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Picric acid is a yellow, crystalline organic compound. It is a phenol derivative. The compound is also known as trinitrophenol (TNP) and is highly flammable and toxic if ingested. Picric acid is comprised of phenol and has three nitro (NO2) substituents at 2,4,6 position. The aromatic ring of phenol is highly active, which leads to nitration of phenol by electrophilic substitution reactions leading to the formation of high molecular weight tars. Picric acid is used in explosives due to pyrotechnic ability of picric acid. In addition, due to the toxic nature of the compound it is also used as a pesticide and an etching agent. Moreover, the compound is also used in metallography and clinical chemistry.
Pyrotechnic ability of picric acid, which renders it suitable for explosive is the major factor that fuels the growth of the market. The other factors such as use of picric acid in healthcare industry due to antiseptic and astringent properties also boosts the growth of the global picric acid market. Moreover, low cost fuel and growth of mining, textile, and healthcare industries also contributes toward the market growth. However, picric acid results in the formation of a toxic oxide of nitrogen and carbon at heating condition, which are hazardous to the human body. Therefore, hinders the market growth. Furthermore, picric acid causes explosion when it comes in contact with metal surface. This is another factor that restrains the growth of the global picric acid market. Moreover, development of new advance storing system for picric acid for proper storage of picric acid to protect it from heat, friction, and shock is expected to provide lucrative opportunities during the forecast period.
The global picric acid market is segmented based on type, application, end user, and region. On the basis of type, the market is bifurcated into dry picric acid and wet picric acid. Based on application, it is classified into explosives, antiseptic, energetic materials, liquefied gas fuels, thin films, power generation, and others. On the basis of end user, it is fragmented into defense, agriculture, textile, mining, pharmaceutical, and others.
Based on region the global picric acid market is studied across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA). Moreover, Asia-Pacific is the fastest growing region in the global picric acid market due to the presence of high number of end users in India and China. Furthermore, the rapid growth in textile, agriculture and pharmaceutical industries in this region is another factor that boosts the growth of picric acid market.
Key players operating in the global picric acid market are Lanxess Aktiengesellschaft, BASF SE, Dow Inc., Royal Dutch Shell PLC, Innospec Inc., Aadhunik Industries, Merck KGaA (Sigma-Aldrich Corporation), Odyssey Organic., Loba Chemie Pvt. Ltd., and RICCA Chemical Company. Major players acquired various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to create a strong consumer base in the market. For instance, in April 2017, Lanxess Aktiengesellschaft acquired Chemtura, a U.S. based company resulting into geographic expansion of the company in the North American region.
Key Market Segments
Key Market Players