Increasing Focus on Aesthetic Appeal and Significant Investment in Military and Defense Sector to Augment Growth of Picric Acid Market

 

Picric acid finds application in manufacturing explosives, medicines, dyes, rocket fuels, polymers, leathers, agriculture, and fuel cells. In the healthcare sector, it is employed for treating mental exhaustion and spinal cord degenerative condition.

Market Dynamics

Increasing give attention to aesthetic appeal is expected to improve demand for picric acid in the cosmetic industry, thereby propelling growth of the Picric Acid Market. For example, in accordance with a 2018 survey by GlobalData, around three quarters of South Korean men undertake a beauty or grooming treatment one or more times a week. Moreover, increasing quantity of explosives plants can also be likely to aid in growth of the market. For example, 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 example, in March 2019, China's Ministry of Finance announced an annually budget of US$ 177.5 billion for the defense sector compared to US$ 167.4 billion in 2018. Moreover, increasing quantity of satellite launches can also be likely to aid in growth of the market. For example, 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 likely to witness significant growth in the picric acid market, owing to growing textile industry. For example, in accordance with National Council of Textile Organizations (NCTO), 2018 state of the U.S. Textile Industry Address, in 2017, the worth of U.S. man-made fiber and filament, textile, and apparel shipments totaled an estimated US$ 77.9 billion, a growth from US$ 74.4 billion in output in 2016 and a growth of 16% since 2009. Moreover, increasing give attention to maintaining and extending living of nuclear stockpile can also be likely to aid in growth of the market in the region. For example, 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 centered on adopting M&A strategies to enhance their market share. For example, in February 2020, Lanxess completed the acquisition of Itibanyl Produtos Especiais Ltda, a Brazil-based biocide manufacturer.