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.
Market Dynamics
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.
Among regions, North America is expected to witness significant growth in the picric acid market, owing to growing textile industry. For instance, according to National Council of Textile Organizations (NCTO), 2018 state of the U.S. Textile Industry Address, in 2017, the value of U.S. man-made fiber and filament, textile, and apparel shipments totaled an estimated US$ 77.9 billion, an increase from US$ 74.4 billion in output in 2016 and an increase of 16% since 2009. Moreover, increasing focus on maintaining and extending the life of nuclear stockpile is also expected to aid in growth of the market in the region. For instance, in May 2019, Department of Energy’s National Nuclear Security Administration authorized full-scale operations at the Pantex Plant’s High Explosives Pressing Facility (HEPF) in Amarillo, Texas, following extensive readiness reviews.
Competitive Analysis
Major players operating in the picric acid market include, Lanxess, Innospec, BASF, Shell, DOW, GE, Nalco, Afton, Baker Hughes, Chemours, and Biobor.
Major players operating in the picric acid market are focused on adopting M&A strategies to enhance their market share. For instance, in February 2020, Lanxess completed the acquisition of Itibanyl Produtos Especiais Ltda, a Brazil-based biocide manufacturer.
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