primarily used in the production of explosives. It also possesses astringent and antiseptic properties. It is utilized in surface anesthetic solution or ointment and burns ointment. Fortune Business Insights™ has presented this information in an upcoming report titled, “Picric Acid Market, 2022-2030”. According to the report, the market is gaining immense popularity due to various reasons. For instance, picric aid experiences a high demand from the agricultural and agrochemical industry. It is used as an etching agent and in the production of pesticides. The expansion of the agricultural industry due to escalating global food demand is expected to fuel the growth of the picric acid market.
The global pandemic has created unprecedented challenges for the growth of several markets and industries. The pandemic brought many global economies on the verge of recession. The COVID-19 pandemic has significantly impacted the picric acid market. The low available workforce due to lockdowns and curfews diminished the production levels. The disruption in global supply chain networks worsened the situation further. However, the development of efficacious vaccines is helping the economies to gain traction gradually. The market is anticipated to witness rapid growth post-pandemic.
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- The report provides a comprehensive evaluation of the prospected market.
- The report follows bottom-up and top-down approaches to research methodology.
- The report provides vital information on different market segments; type, application, end-use, etc.
- The report highlights the competitive landscape and includes information on the key developments: mergers, partnerships, acquisitions, etc.
- The report provides crucial insights into the regulatory scenarios of the market.
On the basis of type, the market bifurcates into wet picric acid and dry picric acid. On the basis of application, the market segments into antiseptic, power generation, explosives, thin films, liquefied gas fuels, energetic materials, etc. On the basis of end-use, the market fragments into agriculture, mining, textile, pharmaceutical, defense, etc. Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints-
Rising Product Demand from Defense Industry to Bolster Market Growth
The pyrotechnic abilities of picric acid are vital in the production of explosives and munitions. It is also used as a rocket fuel booster. The increasing expenditure on strengthening the defense infrastructure by global economies is anticipated to propel global picric acid market growth.
Explosives like TNT are extensively used in mining. The increasing mining and exploration activities are projected to augment market growth.
The utilization of picric acid by the pharmaceutical industry for the manufacturing of burn ointment and surface anesthetic ointment is expected to boost the market growth.
The increasing global population and the expanding demand for food crops are anticipated to boost the demand for pesticides and etching agents. The escalating demand for picric acid for the production of pesticides is likely to bolster market growth.
However, the health risks related to direct exposure or inhalation of picric acid loom large and are likely to impede the market growth.
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Asia Pacific to Attain Remarkable Growth
Asia Pacific is anticipated to attain a significant portion of the global picric acid market share. This is primarily attributable to the increasing product demand from the pharmaceutical industry. The swift expansion of the mining and agricultural sectors is also expected to complement the market growth.
With Canada and the US as the leading countries, North America is projected to witness substantial growth due to the increasing demand for picric acid to produce antiseptic products and thin films.
Europe is expected to gain considerable growth in the forthcoming years. The rising product demand by the defense industry for the production of explosives is likely to augment the market growth in Europe.
The increasing acquisition of liquefied gas fuels is anticipated to help the Middle East & Africa observe significant growth in the forthcoming years.
(No recent development was found).
Key Players in the Global Picric Acid Market are-
- Odyssey Organic
- Finoric LLC
- Spectrum Chemical Manufacturing Corp.
- Parchem Fine & Specialty Chemicals
- USA Chemical Suppliers
- Aadhunik Industries
- Indian Platinum Private Limited
- Sisco Research Laboratories Pvt. Ltd.
- Hefei TNJ Chemical Industry Co. Ltd.
Key Players Adopt Various Growth Strategies to Grow Amidst the Pandemic
The global picric acid market is fairly fragmented and comprises several key players operating at the global and regional levels. The key players emphasize on improving their supply chain networks and operational structures affected during the pandemic. Additionally, they focus on enhancing their market positions by adopting organic and inorganic growth strategies such as new product launches, technological innovations, partnerships, acquisitions, mergers, etc.
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