New York, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global picric acid market size is slated to expand at ~8% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 80 billion by the end of 2035, up from a revenue of ~USD 34 billion in the year 2022.owing to the increasing use of pesticides in agricultural activities. The use of pesticides has been increasing in recent years due to global population growth and the need to produce more food. Pesticides are used to protect crops from pests, diseases, and weeds and help increase yields, which is beneficial for farmers.
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For instance, approximately 3 million metric tons of pesticides was used in farming worldwide by 2020, an increase of over 50% from 1990. With approximately 405 thousand metric tons of pesticides consumed by the United States in 2020, the country ranked first in the world in terms of pesticide consumption. Picric acid is a naturally occurring compound that is non-persistent and biodegradable. It is relatively inexpensive and has a low environmental impact, making it an attractive alternative to more toxic pesticides. Furthermore, its mild toxicity means it is less likely to damage the environment or harm beneficial insects.
Picric Acid Market: Key Takeaways
- Market in Asia Pacific to grow at the fastest rate
- The Power Generation segment to witness the highest growth rate
- Market in North America to propel highest growth
Increased Utilization in the Health Care Industry and for the Treatment of Depression and Schizophrenia to Boost Market Growth
Stressors such as financial instability, increased workloads, and a lack of social support have been linked to an increase in mental health issues among adults, such as depression and schizophrenia. Additionally, many people are exposed to more negative news and information through the internet and social media, which can further contribute to their depression. Approximately 1 in 300 people around the world suffer from schizophrenia, according to the World Health Organization (WHO). It is estimated that 9.7% of Americans aged 18 and over suffer from depression. The growing need for pharmaceutical and biotechnological applications in the treatment of depression and schizophrenia is expected to drive the picric acid market. Picric acid is used as a component of certain drugs and treatments for these mental illnesses. It is believed to be effective in treating depression and other mental illnesses by increasing serotonin and dopamine levels in the brain, which can help improve mood and reduce anxiety. Moreover, the rapid growth in burn cases is expected to result in an increase in the usage of picric acid. There are over 1 million burn victims in India each year, and burn-related deaths cause an estimated 180,000 deaths each year, according to the World Health Organization. Picric acid is known to have anti-inflammatory, antiseptic, and analgesic properties, which make it an ideal compound for treating various medical conditions such as skin infections, wounds, and burns.
Picric Acid Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Healthcare Infrastructure Along with the Presence of Low-Cost Raw Materials to Drive Growth in the Asia Pacific Region
The picric acid market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The region is the largest producer and consumer of picric acid, which is used in various industries, including textiles, agriculture, and pharmaceuticals. The region also has an established infrastructure, which is an attractive incentive for companies to invest in the picric acid market. Additionally, growing investment in the region's pharma sector is expected to increase picric acid consumption in the pharmaceutical and medical industries. For instance, as of FY 2021–22, the Indian drugs and pharmaceuticals sector received USD 1,410 million in foreign direct investment (FDI). Many pharmaceuticals and medical products, including antibiotics, antiseptics, and disinfectants, contain picric acid as an important component. Furthermore, it is being used in the manufacture of diagnostic tests and in the research and development of new drugs. Furthermore, the large number of skilled workers and resources in the region make it an ideal location to produce picric acid. Moreover, the availability of low-cost raw materials and the presence of prominent manufacturers in the region are also expected to contribute to the growth of market in Asia Pacific.
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Increased demand from Aerospace Industry to Drive the Market Growth in the North America Region
The picric acid market in the North America region is estimated to garner the highest CAGR by the end of 2035, backed by the increasing demand for picric acid in the region, primarily in the aerospace industry. The significant growth in the aerospace and defense industries can be attributed to the increasing investment in the development of space exploration technology, such as satellites and rockets, as well as the increasing demand for defense equipment from the US government. According to estimates, the aerospace and defense industry in the United States generated more than USD 870 billion in total sales revenue in 2020. Picric acid is a non-volatile, economical, and relatively stable compound that has a relatively high energy density, making it a suitable choice for rocket fuel. It is also used as a propellant in rocket and missile systems. Having a high volatility level, the acid can generate large amounts of energy when ignited. It is also used to produce smokeless gunpowder for ammunition and pyrotechnics. Furthermore, the presence of major players in the region and the increasing government support for defense-related initiatives are expected to spur the growth of the North American picric acid market.
Picric Acid, Segmentation by Applications
- Explosives & Munitions
- Chemical Intermediates
- Antiseptics
- Energetic Materials
- Liquefied Gas Fuels
- Thin Films
- Power Generation
- Others
The power generation segment in picric acid market is anticipated to hold the largest revenue by the end of 2035 owing to the increasing use of picric acid in the power generation industry in order to improve the efficiency and safety of power generation systems. Moreover, as a result of the increasing use of electronic devices, such as smartphones, computers, and other home appliances, the demand for electricity has risen globally. This has resulted in a greater need for sources of electricity such as solar, wind, and hydroelectric power. A total of 22,840 TWh of electricity was consumed around the world in 2019, an increase of 1.6% over 2018. Also, approximately 25,200 terawatt-hours of electricity were consumed in 2021 around the world. Over the last three decades, electricity consumption has increased by more than threefold, while the world's population has increased by around 76%. Picric acid is a highly stable and powerful explosive, making it an ideal choice for use in power generation. Its stability and high explosive power make it a great way to generate power quickly and efficiently. Furthermore, the increasing production rate of electricity and the presence of power generation plants around the world are anticipated to augment segment growth.
Picric Acid, Segmentation by Type
- Dry Picric Acid
- Wet Picric Acid
The wet picric acid segment is anticipated to hold the largest revenue by the end of 2035, owing to its wide-scale use in the manufacturing of explosives, and its potential application in the pharmaceutical and dyes and pigments industries. Furthermore, its increasing use as a reagent and precursor in the production of dyes, drugs, and other chemicals is expected to propel the growth of this segment. Moreover, the wet picric acid segment is anticipated to expand significantly, backed by the increased consumption and prescriptions of pharmaceutical drugs. The prevalence of prescription medication use among adults in the UK is higher than 25%. Approximately 66% of Canadians aged 40–80 take prescription drugs. In the United States, there are more than 20,000 prescription drugs approved for market distribution. Wet picric acid has a high solubility in water and alcohol. This makes it ideal for applications in the pharmaceutical industry, as it can function as a dye and pigment. Furthermore, its low cost and availability in large quantities make it an attractive option for manufacturers of explosives, dyes, and drugs. As such, its increasing use in these industries is anticipated to drive the growth of the wet picric acid segment in the coming years.
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Picric Acid, Segmentation by Grade
- <99%
- ≥99%
Picric Acid, Segmentation by End User
- Defense
- Agriculture
- Textile
- Mining
- Pharmaceutical
- Others
Few of the well-known industry leaders in the picric acid market that are profiled by Research Nester are Merck KGaA, Odyssey Organics Pvt. Ltd., Loba Chemie Pvt. Ltd., RICCA Chemical Company, Aadhunik Industries Pvt. Ltd., Indian Platinum Pvt. Ltd., Otto Chemie Pvt. Ltd., Parchem fine &Specialty Chemicals Inc., Spectrum Laboratory Products, Inc., Thermo Fisher Scientific, and other key market players.
Recent Development in the Picric Acid Market
- Merck KGaA plans to acquire Mecaro Co Ltd., a Korean chemical company, for the purpose of expanding its global electronics operations. The acquisition will allow Merck KGaA to access Mecaro's well-established research and production capabilities, as well as its extensive customer base in the electronics industry, helping them to expand their operations and gain a foothold in the global market.
- The Bureau of Alcohol, Tobacco, Firearms and Explosives has granted Parchem Fine & Specialty Chemicals Inc. a license to supply chemical raw materials for the manufacture of explosives, propellants, and blasting agents.
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