Picric Acid Market Size

Picric Acid Market size was over USD 36.82 Billion in 2023 and is anticipated to reach USD 103.82 Billion by the end of 2036, growing at around 8.3% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of picric acid is assessed at USD 39.57 Billion. The growth of the global picric acid market is predicted to be on the back of its extensive use in the manufacturing of explosives, dyes, and drugs. Picric acid, a derivative of phenol, is an organic compound that is highly flammable and hence finds utility in the production of munitions, Dunnite, and TATB. With worldwide defense spending exceeding USD 1500 billion in the year 2021, there is much scope for the global picric acid market to grow in the forthcoming years.

Picric acid’s mild toxicity is exploited in other industries, such as agriculture where it is widely used as a pesticide and fungicide. Worldwide, around 3 million metric tons of pesticides were used in farming in the year 2020, a more than 50% increase from its utilization compared to 1990. This is predicted to expand the global picric acid market size. Furthermore, the properties of picric acid are being heavily used in the pharmaceutical industry to produce medicines as an antiseptic and as a therapy for burns. Moreover, the escalation in the acquisition of ammunition and explosive equipment in the defense and military sectors is also estimated to surge the sales of picric acid. In addition, the increased demand for explosives and munitions from various industries including the mining sector, and oil & gas sector is also projected to spike the production rate of picric acid, which subsequently expands market growth during the analysis period.