Picric acid finds application in manufacturing explosives, medicines, dyes, rocket fuels, polymers, leathers, agriculture, and fuel cells. In the healthcare sector, it is used for the treatment of mental exhaustion and spinal cord degenerative condition.
Increasing focus on aesthetic appeal is expected to boost demand for picric acid in the cosmetic industry, thereby propelling growth of the picric acid market. For instance, according to a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment at least once a week. Moreover, increasing number of explosives plants is also expected to aid in growth of the market. For instance, in January 2021, Solar Industries India approved setting up of three greenfield packaged explosives plants.
Significant investment in the military and defense sector is expected to offer lucrative growth opportunities for players in the picric acid market. For instance, in March 2019, China's Ministry of Finance announced a yearly budget of US$ 177.5 billion for the defense sector compared to US$ 167.4 billion in 2018. Moreover, increasing number of satellite launches is also expected to aid in growth of the market. For instance, in September 2020, ESA launched ɸ-sat-1 – as part of Europe’s first artificial intelligence Earth observation mission. ɸ-sat-1, an enhancement of the Federated Satellite Systems mission, was launched onboard a Vega rocket from Europe’s spaceport in Kourou, French Guiana.
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