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Picric acid is an organic aromatic compound, which belongs to the family of organic nitro compounds. It is the yellow color crystalline and derivative of phenol. It is also known as trinitrophenol (TNP). Further, owing to the pyrotechnic ability, picric acid is mainly used in the explosives. The picric acid is toxic in nature, due to which it is utilized in the pesticide and as an etching agent. It is mainly utilized in explosives, antiseptic, and power generation applications. These products are majorly utilized in the defense, pharmaceutical, textile, mining, and agriculture.
The rising demand for ammunition and explosive equipment in the defense & military industry will surge the need for the picric acid. The picric acid is primarily utilized in the production of munitions and explosives which include explosive D, TNT, and TATB. It is also used as a booster for rocket fuel, and antiseptic for burn treatments. Hence, rising demand for picric acid in the defense & military and pharmaceutical industries will fuel the picric acid market growth during the forecast period.
However, picric acid is toxic in nature. The inhalation or direct contact of picric acid can cause lung damage and kidney damage. This further reduces the adoption of the product and anticipated to restrict the market growth.
Key Market Driver -
Rising demand for picric acid in the defense & military and pharmaceutical industries to drive the market growth
Key Market Restraint -
Hazardous health impact of picric acid to restrict the market growth
Based on type, the picric acid market is segmented into dry picric acid and wet picric acid. Based on application, the market is segmented into explosives, antiseptic, energetic materials, liquefied gas fuels, thin films, power generation, and others. Based on end-use, the market is segmented into defense, pharmaceutical, textile, mining, agriculture, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The key players in the picric acid market includes Odyssey Organic, Finoric LLC, SOMATCO, Spectrum Chemical Manufacturing Corp., Parchem fine & specialty chemicals, USA Chemical Suppliers, Aadhunik Industries, Indian Platinum Private Limited., Sisco Research Laboratories Pvt. Ltd., LookChem, and Hefei TNJ Chemical Industry Co.,Ltd,.
Asia Pacific is anticipated to witness sustainable growth in the picric acid market during the forecast period due to the rising demand for picric acid in the pharmaceutical industry. Further, rapidly growing agriculture and mining sector will further fuel the market growth. The rising product demand in thin films and antiseptic products will fuel the market in North America, in which the US and Canada are the leading countries. In Europe, the growth is due to the rising demand for picric acid in the explosives, which are used in the defense industry. The Middle East & Africa is anticipated to register significant growth, owing to the rising product adoption in the liquefied gas fuels.
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